Fintech has been exploding in recent years, disrupting the financial sector and attracting billions in investment globally. Over €2.7 billion was invested in European fintech across 104 rounds in just the first quarter of this year, and so we can expect that 2019 will be another year in which the fintech sector steals the attention of both media and investors.
Here are 10 recently founded startups using technology to simplify our finances to keep your eye on this year:
Bita – Frankfurt-based Bita is the first professional index and data provider in the digital asset space. The startup has developed software for financial indexation and systematic investing for institutions operating in the investment space. A graduate of Startupbootcamp Amsterdam, Bita was founded in 2018 and a year later, they secured €1.25 million from a group of local and international investors and are already counting some of the largest trading platforms in the world as clients.
Cleo – If you have ever been in that situation when you don’t know how much money is left in your bank account and you are craving for a coffee, now you can ask Cleo if you can afford it. Cleo is an AI-powered chatbot, which connects to your bank accounts and credit cards, gives you insights into your spending and answers questions through FB Messenger. You can also set up a Cleo wallet and start saving or donate money to charity. Founded in 2016, Cleo has so far raised $13 million to become everyone’s virtual financial assistant.
Combine – Dubbed as Google Now for personal mobile banking, Combine was founded in 2016 by Irakli Agladze and Denis Moskalets to develop a mobile financial assistant that helps people control all their finances across accounts and countries. Based in Barcelona, this Startupbootcamp alumni enables secure connection of all your accounts, and then provides statistics, expense and income reports, payments, and even customer support over chat.
Curve – London-based Curve has developed an Over-The-Top Banking Platform that provides a better banking experience, by connecting the world of money into one place, by combining all your accounts and cards into one smart platform with a smart Curve Mastercard, thus completely replacing your wallet. Over 500,000 people have signed up to its smart card and app since it launched in 2018. Curve raised €49 million in July, and now the startup is even offering its customers to become part of the ownership structure, by launching a Crowdcube campaign in September 2019.
Goin – Targeted at millennials, the Spanish startup Goin has developed an app that helps them save and invest money automatically, without prior investment experience. The app is based on a simple system that first understands the user’s profile and habits through questions and answers, and then offers automatic ways and methods to save money effortlessly. Once enough money is saved, the app provides options for investments, including through crowdlending and cryptocurrencies. The award-winning startup was founded in 2017, and has so far raised €2.2 million to help you make your dreams a reality.
Lunar Way is a Danish banking app founded in 2015 offering its users a basic account, money transfers, bill payment, and budgeting tools. But that’s not all, you can create personalized goals and save on what you want, choose credit lines depending on your needs, and in case you have a question, there is live chat available. The startup has raised an impressive $53 million so far and is currently operational in Denmark, Norway and Sweden, with plans to further expand in the Nordics after recently raising €26 million and obtaining a European banking license in August.
Penta – Berlin-based Penta offers a digital financial services platform for businesses, helping them save time and money. Penta’s banking experience offers real-time spending overview, low foreign transfer rates, Mastercards for the employees, with custom rules and permissions per card/employee and even some accounting features. In April 2019 Penta was acquired by finleap, a fintech company builder, which simplified their entry into the German market and helped them raise €8 million in August 2019 in an investment round led by HV Holtzbrinck Ventures.
Trussle offers a mortgage monitoring service. It helps customers to save time and money when securing a mortgage online, and then continues to monitor their mortgage for free and helps them switch to a better deal, if possible. Customers simply need to make a Trussle profile, indicating their specific needs and Trussle will go through 12,000 deals to find the right one, providing customers with a mortgage experience which is straightforward, accessible, and fee-free. Launched in 2016 in London, Trussle has raised so far £19.3 million to become the first online mortgage broker.
TrueLayer – Founded in 2016 by Francesco Simoneschi and Luca Martinetti, TrueLayer has built a developer platform which allows third parties such as fintech and retail companies to access bank APIs and consumer data, enabling companies to capitalize on new Open Banking initiatives in the UK. In June 2019, the London-based startup raised $35 million in funding in a round led by Chinese financial giant Tencent and Singaporean sovereign wealth fund Temasek to expand into Asia.
Wagestream – With the aim of closing the gap between income and consumption needs, Wagestream has introduced a ‘Get-Paid-As-You-Go’ service, which allows employees to draw down a percentage of their earned wages on any day of the month for a flat fee of £1.75. The London-based fintech startup backed by Jeff Bezos and Mark Zuckerberg was launched in 2018 and has raised an impressive amount of funding so far: £44.5 million. Founded by Peter Briffett and Portman Wills, the app is providing greater financial security and encouraging broader financial wellness.
By the way: If you’re a corporate or investor looking for exciting startups in a specific market for a potential investment or acquisition, check out our Startup Sourcing Service!