With the rise in entrepreneurship comes an increase in startups, especially in trending industries, like fintech. A report by the Financial Times details the major boost in startups. In July of 2020, the United States saw a 95% increase in the amount of applications needed to start a business, hitting over 550,000 applications, compared to 2019. France registered 84,000 new businesses in October of 2021, Japan registered 10,000 in September 2020 and the U.K.’s number of registered startups rose 30% in the last 2 months of 2020 in comparison to 2019.
Among the thousands of new businesses are those focused on fintech (financial technology). As of November, 2021, North and South America had 10,755 fintech startups, the EMEA region (Europe, the Middle East and Africa) had 9,323 and the Asia Pacific Region had 6,268.
As fintech gains popularity, the expectation from consumers for their preferred financial institutions to adopt more efficient systems grows as well. In 2022, fintech companies fight to become the industry’s best innovators. Let’s look at some of the products that are dominating in the fintech market.
- Suplari
Suplari takes advantage of technologies like AI and machine learning to help automate systems within companies to manage them better. Both AI (artificial intelligence) and machine learning utilise the quick adaptability, decision making and data analysing of computers to streamline certain systems.
Suplari has worked with Hulu, Nordstrom and Wayfair to automate data, spend analytics, insights and actions. This information is then used to predict and manage costs, cash flow and investments, allowing companies to shift focus on meeting consumer needs.
- BharatPe
Based in India and founded in 2018, BharatPe allows businesses to accept payments from any payment app without fees. BharatPe is ideal for smaller businesses as they don’t require monthly fees and also provide an in-person card payment option.
Payments are deposited directly into the business’s bank account and BharatPe even provides the chance for companies to earn 12% interest on the payments and take out loans. BharatPe continues to evolve to become the best alternative for business and consumer transactions and will use the $545 million USD received from investors to innovate and create new systems.
- 3. Opendoor
Opendoor is an online real estate company based in San Francisco. The company has allowed home purchases to be made completely on a mobile device. Since the company was founded in 2014, Opendoor has helped consumers seamlessly purchase a home. The company offers services to purchase a consumer’s home (the home becomes Opendoor-owned), sell your current home or find a new one. In all services, consumers are paired with an Opendoor agent to help decide on what buying option is best.
- Rapyd
Rapyd is a fintech company that allows merchants to integrate the Rapyd payment platform into eCommerce sites, usually used by small and new businesses, like WordPress, Wix and Shopify. The payment platform provides marchants with the option to accept international as well as local payments.
Payments methods such as bank transfers, e-wallets and cash are processed through Rapyd’s fully customizable system, making it a good candidate for people looking to start up a business without the anxiety of dealing with built-in, website payment methods.