4 Best Fintech Apps in 2021 and Why They Stand Out
The Fintech era is well and truly underway! You do not believe us? You might want to check this stat. The financial technology industry has grown by nearly 25% over the past year [1]. Today, it can be categorized into one of the fastest-growing markets around the world.
If you are a fintech startup or a fintech company that is looking to roll out a finance app, you have arrived at the right place. In this article, we have gone far and beyond to create a list of some of the best fintech apps and platforms of 2021 that are performing well despite strong competition.
We have covered a range of fintech platforms that enable users to transfer money, raise funds, manage personal finances, raise invoices, and more. If you are looking for personal finance management software, you may also want to check out some of the best personal finance tools in 2021.
SEE ALSO: 6 Best Financial Software for Small Businesses in 2021
Types of Fintech Applications
Looking at how the fintech industry is shaping up, we are likely to see three main types of fintech platforms in the future. If you intend to develop a fintech application, you may want to find under which category your application belongs.
- Mobile banking applications: Mobile banking applications are mainly used to pay bills, transfer money, track expenses, and eliminate the bureaucracy of the banks.
- Stock trading: There are a plethora of finance applications that are developed to facilitate loan savings, stock trading, saving, and offer financial advisory services. Such applications help users generate profits in the stock market.
- Cryptocurrency applications: Over the past couple of years, a number of fintech applications allow users to buy and sell cryptocurrencies.
Let’s take a look at some of the best fintech platforms and applications that are popular worldwide. Check out the main features, subscription types, and other specifications.
1. MoneyLion
- Total funding: $227.5 million
- Country of origin: United States of America
- Available on: Google Play Store and Apple Store
MoneyLion is a mobile fintech application that offers financial advice and loan access to users. MoneyLion has gradually developed into a personal finance app that offers savings, lendings, and wealth management services.
The startup raised a $100 million Series C round in 2019 which was led by Green Spring Associates and Edison Partners. The startup’s current valuation stands at $1 billion.
MoneyLion best features:
- Credit score tracking
- Instant money transfer
- Direct deposit to avail APR cash advances
- Real-time spending alerts
How is MoneyLion different from other fintech platforms?
- The platform provides seamless online banking service across more than 55,000 ATMs
- The application has a 5.99% APR loan to ensure your savings are on the right track. This service can be availed only by MoneyPlus members.
2. Robinhood
- Total funding: $5.6 billion
- Country of origin: United States of America
- Available on: Google Play Store and Apple Store
Robinhood has taken the online brokerage industry by storm. The US-based free stock trading platform enables users to invest in public companies and also exchange funds that are listed on the US stock exchange.
The application comes with its very own clearing system and does not charge a commission for making investments in cryptocurrencies, stocks, and EFTs. Earlier this year, the company raised an impressive $3.4 billion to bolster custom growth.
Robinhood’s current value is $11.7 billion.
Robinhood best features:
- Cash management
- No-commission trading
- Investment options
- Real-time market analysis
How is Robinhood different from other fintech applications?
- Robinhood is a member of SIPC
- The platform can be integrated with over 3,500 banks such as Bank of America, Wells Fargo, Chase, etc
3. Mint
- Total funding: $31.8 billion
- Country of origin: United States of America
- Available from: Google Play Store and Apple Store
Mint is one of the most popular fintech platforms across the U.S. especially for activities related to gathering data about user accounts, transactions, and cards.
The excellent alert system sends a timely reminder to users about their pending bills. The platform also provides financial advice based on your spending history and pattern to ensure your spending is not all over the place.
Mint best features:
- Free tips and credit score analysis
- Secured sign-up
- Bills and balance management
- Individual spending suggestions
What makes Mint stand out?
- Every transaction can be easily tracked and downloaded based on the user’s convenience
- User data is safe and secured with 256-bit data encryption and all the data exchanged is encrypted with 128-bit SSL
- Users can get an accurate net worth of their physical assets, homes, and cars
4. Revolut
- Total funding: $1.7 billion
- Region of origin: United Kingdom
- Available on: Android Play Store and Apple Store
Revolut is a London-based startup that offers a myriad of banking services such as currency exchange, cryptocurrencies exchange, peer-to-peer payments, and prepaid debit cards.
At present, the company’s valuation has reached $33 billion. The company’s growth is a testament to the fact that the fintech industry is expanding rapidly and is likely to challenge the U.S. giants in the near future.
Revolut is on course to raise $500 million from investors in the upcoming months.
Revolut best features:
- Immediate spend alter every payment made with a card
- Overseas travel insurance
- The platform allows users to create a monthly budget for groceries, transport, restaurant, and other activities
- You can split bills with family and friends
What makes Revolut stand out?
- The platform supports ATM withdrawals and transactions in 120 currencies. Users can send money in 29 currencies using the app’s mobile banking feature
- Revolut users can buy, sell, and even send Litecoin, Bitcoin Cash, Bitcoin, and Bitcoin on this platform
Important Features to Look for in Fintech Platforms
- Real-time notifications
- Secured sign-ups
- Instant money transfer
- Budget analysis and organization
- Investment advice
Final Words: Choosing the Right Fintech Application
There are thousands of fintech platforms that are available in the market to choose from. However, with so much uncertainty revolving around the security of these platforms, it is essential to use platforms that have a good reputation.
As laws and regulations governing cryptocurrencies become more concrete around the world, we expect a lot of fintech companies to offer cryptocurrency services in the future.
At present, it is safe to say that providing a seamless customer experience is a top priority for the best fintech platforms.
SEE ALSO: The Biggest Tech Mergers & Acquisitions in 2021 So Far
Feature Image Source: rawpixel.com
Image 1 Source: Revolut
Image 2 Source: rawpixel.com
Source:
[1] Milena (2021) “Fintech Statistics” Balancing Everything [online] Available from: https://balancingeverything.com/fintech-statistics/ [accessed August 2021]
