These are companies that are usually established privately, or recently, by the government.
Fintech organizations provide services like payments, lending, bad credit loans in Toronto (Or other cities) and investment products to customers.
In the shadow of the 2008 global financial crisis, the need for a new financial system became apparent. With Fintechs coming into play, old school finance was just not cutting it. It just had to be disrupted.
Well that’s what Fintech is all about. This industry is creating a level playing field for everyone and encouraging innovation in banking and finance.
It is being seen as a true disruptor to traditional banking models, rather than a competitor or replacement. That’s why banks are being forced to adapt, or being forced to phase themselves out.
Let’s have a look at some of these Fintech companies that are changing how we use our money.
Especially when it comes to personal finance and international transactions.
Table of contents
Credit Karma
Credit Karma is an American company that offers its services in the field of credit-related information, primarily to consumers.
Founded in 2007 by Ken Lin. Ken developed this idea while he was working at Paypal. The company went live on April 3, 2008, and has grown rapidly since then. Credit Karma has over 150 million users, and raised $175 million in funding from CapitalG (formerly Google Capital) and Sequoia Capital.
Credit Karma is available to all consumers, offering free credit scores and reports with no ads or strings attached. It is jam packed with one great feature after another that provides various insights into your personal finances. They also help you keep track of your credit rating.
So when you are borrowing money, you can make decisions accordingly and keep things in check.
Their app can be downloaded on iOS or Android devices.
A premium service is also available for $20 per month, which includes unlimited access
KOHO
Getting a credit card is a huge accomplishment for a lot of people. With Koho credit card, the company wants to make sure that you can get all the perks that come with having a credit card without any of the financial risks. They work to offer flexible and personalized cards to their clients in order to keep them from going into debt.
Koho’s main goal is to provide customers with an easy way to enjoy the benefits of using credit cards without worrying about getting into debt. They want customers to be able to take care of their everyday expenses and then pay them off on their own terms – whether that’s on payday or when they get back from vacation.
A lot of people who hate bank fees have already shifted over to KOHO. A big disruption right there.
Stripe
Stripe is a popular online payment processing company founded in 2010 by Irish brothers Patrick and John Collison.
Initially, the two brothers developed the platform as a means for web developers to charge clients without requiring their credit card information.
In addition to this, Stripe provides additional services such as sending invoices and collecting payments from customers, among other useful features.
The rest as they say is history.
Banxa
Banxa is a digital banking platform that aims to provide a seamless banking experience to customers. It has been built on the latest technologies and features that should meet the needs of customers from every strata of society.
Banxa is not just about providing a wallet, it also provides a payment option for transactions, loans, and offers other features such as quick balance transfers and deposits. The Banxa app will make it easier for customers to stay up-to-date with their accounts thanks to its push notification feature.
It is currently widely being used on various blockchain platforms.
Mogo
Mogo Finance is an online lending company in Canada. It is a leading provider of credit cards, lines of credit, and personal loans to Canadians.
Mogo Finance is headquartered in Quebec City, Canada. Mogo offers personal loans to individuals across Canada, with terms ranging from 12 months to 60 months. Its financing includes the following types: low rate lines of credit, short term loans for emergency expenses, and long-term personal loans for large purchases like cars or homes.
The company has been able to secure capital from investors such as Blue Sky Venture Capital Partners IV LP and Point North Capital LP .
Looking Ahead
Fintech is forecasted to grow to $138 billion in 2022. These companies mentioned are just a handful of what is out there.
With the continuous growth of technology and the increasing technological advancements, it is reasonable to believe that Fintech will continue to rapidly grow in 2022.
The only question is, will banks try to crush them, or work with them.
It seems like the first one is definitely not an option.
