Startups or emerging companies are the most feasible opportunity for many entrepreneurs who have managed to consolidate their brand. However, the formula behind these is far from new. And although its concept is not, the way in which it is applied in a market with as much competition as this is enormous. So innovative ideas are among the most consumed and requested.
As are the cases of those startups dedicated to money management, and whose purpose is to offer you fast, transparent, very comfortable solutions, and best of all, at an excellent price.
A reality is undeniable, since technology began to play a vital role in the financial sector, it revolutionized the traditional business model of both private and personal banking. So since then, at no time have alternative services and resources that are associated with the digital transformation of finance ceased to emerge.
So below you will know some of the startups associated with the world of business and digital conversion that you probably did not know:
Fintech
The start of the startups that you will know later is due to the FinTech (Finance Technology) in short, since they were the ones who started this process of change. That is, digitally based companies that dare to bet on a specific financial product with the goal of facilitating tasks for their clients.
The Fintech represent a renovation to the classic banking with which using the integration of the new startups new products have been developed that satisfy the need of the clients for automated mechanisms for payments, investments, credits, financing and insurance.
Examples of these are in initiatives such as:
- Coinffeine: The Bankinter Foundation for Innovation has invested in the startup Coinffeine which is a global exchange of bitcoin to decentralized fiat money. In it, purchase orders are crossed with the price set automatically.SumUp: SumUp is a German starup that handles credit card payments using smartphones. It was financed by the BBVA Ventures initiative, to invest in innovative financial services startups.
InsurTech
InsurTech (insurance technology) represents the same as FinTech, but in the insurance sector. In short, InsurTech represents the transformation of traditional insurance companies to adaptations of the new technological environment.
InsurTech aims at online communication 24 hours a day without waiting for anything, in addition to a powerful technological evolution. Where even in the future they are expected to be able to predict future disasters or whatever is necessary to protect personal belongings and the lifestyle they lead. Something that has generated many startups such as:
- Cakehealth: A startup whose purpose is to search for health insurance that allows its clients to manage all expenses. So these are in charge of offering advice for the hiring and the needs of the clients. Insly: In the case of Insly, something similar happens with the Fintech where not everything consists of the final product. This startup has been in charge of developing management software to facilitate work and customer relationships for other insurers.
Wealthtech
In the case of Wealthtech, they consist of one of the fintech segments with the highest projection. They identify the shortcomings of traditional banks and meet the changing expectations of their clients. This providing tools for personal finance (savings, management, buyers) and later advisory platforms and wealth management.
Robotic financial advisors based on machine learning algorithms such as Betterment and Wealthfront are examples of these. Quant Advisors, algorithmic trading platforms and Social Trading are also included. A Spanish sample of startup is:
- Senseitrade: This startup of Galician origin is in charge of analyzing the movements and trends of the market in order to interpret the quotes through social networks. With the application it is possible to analyze the messages that are published in networks and that are capable of affecting the prices of a share. It also allows replicating the portfolios of large investors, as well as controlling the risk of each operation.
Proptech
PropTechs are in charge of the real estate world. They combine the latest technology with the property industry, thus removing many obstacles that are associated with the real estate sector. The disciplines in which this consists can range from investment, marketing, management, financing and data analysis, among others.
It also includes two distinct categories which are those of property management platforms (which aim to eliminate the need for a broker entirely); and the second is the trend of alternative loans. Examples are Housers, Inveslar or Privalore.
Regtech
Regtech are technology-based companies whose main goal is to improve the parameters of regulatory compliance in companies. They take advantage of the latest innovations offered by Artificial Intelligence (AI), as well as the tools offered by Blockchain, Machine Learning, Biometrics and IoT (Internet of Things).
One of its main benefits is that it helps its clients to reduce operating costs, by being able to standardize and simplify the processes that are involved. Examples of these can be found in the cybersecurity firms Simarks, Dokify, Enigmedia, Coocket, Blueliv and Smartdefense.
Legalteach
They are in charge of using software technology to offer their clients legal services. Its function is to modify the traditional practice of law, especially for small companies and individuals. They are thus dedicated to offering legal and administrative services such as the collection of paid invoices, the recruitment of employees or the defense of the brand.
They have also recently evolved for the automation of legal writing and the analysis of contracts and data. An example of this is Ross Intelligence, a startup in charge of offering its IBM-created intelligence system called Ross. Ross is trained to analyze jurisprudence and facilitate the work of law firms.
