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 neobank solutions.
Global Startup Heat Map highlights 5 Top Neobank Solutions out of 318
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 318 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 313 neobank solutions, get in touch.
Tonik leverages Automated Fraud Monitoring
Thanks to digitalization, banks now offer most, if not all, of their services online. This is driving a new trend in the FinTech industry in the form of neobanks, also known as digital- or online-only banks. These provide all the benefits of a traditional bank without ever having to set foot into one. By eliminating infrastructure and overhead costs associated with traditional banks, neobanks offer lower fees and higher interest rates to their customers.
Tonik is a Singaporean neobank startup, working on features such as biometric identification, limits management, automated fraud monitoring, and easy issuance of virtual cards. Tonik also offers separate savings pockets for different expenses and time deposits. Moreover, the startup provides virtual and physical debit cards, powered by Mastercard, for online shopping and ATM withdrawals, respectively.
Finin offers Personal Banking
Banks now offer comprehensive personal banking solutions via mobile or web apps. Neobanking platforms further advance this progress by taking the whole banking experience online. This simplifies the process of opening and managing bank accounts and provides customers with the flexibility of adding only the services they want or need.
Indian startup Finin develops an online-only personal banking solution. The startup’s neobanking platform enables customers to manage their money through savings and investments. For this, it uses artificial intelligence (AI) to offer personalized recommendations that reduce spendings, as well as hyper-personalized rewards and incentives. By linking to existing bank accounts, the platform also provides a unified view of all transactions.
Zeller facilitates Business Banking
Businesses often have multiple accounts at different banks. This makes corporate banking tasks such as invoicing, fraud detection, and credit management challenging. Neobanks offer solutions to make business banking more convenient. By offering a unified view of the entire cash flow, they lower administrative hurdles and provide transparent control of financial data.
Zeller is an Australian neobank for business banking. It allows to set up fee-free merchant accounts within minutes and offers features including fast deposits, card management, and expenses tracker. The startup also uses multiple layers of encryption and authentication to protect account data. Zeller’s solution makes it easy for businesses to operate multiple accounts and manage business spending.
Eversend enables Cross-Border Transfers
Foreign workers send a significant portion of their income back home to their families. However, sending remittances is usually an expensive and complicated process. By offering lower rates, neobanks enable more cost-effective cross-border transfers. For travelers as well, cross-border banking offers a more convenient alternative to carrying cash or forex cards.
French startup Eversend builds a neobank app for cross-border transfers. The startup’s eWallet app holds and exchanges multiple currencies. It offers transparent, and affordable exchange rates and virtual debit cards with lower foreign exchange rates as compared to bank cards.
Chatex provides Crypto Banking
Cryptocurrency is increasingly becoming mainstream with even traditional financial institutions offering crypto exchanges. As more people use crypto to pay for goods and services, there is a growing demand for crypto banking solutions. To address this, FinTech startups are building neobanking platforms that allow customers to buy or sell cryptocurrencies, as well as use them to pay at online and offline outlets.
Estonian neobank startup Chatex offers solutions for crypto banking. Its mobile app allows users to securely receive, store, and send multiple, popular cryptocurrencies. The startup also builds a solution that provides the same features via messaging apps such as Telegram. Chatex’s solutions enable peer-to-peer (P2P) crypto payments with low transaction and withdrawal fees.
Discover more FinTech Startups
FinTech startups such as the examples highlighted in this report focus on cryptocurrencies, artificial intelligence as well as decentralized finance. 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.