FinTech startups are ushering in the next wave of banking products, from quantum computing for transaction tracking and anti-money laundering (AML) to the use of blockchain ledgers for decentralized banking and financial inclusion. Furthermore, financial and banking institutions can streamline their offerings and refine their activities using artificial intelligence (AI) algorithms, biometric authentication, and big data analytics.
There have been several innovative and notable fintech startups over the recent years, such as Payday Depot, Stripe, and more. Despite the threats posed by the COVID-19 pandemic and rising economic instability, the year 2020 generated significant technological breakthroughs and thousands of new businesses.
Top 5 FinTech Companies to Watch in 2021
Financial technology startups are attracting an increasing amount of interest and funding. Below are 5 FinTech startups that are expected to make a mark in the industry:
1. Cybera Global: Cybera Global is a startup that aims to prevent cybercrime. It develops a FinTech network to assist financial institutions and policymakers in preventing cybercrime driven by financial gain. To reduce internet fraud and cybercrime-related casualties worldwide, the startup blends cutting-edge technology with subject-matter experience. The platform also tackles a major issue: the speed at which transactions are monitored.
2. Ziina: Ziina is a FinTech company based in the United Arab Emirates that offers consumers a mobile app for fast peer-to-peer payments, with banking-grade authentication and end-to-end encryption. Furthermore, the app does not ask users to input personal information such as banking codes to transfer money. The solution makes it easier to make money contributions between friends and family while still reducing the need to bring cash around all of the time.
3. Bluesheets: Bluesheets, a Singaporean startup, uses real-time bookkeeping automation to help finance departments transition digitally. In only a few clicks, Bluesheets’ patented platform allows the low-cost deployment of financial automation. The automation platform for finance practitioners and agencies allows for real-time transaction reporting, mistake tracing, and simple approval tracking.
4. Incognia: Incognia is a startup headquartered in the United States that provides a privacy-focused digital identity solution for smartphone applications. To maximize conversions, reduce false positives, and prevent fraud, Incognia employs behavioral biometrics and mobile fingerprinting. Businesses also use Incognia with mobile apps and network devices for user ID authentication, authentication, risk evaluation, and fraud detection.
5. Emblem: CircuitBuilder, a Web3 integration framework focused on practical programming and process orchestration, is developed by Emblem, a startup based in the United States. The startup embraces all digital assets, including blockchain assets, layer two assets, and P2P stored digital data, through its Emblem Vault solution. This crypto token allows the conversion of entire multi-coin wallets without the need to convert native assets. CircuitBuilder also helps application and software developers easily wire together various blockchain logic and structures using a drag-and-drop user interface.
What Are the Advantages of FinTech Solutions?
FinTech’s technologies and software affect virtually anyone who needs to conduct financial transactions.
- Consumers can easily send money across the state and national borders using peer-to-peer (P2P) and digital payment solutions.
- Using AI-based platforms to handle regulatory enforcement saves compliance practitioners a significant amount of time and effort.
- Investment managers also use deep neural networks to find the best capital investment opportunity.
- Governments and multilateral bodies also use FinTech tools to advance counter-terrorism financing (CTF) strategies and digitize public finances.
Therefore, it is essential to keep a close look at FinTech startups to know the current trends!