10 fintech startups of November

21 November 2016

While the world is experiencing deep upheavals and shocks, neither Brexit referendum, nor oil prices, nor wars in the Middle East or conflicts in the Ukraine, nor the threats hanging over the United States after the win of Donald Trump, an advocate of low taxes for the rich and slack environment protection policy, could have affected the innovation and emergence of the new companies at the financial technology stage. This is our regular review of the ten fintech startups for the period of October-November.

Red Crow Equity Crowdfund Platform

Red CrowIn the mid October it became known that an American songwriter and musician Jerry Harrison plans to launch equity crowdfunding project to be known as Red Crow in November. The project will be initially dealing with the ‘social impact’ and healthcare areas, including medical technologies. But these industries will not become the stop-point as the service will expand into such sectors as cyber security, virtual reality, machine learning and investments into the environment protection.

The crowdfunding project will help emerging companies dealing with the medical equipment and devices to find their investors, while ensuring the quality of the funded projects. The founders want to prioritize the quality over the quantity and stimulate exclusively proven concepts and worthwhile ideas.

Visa B2B Connect

Visa B2B ConnectOn October 21 Visa unveiled its partnership with Chain over the launch of a B2B payment platform powered by the blockchain technology named Visa B2B Connect. Companies in the financial industry will get access to the safe and prompt B2B payment processing. The new service will be using Chain Core performing the transactions in the private blockchain network environment.

In the report the companies said that Visa B2B Connect was designed to feature enhanced accuracy in costing, quick speeds in transaction processing and transparency of operations cutting the costs of the deals between the banks and corporate clients. The platform on the basis of blockchain will provide high security of transactions cryptographically encrypting, signing and recording them.

AllBright Crowd

AllBright CrowdSeveral days later founder of Love Home Swap Debbie Wosskow OBE in partnership with CEO of Hearst Magazines UK Anna Jones unveiled their new business for funding the companies managed by women. The partnership brings the new crowdfunding platform called AllBright Crowd which will also be paired with AllBright Angel Network and AllBright Academy to help find talented business women in the UK and fund their ideas.

AllBright Crowd will be allegedly the first of its kind crowdfunding source to target exclusively female led projects with the investments to be made into companies of various formats, including startups and developed businesses. The project objective is to make the United Kingdom to be the world’s best place for women to found their businesses.

Lending Loop
Lending LoopAfter completing the process of registration with the Ontario Securities Commission and other agencies regulating the securities market, Lending Loop announced its inception in Canada, being the first peer-to-peer lending platform in the country. The new startup will focus on small businesses in search for investments in Canada.

According to the official press-release the new p2p lending service will feature better loan provision terms, user-friendly application procedures, and reasonable rates. On the other hand investors will have access to the fixed-income returns and investments into the small business across a large variety of industries.

Erica, Bank of America

Erica, Bank of AmericaIn late October Bank of America announced its new product Erica, a virtual assistant powered by artificial intelligence to help consumers manage their personal finances. The announcement was made at the Money 2020 fintech conference in Las Vegas.

Customers will be able to access Erica in the mobile application on their smartphones. It will be tracking spending habits of the users, and advise them if they are spending more than before on the usual purchases, while alerting on the status of their credit score and debt level. Besides, the new service will be training consumers to better understand key financial terms like FICO score.

Mastercard KAI

Mastercard KAIAnother personal finance management service announced in late October by Mastercard. The service is designed to answer the questions of consumers on their personal finances as well as transactions history, balance and spending strategies, helping to find better scenarios and alerting on the unusual excess in their expenses.

Mastercard KAI personal finance management bot was developed in partnership with Kasisto, a spinoff company from SRI International. The service will be accessible to the US credit card holders using Mastercard in early 2017.

10x Future Technologies

10x Future TechnologiesAt the end of October former chief executive of Barclays Antony Jenkins unveiled its own financial technology startup called 10x Future Technologies for Virgin Money. The new company will be cloud-based and offer better understanding of the consumer data to the financial institutions and banks.

The company will be working with the data modeling and database design allowing providers of financial services to enhance the quality of their products thus improving customer experience through analysis of useful information about their customers.

McDonald’s mobile order and pay

McDonald’sIn early November American largest fast food restaurant chain McDonald’s announced its plans to launch mobile order service across up to 25 thousand locations across the globe to integrate digital technology achievements and innovations into its well-established business.

The new service will enable consumers to leave a mobile order before coming to the physical location, after which they can arrive, take their meals and pay. The transaction will be made by scanning a QR code. This added value service was previously piloted two years ago in 22 restaurants of the chain across Columbus, Georgia.

Cardtek MSM

Cardtek MSMIn November payment technologies provider Cardtek uncovered its cooperation with payment processing and ATM solutions provider DC Payments over the launch of their joint mobile payment service called MSM. With the new service customers in Canada will be able to make payments without plastic card using their mobile devices.

According to the reports, MSM platform integrates an array of digital wallets available in Canada and links together issuers, tokenization service providers and DC Payments itself.

Deloitte blockchain contactless card

Deloitte blockchainOn November 15 Reuters reported that financial technologies company SETL having its corporate seat in London and auditing services giant Deloitte have partnered over the launch of the blockchain-based payment card. With the new contactless card, payments are settled virtually in a real mode through the blockchain environment.

The card was earlier piloted in the trial involving 100 consumers and according to the report will be commercially available by the end of the next year. The card was developed specially for the consumers of Metro Bank. It uses Smart Identity blockchain environment of Deloitte which records identities of consumers and sends them to SETL to set up access credentials of the users.

The companies believe that the new card will cut costs both for consumers and retailers making the transactions between them easier as the payments will be directly transferred from the customer account to the retailer account, while encrypted end-to-end.

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