It’s no surprise as to why investing and savings apps are frequently being used with everyone worrying about their current and future financial situations. Although COVID-19 has struck, people are monitoring their finances much more than they typically were. To test this out, have you noticed that you’ve been paying more or less attention to your banking and investing related apps, or more so your financial situation?
There are many different purposes for using fintech apps: personal finance, crowdfunding, money lending, investment, money transfer, P2P (peer-to-peer) landing, and more.
Fintech apps have been seeing an increase having a 55% growth rate from December to March of 2020 in the United States and 85-90% in Japan and South Korea. Domestically, fintech app usage has dramatically increased, specifically the investing apps, and it doesn’t look like it’s slowing down anytime soon.
DriveWealth is a fintech API company that provides tools to other companies so that they can offer investment services to their base. DriveWealth exists so as consumer-focused fintech companies reach scale, so they can add more products to drive more business from their existing user base. With the usage of the data, they can collate it all into a report, with details of what’s going on with retail investors and some fintech apps.
Here are some great fintech companies’ startups that you should check out: Acorns, Revolut, Mint, Coinbase, MoneyLion, Robinhood, Finch, Monobank, Earnin, and TransferWise. Acorns is an investment app that guides users about how to get more return on the invested money by offering videos and articles of financial advisors and experts, it also allows customers to deposit and withdraw money as needed. Revolut is a personal finance app used to manage your money wisely, sending instant notifications for money paid through the card, allows you to set up a monthly budget and track how much they spend each month on certain products and services, and it allows you to buy, sell and hold cryptocurrency as it is the trending technology of the fintech domain. Earnin is a payday loan app that allows users to access up to $500 between paychecks, each cashback on your purchases, avoid unnecessary overdraft fees, and explore saving options on medical bills. Transferwise is a money management app that allows you to transfer money abroad in an affordable and quick way.
Considering all of the information given, it is no doubt that fintech apps are booming.
All opinions & expressions are solely those of the author and not those of any other individual, institution or business.