Unless you’ve been living under a rock for the last couple of years, you’ll know all about the FinTech boom in the UK. With over £350m raised in investment in 2015 alone, it’s no surprise that as a sector it’s getting so much attention.
One of the amazing aspects about the industry is how vast the solutions are. Ranging from everyday banking solutions to property investment, from personal loans to international money transfer, there seems to be a never-ending stream of exciting companies establishing themselves as FinTech providers!
As we enter 2016, I am particularly excited about three FinTech companies in particular:
Osper is a prepaid debit card and mobile banking service that empowers young people (8-18 years old) to manage their money responsibly. It offers a safe MasterCard prepaid debit card and a simple mobile banking app with separate logins for young people and parents. All money on Osper is safely managed by a European regulated bank.
I love this concept. As an uncle to a 10 year old, I can see the obvious benefit in helping my niece to manage her money at an early age!
In 2014, Osper raised $10m in investment, to grow the business and generate demand. They have celebrity endorsers on-board an have won the attention of CEOs around the FinTech industry. As they began to roll-out their service last year, I’m expecting big things from them in 2016.
Yoyo Wallet is an app that enables mobile payments and automated loyalty. The app collects consumer loyalty points automatically in the app and users can receive offers and promotions that are relevant to them, from the retailers they favour. Yoyo Wallet is the fastest growing and largest multi-retailer mobile wallet in the UK and recently won Retail Systems’ 2015 Mobile Technology System of the Year. Yoyo provides insight and integrated marketing tools for retailers to reach targeted customer segments, drive sales, increase revenue and offer an elevated customer experience.
Contactless payments are growing massively and with the introduction of solutions like Apple pay, mobile payment technology is only going to continue to dominate the industry. It’s not just the Retail sector that’s benefiting. TfL have confirmed that commuters have used mobile devices to pay for more than 3.2 million journeys, since July 2015!
With Mobile payment providers like Judo Payments and Zapper, Yoyo Wallet are not alone in this industry, but they certainly have a fantastic proposition and 2016 looks very bright for them.
Monese is a digital banking service that let users open a UK banking account on their mobile in minutes regardless of their citizenship. Monese is a UK-based startup that targets immigrants who experience daunting tasks in opening a UK bank account as a foreigner. The mobile banking service established by Estonian Norris Koppel lets users open a current account and get a Visa debit card in just three minutes with a snapshot of their passport and a selfie. Monese’s technology is based on the cloud and removes many of the barriers that legacy banking systems impose.
Having recently set-up a new bank account, the painfully long process is all too familiar for me. Monese is set to change that with their awesome proposition. I also think their branding is spot-on. Roll on 2016!