Staying ahead of the technology curve means strengthening your competitive advantage. That is why we give you data-driven innovation insights into the financial services industry. This time, you get to discover 5 hand-picked fintech-as-a-service startups.
Out of 438, the Global Startup Heat Map highlights 5 Top FinTech-as-a-Service Startups
The insights of this data-driven analysis are derived from the Big Data & Artificial Intelligence-powered StartUs Insights Discovery Platform, covering 2 093 000+ startups & scaleups globally. The platform gives you an exhaustive overview of emerging technologies & relevant startups within a specific field in just a few clicks.
The Global Startup Heat Map below reveals the distribution of the 438 exemplary startups & scaleups we analyzed for this research. Further, it highlights 5 FinTech startups that we hand-picked based on criteria such as founding year, location, funding raised, and more. You get to explore the solutions of these 5 startups & scaleups in this report. For insights on the other 433 fintech-as-a-service solutions, get in touch.
Neo Mena Technologies provides Integrated Investment Services
Fintech service providers regularly aid businesses and individuals to access solutions that require high capital expenditures. In the case of financial services, typical procedures include completing several diverse processes to access a final result. For example, in terms of investment, businesses require coordination with investors, brokers, and consultants, among others. Startups develop integrated investment services to assist customers through the use of mobile interfaces, artificial intelligence (AI), and other technologies.
Emirati startup Neo Mena Technologies delivers integrated investment services. This includes a turnkey digital investment solution along with a suite of mobile-first user apps with integrated administrative and sales tools. The service takes advantage of autonomous architecture which includes a technology stack that is not dependent on legacy systems. It is fully digital, with customer onboarding, investment advice, and execution as well as reporting provided digitally. Through this, businesses gather digital investment services that integrate all aspects of investment.
Global Integrated FinTech Solutions offers Anti-Money Laundering-as-a-Service
AI assists fintech companies by identifying common clusters and patterns. Detecting patterns assists businesses to recognize erroneous and fraudulent items. For example, computer vision and screening allow individuals to identify counterfeit money and bills. However, developing such technologies in-house is not economically feasible. Therefore, startups offer fintech subscription services that provide businesses with access to anti-money laundering (AML) information.
US-based startup Global Integrated FinTech Solutions delivers AML service solutions. Its product, Screening and Filtering Engine (SAFE), matches names and other details against published government sanction lists. Updates to these lists are regular and automatic. The startup uses phonetic algorithms for matching while minimizing false positives. Its services also include account monitoring, transaction tracking, and message screening. Besides, know-your-customer (KYC) and document management solutions add a layer of transparency and security for audit trails. With these solutions, businesses enable transparent processes and ensure multi-layer authentication.
Rapyd develops Global Digital Wallets
With customers across different countries, there is a need to integrate various payment gateways. Contemporary services also levy taxes and costs to receive or send foreign currency. Nevertheless, there are lapses in transparency when working with international currencies. To this end, startups provide global digital wallets that provide businesses with ease of accessibility and transparency in international transactions.
UK-based startup Rapyd designs global digital wallets. Through the startup’s application programming interface (API), businesses accept hundreds of payment methods worldwide. Additionally, companies are able to pick between no-code solutions or a hosted solution for payouts and payment acceptance. The product has built-in fraud and risk monitoring, identity verification as well as extensive sanction screening tools. Furthermore, a microservices architecture lets individuals choose the features they want, like card issuing or white labeling e-wallets. The startup, hence, allows businesses to expand their capabilities and open new markets.
Fafnir provides Loan Evaluation Services
Businesses and individuals get loans to pursue specific goals. Credit services are an integral part of banks and monetary institutions. Nonetheless, calculating different parameters for loan assessment requires insights from different financial experts. These services, however, do not provide visibility into cash flows impacting businesses. To tackle this, startups develop integrated services that evaluate multiple aspects of the impact of a loan.
US-based startup Fafnir offers loan evaluation service solutions. The service provides insights for businesses to understand loan eligibility and serviceability. Further, the startup evaluates loan offers and the impact they will have on cash flow. It notifies companies of any high-cost loan offers, providing a picture of how a loan fits into different financial conditions. Finally, the startup offers an in-depth customer evaluation of current products and customer mix. Through this, businesses gain a comprehensive outlook on general loan management.
FISPAN enables Embedded Commercial Banking
Due to the scale of their operations, banks sometimes fail to connect directly with customers. They also have difficulties connecting on a personal level with their users. However, creating digital interfaces that link individuals to banks requires software and hardware investments. Besides, there is a need for dedicated personnel for monitoring and maintaining these platforms. To aid this, startups provide commercial banking-related services, allowing banks to create dedicated digital platforms to connect with their customers.
Canadian startup FISPAN provides embedded platform services. The startup allows banks to create branded, fully integrated digital communication channels. The platform enables clients to access banking applications within the standard menus of their existing enterprise resource planning (ERP) systems. Further, it provides customers an entire suite of banking transactions natively in their operational systems. The startup also ensures data privacy by not asserting data ownership or usage. Through FISPAN’s services, banks implement end-user engagement and traction.
Discover more FinTech Startups
FinTech startups such as the examples highlighted in this report focus on autonomous finance, digital wallets, as well as cybersecurity. While all of these technologies play a major role in advancing the financial services industry, they only represent the tip of the iceberg. To explore more financial technologies, simply get in touch to let us look into your areas of interest. For a more general overview, you can download our free FinTech Innovation Report to save your time and improve strategic decision-making.