Anachron Technologies, founded in 2018 in London, has launched a new platform that allows entrepreneurs, startups and banks to launch personal finance products in days rather than months, and at a fraction of the price. The technology uses Anachron’s API’s, No Code Templates and UX/UI Kits.
With the vision of democratizing fintech products globally and helping people manage their money better, this young company are offering a pioneering banking-as-a-service platform that focuses on personal finance products instead of core banking solutions. They are therefore leading the way into the Fintech-as-a-Service market.
Banking-as-a-Service (BaaS) is a rapidly expanding market and was valued at over €308 billion in 2020, it’s expected that Fintech-as-a-Service will be the natural successor. The products built and delivered through this model expand into more than just core banking services, instead covering all aspects of banking including investment products, personal finance products, and financial planning products.
Anachron employs a pay-as-you-go model, essentially removing any upfront cost barrier that may hinder a product’s launch, and does so in a much faster timeline. The hope is that the platform will eventually help improve the financial lives of millions, by supplying them with the products and features they’ve always wanted, embedded directly into new products or solutions that they already use every day.
The team at Anachron Technologies said: “Financial technology has improved the lives of billions around the world and there is still a long way to go. Removing barriers to entry introduces more competitors to the market and drives everyone to innovate faster, which can only lead to a better experience and higher benefits for end-users.”
As a remote-first organization, the team has a strong global presence, with team members in France, and co-founder Wael Khattar based in Lisbon. The newly-launched platform is a first step towards the young company’s goal to make it possible to launch a fully customizable secure fintech product with a budget of under €500.