Best Fintech Apps for Immigrants Managing Finances
Introduction
The terms financial and technology are combined to form the term fintech. Any software, app, or technology that enables individuals or organizations to access, manage, or get financial insights or conduct financial transactions digitally is referred to by this term.
Fintech emerged as a way to assist customers in overcoming financial obstacles and moving closer to their financial objectives throughout the last ten years as they embraced digital technologies more and more. As a result, customers now depend on fintech for a variety of purposes, including banking, budgeting, lending, and investing, in addition to its obvious daily advantages.
The Fintech Industry
Over the last several years, the sector has grown remarkably. There were 11,651 fintech companies in the Americas alone in 2023, up from 5,868 in 2018. However, the sector has been significantly cooled. A record $132 billion was invested globally in fintech in 2021, making up 21% of all venture capital funds. Global financing for fintech businesses fell 46% from 2021 to $75.2 billion in 2022. Fintech financing, however, has increased by 52% since 2020, suggesting that the 2021–2022 decrease is more likely to be a market correction than a sign of the industry’s downturn. The fact that total fintech app adoption rates rose by 38% between 2020 and 2022 is also noteworthy, suggesting that consumers are still dedicated to bettering their financial lives and obtaining more financial control.
List of Best Apps for Immigrants Managing Finances
Blockchain.com
Blockchain.com provides a range of search tools, market charts, and statistics in addition to an online wallet for storing cryptocurrencies. In addition to providing real-time data as it becomes available, it enables users to purchase or exchange bitcoins.
It has been included on five high-growth lists and participated in the Future Fifty Accelerator in 2019. It appeared twice in a row on The FinTech50 in 2015 and 2016. In 2021, it had its most recent appearance on the Deloitte Fast 50.
Zepz
Zepz has developed an online platform that enables expatriates and migrants to send money to family members who live abroad. It operates under two brands Sendwave, which enables you to transfer money to relatives and close friends in Asia and Africa, and WorldRemit, an app that enables you to send money to more than 130 countries.
This business has been on an astounding 19 high-growth lists, including the London Tech 50 in 2020, the Deloitte Fast 50 three times, and the 1000 Companies to Inspire Britain twice.
OakNorth Bank
Founded for entrepreneurs by entrepreneurs, OakNorth Bank offers company and property financing ranging from £500k to £45m. It provides loans to the Missing Middle, or companies that make the biggest contributions to job and economic development but find it difficult to get quick, flexible debt financing.
Zopa
Zopa is an online bank that was once a worldwide peer-to-peer (P2P) lending platform. The London-based fintech company said in December 2021 that it would shut down its P2P business after 16 years to concentrate more on its challenger bank product. Established in 2020, Zopa Bank has been given a complete banking license.
In addition to unsecured personal loans and secured auto loans, Zopa’s banking service provides credit cards and fixed-term savings accounts that are protected by the FSCS. Users may see the rate they can get without affecting their credit history thanks to its loan computation.
Atom
Atom, the UK’s first app-based bank, is another challenger bank on the list. It offers business loans, mortgages, and savings accounts as well as other digital banking services. Atom sets itself apart from many of its rivals by moving away from current accounts and not offering debit or credit cards. Users of Atom’s mobile app, which is available on iOS and Android, may bank and see their statements from any location at any time, and customer support is available all year round. Atom offers an independent broker to provide advice on the best deal, and the app allows users to track mortgage repayments.
Conclusion
The UK, with its strong environment, has the potential to be at the forefront of this change as the financial technology industry continues to gather speed internationally. The continuous integration of cutting-edge technology like blockchain, machine learning, and artificial intelligence is a crucial factor determining the future direction of UK fintech.
Platforms like TangoPay, which provide consumers the flexibility to choose the money transfer method that most effectively meets their requirements, are prime examples of the fintech industry’s progress in an ever-changing environment. TangoPay’s unmatched flexibility enables customers to effortlessly move between modes and customize their experience to suit their needs, whether they are using Cash Direct to Bank, Pickup, or Mobile Money.
