The fintech market has exploded in recent years, disrupting the financial sector through the application of new technologies to meet evolving consumer needs. In the first quarter of 2021, fintech companies raised $22.8 billion in startup funding, representing a 50% increase from the previous year. With Covid-19 triggering a 42% decline in Americans using cash, and lockdowns and shutdowns in various countries worldwide, fintech has enabled people and businesses to continue making transactions remotely. In fact, 80% of Americans believe they can bank without a physical location today, a notion that seemed unthinkable just a decade ago. As we move through 2021, with green shoots of recovery emerging in the economy, we look at six fintech platforms making waves in 2021.
This software as a service (SaaS) creates an automated claims routing process that is having a transformative impact on the insurance industry. Founded by Larry Cochran, the company’s mission is to leverage new technologies to simplify the claims process, making it faster and more efficient by dynamically distributing claims.
Claimatic’s innovative algorithm integrates with existing systems, streamlining claims processing. This industry-leading intelligent software triages, routes, and assigns complex workflows in seconds, routing claims to the to the right person as quickly as possible.
Xendoo connects users with an online bookkeeping and tax team, taking the stress out of accounting. Employing bookkeepers and CPAs focused on helping members attain financial success, the platform’s dedicated accounting team handles financial hassles, putting money back in users’ pockets, and freeing up their precious time for more enjoyable or productive pursuits.
The app categorizes and reconciles monthly business transactions through a tax-savings lens, producing personalized monthly reports incorporating profit and loss statements, balance sheets, and monthly insights to inform decision making. Xendoo files compliant, expert tax returns for users, helping them to identify tax savings, prepare and file state and federal income tax returns, and more.
This investment app works differently from most of its contemporaries, funding investments in stocks and other commodities using leftover change from everyday purchases. For example, if you spend $3.60 on a cup of coffee, Raiz will round this up to $4, investing that extra 40 cents in your financial future. It may not sound like very much, but over time, these small incremental sums add up to impressive sums. Users can also set recurring daily, weekly, and monthly investment amounts, or invest lump sums into their Raiz account, leveraging its innovative technology to make their money work harder.
Utilizing sophisticated machine learning, Suplari helps businesses to better manage their finances, enabling them to cut costs and spend their money more wisely. While traditional spend analytics typically focus on historical data, Suplari leverages AI to automate analysis of both historical patterns and current data, predicting the best spend management actions for the business moving forward.
The platform’s robust technology ensures data is complete and relevant, its pre-built and custom insights delivering a steady supply of actionable information, using smart detection and monitoring to alert decision-makers to the “next right action”.
SoFi enables users to take control of their finances, track their credit score, invest, take out a personal loan, access student loan refinancing, apply for credit cards, and much more. Created with the mission of helping clients to reach financial independence and attain their goals, the app helps users get to a point where their money is capable of sustaining the life they want to live.
SoFi focuses on helping customers “get their money right” through a variety of different channels. To date, SoFi has provided more than $50 billion in funding to more than 2 million borrowers. Founded by Stanford business school students and offering financing that ranges from wedding to travel loans, the app provides funding that changes people’s lives.
Created to teach financial responsibility to children between the ages of 6 and 18, Gohenry combines an app with a reloadable debit card which is used by children, but ultimately controlled by their parents. As cofounder Dean Brauer explains, children’s spending has evolved significantly in recent years, moving away from the 7/11 store and buying candy and magazines to making digital purchases. Prior to the launch of Gohenry, children were effectively excluded from the digital payment world, having to ask their parents if they wanted to buy something on iTunes.
Initially launched in the UK, Gohenry supports a community of over 800,000 active users in the United States, enabling parents to hold up to four accounts. Parents can use the app to make instant money transfers; enable and disable ATM, in-store, and online payments; and block and unblock cards if necessary, for a $3.99 per month subscription fee. The app also supports recurrent allowance transfers, providing parents with real-time notifications on their child’s spending, and enabling them to set one-time and weekly spending limits on their child’s account.