The FinTech revolution is transforming the financial industry rapidly. The use of digital technologies is the norm, and together with regulatory and market changes, it is creating a revolution.
FinTech has also assisted in leveling the financial playing field by giving everyone access to services that were previously reserved for the privileged. Now we have FinTechs not only assisting but also rewarding people for saving.
Here is a list of FinTech startups revolutionizing Personal finance
San Francisco-based Chime, found by veterans Chris Britt and Ryan King, aims to change the way people feel about banking. The FinTech is leading the U.S. challenger banking segment, helps members avoid bank fees, save money automatically, and lead healthier financial lives. Chime members receive a Chime Visa debit card, a Spending Account, a Savings Account, and a mobile banking app that keeps members in control. The firm does not take profit from people but earns a profit amount from Visa (paid by the merchant). The company has raised $ 1 billion in funding to date.
Moneylion is a leading mobile finance platform that empowers consumers to take control of their financial lives through better products for borrowing, saving, and investing. It uses superior analytics and machine learning-based risk technology to gain a 360-degree view of its users’ personal finances, enabling better underwriting and the development of tailored financial product offers. Recently, the company, in partnership with MetaBank & Mastercard launched RoarMoney. The FinTech has raised over $227.5 million to date.
M1 finance (2015)
M1 is a FinTech company determined to reinvent personal finance by offering an automated money management platform that combines investing, borrowing, and banking. Earlier, M1’s self-directed investors had to use a combination of brokers, money management apps, and banks to manage different aspects of their personal finances. This directly increased costs and complexity. The FinTech is tackling the challenge by providing investors with a single platform with three integrated tools (Invest, Borrow and Spend) to build long-term wealth, meet medium-term financial needs, and manage short-term spending
The company is a member of FINRA/SIPC m1.finance/legal and has recently raised $33 mn in Series B funding round.
Affirm offers transparent, flexible financial products and services for improving the lives of consumers. The company operates as a financial lender of installment loans for consumers to use at the point of sale to finance a purchase. It provides shoppers an alternative to traditional credit cards at the point of sale, giving them the flexibility to buy now and pay via monthly installments. Recently, the firm partnered with Shopify to power Shop Pay Installments in the U.S. The company has raised $ 1 billion in funding to date.
Digit is a unique personal finance app that helps users to save money on a regular schedule automatically. Using its sophisticated algorithms, it automates the day-to-day work of managing all personal finances and gives members the power of a smart financial assistant to build a strong foundation for their future. The FinTech has raised over $63.8 million to date.