Do you know what a Fintech is?

T

he financial sector seeks to update its services in the digital age

Fintech is an abbreviation of the term “finance technology”, used to describe companies that offer products and services through information and communication technologies, such as websites, social networks, applications.

Because to these new processes; payments, loans, crowdfunding, among others, can be managed 100% in digital formats.

Although this sector emerged less than 10 years ago, there are already companies positioned in the sector. Here are the top 10 in the world: 

  • Ant Financial: founded in China in 2014. 
  • Zhong An: Chinese company created in 2013 and specialized in insurance.
  • Qudian: Chinese company specialized in credits
  • Oscar: American fintech linked to health insurance
  • Avant: U.S.-born and specialized in personal loans
  • Lufax: Chinese company working with loans, insurance, and investment funds
  • Kreditech: German group offering online credits to individuals
  • Atom Bank: UK’s first bank built to operate with a mobile phone
  • JG Finance (China): specialist in Artificial Intelligence applied to finance
  • Kabbage: American entity specialized in credits and mobile financial applications

According to crowdlending.es, there are 4 types of fintech companies: 

  1. Financing of individuals and companies:  They are those that put small investors in contact with people who apply for financing through their website (crowdfunding) and who stay with them advising, analyzing for investment decisions. In addition to collecting the fees from the lender and pay the investor the interest and principal of the loans in which it invests.  
  2. Transfer of funds:  They are in charge of carrying out transfers at very low costs. 
  3.  Financial and investment advice:  These companies are responsible for advising investors on the decisions they will make.
  4. Payments and collections through Smartphones and mobile devices:  In general, they use platforms that allow them to use this medium as a payment method, it is agile and new.

There are currently more than 15 thousand companies of this type and there is no doubt that they expanded globally because they have shown much potential and manage to bring consumers and businesses closer together.

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