The economic boom for financial technology startups continued in 2020. According to CB Insights and PwC, total venture capital funding for private U.S. fintech reached $18 billion in 2018, up from $13 billion in 2018.
Fintech companies such as MoneyLion, Robinhood, and Nubank are raising funds at startling rates. This demonstrates the rapid expansion of mobile-only banks and digital payment methods. Divide the finance app segment into three major parts if you want to be the next “fintech future” for Gen Z. This will aid in determining which genre your app belongs to.
Let's take a look at some of the best fintech apps that are currently doing exceptionally well:
1. Money Lion
This fintech mobile app offers financial advice and loan access to its users. The six-year-old startup is a financial planning app that functions as a lending, saving, and wealth management app. Edison Partners and Green Spring Associates led the $100 million Series C round. The startup is now valued at $1 billion as a result of this.
The tech company makes money by charging each user $19.99 per month for app subscriptions, which help their bank accounts well in advance. It offers effective online banking services through 55000 fee-free ATMs. The MoneyLion app also offers a 5.99 percent APR loan to help you stay on track with your savings. This service is only available to MoneyLion Plus members.
The Robinhood app is causing havoc in the online brokerage industry. Menlo Park, a free stock trading app based in the United States, allows users to invest in publicly traded companies and exchange-traded funds listed on US stock exchanges. The app has its own clearing system and no commission fees for stock, ETF, and cryptocurrency investments.
As per Techcrunch, Robinhood, the trading app, has raised a $323 million Series round led by DST Global. The company is now worth $7.6 billion, up from over $5 billion in its Series D valuation.
When it comes to collecting relevant information about a user's card, accounts, and transactions, the Mint app is the most successful and one of the most
popular fintech apps based in the United States. The notification alerts remind users of upcoming bills and provide advice based on purchasing behavior. All data is 256-bit encrypted, and data exchanged with Mint is encrypted with 128-bit SSL.
As a mobile-only bank, the Chime app is rapidly expanding in the United States. It enables users to manage their spending and savings accounts without incurring any hidden transaction fees. It is one of the best budgeting tools because it provides users with a variety of automatic saving options. Its extensive free ATM network makes it the most convenient banking app.
The money-saving app prioritizes savings by instantly deducting 10% of your paycheck and depositing it directly into your savings account. With direct deposit through Chime, a user can access his paycheck two days earlier. It offers efficient online banking as well as 30,000 fee-free Moneypass ATMs.
Because blockchain is becoming a popular technology in the fintech industry, users can navigate the blockchain and cryptocurrency world. The Coinbase app is the largest cryptocurrency exchange in the United States. The app allows you to buy and sell popular digital currencies while also keeping track of them all in one place.
It is the best investment app, with over 25 million users in 32 countries around the world. Over 98 percent of cryptocurrency is safeguarded offline, with the remainder safeguarded by industry-leading online security.
Prism is one of the best finance apps for managing personal finances. It keeps track of all your bills and sends bill-pay reminders automatically. Users can use the app to quickly manage their money, bills, and debt.
The app allows users to easily track bills and money at a glance. Prism also has advanced features that allow you to manage all of your personal accounts from a single platform.
The app's main advantage is that users don't have to waste time logging into multiple websites to check and save account balances, pay bill statements, and check due dates. The app also displays your account balance, income, and monthly spending, and expenses all in one place, allowing you to pay bills in a matter of seconds.
It is a financial wellness app that teaches users how to get a better return on their investment by providing videos and articles from financial advisors/experts. Customers can deposit and withdraw funds whenever they want.
Acorns teach investors how to spend wisely while avoiding overdraft fees by utilizing nationwide ATMs.
The app enables users to access up to $500 between paychecks, earn cash back on purchases, avoid potential overdraft fees, and look into medical bill savings options.
The app simplifies the financial system for users by providing four tools: cash out, health aid, balance shield, and cashback rewards. Monobank also has live chat support, lightning speed, 256-bit bank-level data encryption, and a financial calendar.
If you want to send money abroad, TransferWise is the best money management app. It enables you to send money overseas quickly and easily at the lowest possible cost. To assist foreign businesses and students, it supports 28 currencies and uses real exchange rates.
Users can send money abroad at an 8X lower cost than traditional banks and at the real exchange rate by using the app. TransferWire, one of the best fintech apps, allows people to transfer money to friends and family, pay off their loan or mortgage abroad, get paid in various currencies, pay bills in a different currency, and more.
Using Revolut, you can manage your money wisely. It sends immediate notifications for money paid with the card. Users can use the app to create a monthly budget and track how much they spend on specific products or services each month.
The app supports over 150 currencies, allowing users to easily transfer money abroad at the current exchange rate. Furthermore, as cryptocurrency is the trending technology in the Fintech domain, Revolut is one of the best fintech apps for buying, selling, and holding it. It is also compatible with Litecoin, Bitcoin, Bitcoin Cash, Ethereum, and XRP.