10 fintech startups of October

18 October 2016

As the financial technology market is expanding further, many new startups are emerging every month offering a diversity of services in the field of mobile payments, mobile commerce, financial management applications, personal finance, crowdfunding, blockchain and distributed ledger. This is a summary of ten fintech startups announced or launched in September-October.

Intrinio Fintech Marketplace

startups In the third decade of September 2016 Intrinio, a company based in Florida and providing financial data services, presented the new project called Intrinio Fintech Marketplace to provide guidance for investors in using financial data. Investors will be able to save their money and time while helping developers to get access to the financial information for its integration into their applications.

Developers will be provided free use of Intrinio Developer Program for 6 months which can be applied for creating the programs complying with the requirements. The marketplace will allow developers to select the information from FDIC bank of data, get access to real-time stock prices and 10Q/10K statements.

Bizum

bizumIn early October an association of twenty seven banks in Spain united their efforts to launch a mobile payment platform Bizum, a potential rival to Samsung Pay introduced in summer this year. The service is already operating and accessible for general audience. The project is led by the Bank of Spain and the Spanish government.

Through Bizum customers will link their bank account to their application and will be able to make money transfers from their mobile devices paying an established fee. Besides, users may pay for their purchases in shopping locations, online stores and send money to their friends.

The project is backed by the associations of banks such as AEB ECSC and UNACC. While at the moment the service is supported by 15 Spanish major banks, it is planned to be integrated into mobile applications of 95% of banks nationwide.

Euroclear Bankchain

BankchainAt the SIBOS Annual Conference held on September 26-29 in Geneva this year a fintech company Paxos along with Euroclear unveiled their new venture Euroclear Bankchain. CEO of Paxos C. Cascarilla noted that the companies are brining unparalleled service to the market with the high impact on the gold trading process.

Previously Paxos started Bankchain to be a blockchain platform for gold and precious metals backed by itBit, a company dealing with the cryptocurrency exchange. Now Euroclear Bankchain platform will be used to streamline the post trade for major financial institutions across the globe. The service for settlement of unallocated gold will help companies reduce risks and costs related to the extremely expensive process.

The Crowd Versus

The Crowd VersusAn association of opinion leaders in an array of social life spheres including politics, science, research, various communities etc., known as Worldconnectors in September announced the launch of the new crowdfunding platform called The Crowd Versus. The project was started in cooperation with Jan van de Venis, a lawyer protecting human rights in the sphere of environment.

The Crowd Versus aims at taking legal actions against various persons, including the governments, if required, capitalizing on the harm to people and the environment. The money will be collected by common efforts to start a targeted court proceeding to allow individuals to be in an equal position with the rich persons or authorities violating the human rights. The platform also deals with the non-governmental and non-for-profit organizations that back the rights of people in various areas.

AngelEquity

AngelEquityBay of Plenty-based Enterprise Angels in late September announced their unique equity crowdfunding service called AngelEquity. The new online platform allows investors to put their money in a number of early stage investment projects offered by angel groups across New Zealand.

According to executive director at Enterprise Angels Bill Murphy, AngelEquity differs from the crowdfunding platforms existing in New Zealand. AngelEquity permits the deals only based on the due diligence and the service itself is accessible only to the certified wholesale investors, while not available for the general audience.

One of the key ideas underlying the platform is to provide more money for angels to further develop the companies they are working with. Many angels were concerned over the problem that the companies after being prepared by them might leave for other sources of crowdfunding in view of the insufficient funds. Thus AngelEquity allows the angels to further capitalize on the projects they are preparing without attracting third party funds.

PiMoney

PiMoneyLast week a Singapore financial technology company PiSight introduced its financial assistant service PiMoney on the basis of Aegis technology of eWise. PiMoney is a personal finance management tool used by consumers for tracing their finance at one stop and controlling expenses and savings every month. The project was developed by Rajesh Singh and Abhishek Kumar, who have an experience of working in such companies as Barclays and Ernst & Young.

The service is accessible for users both as a web and iOS application with Android to come later. As compared to other personal finance management platforms PiMoney deploys eWise technology for encrypting the sensitive data on the storage device selected by the user instead of storing such information on cloud servers. Technologies of eWise are implemented by HSBC and WestPac among other leading companies.

PiMoney offers its consumers such capabilities as aggregation of bank accounts, credit cards, loans and investments along with PDF statements, automated classification and tracing the budget.

RiverNorth Marketplace Lending Corporation

RiverNorth At the end of September RiverNorth Capital Management unveiled its fund for p2p lending called RiverNorth Marketplace Lending Corporation. The p2p lending fund will be listed by NASDAQ and will be dealing with the investments in unsecured consumer loans, small business and specialty finance loans.

CEO of RiverNorth Brian Schmucker noted that the company was one of the first to step into the retail investment market with the proposal of efficient access to the p2p lending. The new platform will be partnering with online lending services and investing in the projects with a high level of current income.

Tesco BackIt

Tesco BackItIn September a major UK retail chain in partnership with Hubbub, a crowdfunding company, announced the launch of Tesco BackIt crowdfunding project. The new platform is aimed at helping small businesses in the food industry get access to funds for developing their online business with the use of food products presentation for consumers.

Tesco BackIt crowdfunding platform is expected to achieve three major goals: help small businesses get recognized by more consumers, allow consumers to select the products that must be sold by retailers and help Tesco find more potential partners in supply along with the identification of the consumer demand.

VR Pay

VR PayLast week Ant Financial, a finance subsidiary of Alibaba Group Holdings, announced the introduction of VR Pay service for virtual reality gamers. With VR Pay shoppers in the virtual reality malls will be able to pay for their purchases with a simple nod of their head.

Walking around their virtual reality shopping malls gamers with their virtual reality goggles on may make payments without any need to take the headset off. Shoppers may nod their head or look at the desired item on the shelves.

Users will be authorized through logging into VR Pay accounts on connected devices or by means of voice recognition technology. Apart from this shoppers will also have to enter their passwords just moving their heads, touching or staring at some point of the virtual scree for more than 1.5 second.

Marcus by Goldman Sachs

Marcus On Thursday, October 13 last week Goldman Sachs introduced its online platform Marcus by Goldman Sachs to provide unsecured personal loans to consumers as an alternative for credit card featuring hidden fees and changing interest rates. The new project will be featuring transparent and easy to understand fee and payment scheme with access to up to 30 thousand US dollars in personal loan for a period of 2-6 years.

The main concept of the service has been developed based on the feedback of consumers as the personnel of the new company conducted a poll to learn more about customer preferences. The key features differing Marcus from conventional credit card loans include absence of hidden fees, fixed dates of payment, changes in the interest rates and automated voice support for consumers. Marcus offers enhanced consumer experience and live support to the users.

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