Here are a few FinTech firms that are emblematic of how technology innovation is shaping the future of money across a variety of financial services.
Versapay—Accounts receivable
In its quest to rid companies of paper checks, Toronto-based Versapay has developed one of the first collaborative accounts receivable platforms, combining advanced invoicing, automation, and payments technology to deliver improvements and efficiencies for its 250,000 business clients. It has mushroomed during the pandemic, which fueled a demand for digital payments, including the digitizing of accounts receivable services. In a recent interview, Versapay CEO Craig O'Neill said a large majority of finance leaders will adopt digitized payments in the next few years. "Surveys show that 93% of finance leaders are saying they're going to digitize how they do business on both the accounts payable and accounts receivable side. There's going to be a sea change over the next couple of years, which will really change the face of business: paper goes away completely, including check stock, and will set people free to work wherever they want," he said.
BestEgg—Personal lending and financial management resources
This Wilmington, Del.-based FinTech, is on a mission to help people feel more confident about their everyday finances by making money accessible through fast, simple, and easy personal loans. BestEgg has created a proprietary AI platform to deliver digital products including loans for debt consolidation, credit card refinancing, home improvement, moving, vacation and baby adoption. BestEgg recently introduced an online financial health platform to bolster confidence for consumers in the wake of the COVID-19 pandemic, which has had a debilitating effect on many peoples' finances. "The future of digital finance is human," says Sabrina DeVito, chief strategy officer for Marlette Holdings, which operates BestEgg. "Digital can come across as cold, but the winners are going to be those who not only use digital to create extraordinary experiences but also are human in how they come across," she said.
Kabbage—Small business financing
Small businesses took a beating during the coronavirus pandemic—large numbers shut down permanently, crippling local communities both economically and socially. Fortunately, more small businesses are forming in the shadow of the pandemic, and one FinTech is helping to make that possible. Kabbage, backed by American Express, is a one-stop FinTech resource for small businesses, providing access to cash flow solutions such as business checking, flexible funding, and payment processing services. It recently launched Kabbage Funding, which provides flexible lines of credit between $1,000 and $150,000, and Kabbage Checking for online business checking accounts.
"We saw a technology opportunity; a way to use an API to automate serving a business that couldn't have been served previously," said Kathryn Petralia, co-founder of Kabbage. Petralia says what she's seeing with small businesses is that there's more support by many other companies to serve these unserved small businesses. "They're a vital part of the economy—a vital part of job growth and so now we can do that using technology where we couldn't do it before because it was always hard to market to small business. But thanks to the data and these new technology platforms, we can do it," Petralia said.
UpTip—Cashless tipping
This new startup replaces cash tipping with an e-payment platform and enables users to provide ratings on service providers such as wait staff and limousine drivers. Companies are given a QR code after registering with UpTip. Customers scan the code on their smartphone to view the company's profile, give a star rating, leave feedback and, of course, provide a tip. Tips are deposited directly into a debit card or bank account of choice.
The travel and hospitality industry is still struggling in the wake of COVID and so are the people whose lives and livelihoods have depended on tipping. Eric Plam, UpTip's founder, believes the pandemic has been a catalyst to help people figure out how much they value people who serve them and the services they provide. UpTip will help collect the data used to determine how much service staff are valued. "We really believe that personality, enthusiasm and merit should be rewarded and so this is one reason we enjoy tipping and that's one thing we do with our service and ratings platform—we try to raise people who are doing a great job because we want to help them advance in their careers", Plam said.
Versapay—Accounts receivable
In its quest to rid companies of paper checks, Toronto-based Versapay has developed one of the first collaborative accounts receivable platforms, combining advanced invoicing, automation, and payments technology to deliver improvements and efficiencies for its 250,000 business clients. It has mushroomed during the pandemic, which fueled a demand for digital payments, including the digitizing of accounts receivable services. In a recent interview, Versapay CEO Craig O'Neill said a large majority of finance leaders will adopt digitized payments in the next few years. "Surveys show that 93% of finance leaders are saying they're going to digitize how they do business on both the accounts payable and accounts receivable side. There's going to be a sea change over the next couple of years, which will really change the face of business: paper goes away completely, including check stock, and will set people free to work wherever they want," he said.
BestEgg—Personal lending and financial management resources
This Wilmington, Del.-based FinTech, is on a mission to help people feel more confident about their everyday finances by making money accessible through fast, simple, and easy personal loans. BestEgg has created a proprietary AI platform to deliver digital products including loans for debt consolidation, credit card refinancing, home improvement, moving, vacation and baby adoption. BestEgg recently introduced an online financial health platform to bolster confidence for consumers in the wake of the COVID-19 pandemic, which has had a debilitating effect on many peoples' finances. "The future of digital finance is human," says Sabrina DeVito, chief strategy officer for Marlette Holdings, which operates BestEgg. "Digital can come across as cold, but the winners are going to be those who not only use digital to create extraordinary experiences but also are human in how they come across," she said.
Kabbage—Small business financing
Small businesses took a beating during the coronavirus pandemic—large numbers shut down permanently, crippling local communities both economically and socially. Fortunately, more small businesses are forming in the shadow of the pandemic, and one FinTech is helping to make that possible. Kabbage, backed by American Express, is a one-stop FinTech resource for small businesses, providing access to cash flow solutions such as business checking, flexible funding, and payment processing services. It recently launched Kabbage Funding, which provides flexible lines of credit between $1,000 and $150,000, and Kabbage Checking for online business checking accounts.
"We saw a technology opportunity; a way to use an API to automate serving a business that couldn't have been served previously," said Kathryn Petralia, co-founder of Kabbage. Petralia says what she's seeing with small businesses is that there's more support by many other companies to serve these unserved small businesses. "They're a vital part of the economy—a vital part of job growth and so now we can do that using technology where we couldn't do it before because it was always hard to market to small business. But thanks to the data and these new technology platforms, we can do it," Petralia said.
UpTip—Cashless tipping
This new startup replaces cash tipping with an e-payment platform and enables users to provide ratings on service providers such as wait staff and limousine drivers. Companies are given a QR code after registering with UpTip. Customers scan the code on their smartphone to view the company's profile, give a star rating, leave feedback and, of course, provide a tip. Tips are deposited directly into a debit card or bank account of choice.
The travel and hospitality industry is still struggling in the wake of COVID and so are the people whose lives and livelihoods have depended on tipping. Eric Plam, UpTip's founder, believes the pandemic has been a catalyst to help people figure out how much they value people who serve them and the services they provide. UpTip will help collect the data used to determine how much service staff are valued. "We really believe that personality, enthusiasm and merit should be rewarded and so this is one reason we enjoy tipping and that's one thing we do with our service and ratings platform—we try to raise people who are doing a great job because we want to help them advance in their careers", Plam said.
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