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22 Exciting Fintech Startups Helping Consumers and Small Businesses in Europe

September 30, 2015

Fintech Startups Helping Consumers and Small Businesses in Europe

How Fintech Companies and Fintech Startups Are Changing Our World

The ever-expanding world of financial technology will disrupt the ways so many business operate. This is the same for small companies and big corporations.

What is Fintech?

“Fintech refers to the technology that is becoming increasingly important in the world of financial services,” Louis Emmerson explains on the Symbid blog. “This can include everything from mobile banking to crowdfunding.”

The European Union is a hotbed for Fintech innovation — despite or even because of the EU’s current economic woes.

How Finance Tech Startups are changing the World

Below are 22 Fintech startups from Europe you should keep an eye on. These companies work in a variety of spaces: From consumer credit scoring, to pawnbrokering, to microdonation platforms, to peer-to-peer lending programs. 

Aire

Because everybody should have access to fair finance, credit scoring for consumers needed to be re-imagined. That’s where London-based Aire comes in.

Using data-driven algorithms instead of relying on a person’s financial history (which for new borrowers, students, immigrants, expats, military personnel, and recently divorced people may not exist), this consumer-controlled and owned credit profile platform gives people the score they genuinely deserve.

Borro

Also headquartered in London, Borro helps people with luxury assets raise funds with sales advances, bridging and terms loans. Average loans are approximately US$15,000, and cash transfers to your account are made quickly upon approval. The asset is safely stored in locations used by museums and auction houses, until the short-term loan is repaid. Assets accepted range from jewelry, gold, precious metals and diamonds to fine wine, art and antiques and luxury cars.

Cashcloud

Users of the mobile ewallet by Cashcloud in Germany, Spain, France and the Netherlands can exchange payments via their iOS or Android smartphones. There is a prepaid limit that makes Cashcloud a safe option for younger users, plus there’s a community aspect with local coupons and deals available.

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Centralway Numbrs

The No. 1 mobile banking application in Germany, Centralway lets users manage their financial lives on the go via services such as multi-banking and account management. The app brings all of a user’s bank accounts to one central place so mobile banking becomes a one-click transaction.

Eris

Eris Industries looks to save millions of people time, energy and money with its open-source smart contract platform. Smart contracts codify formal agreements between two parties into software logic that can be easily and transparently verified. This means that real-estate professionals, business partners, landlords and anyone else who uses contract agreements could replace old data-management infrastructure (such as servers and whole teams of IT people) with low-cost, self-managing databases.

As smart contract technology matures, expect to see it create a new platform for entire financial markets where individuals can trade smart securities, smart bonds and various other smart financial instruments.

Essentia Analytics

This software is designed for professional investors: It tracks their behavior to give them an accurate picture of past investment processes. The goal for those who use Essentia Analytics is to improve their investing skills. By providing a more accurate picture of the past, investors can make better conscious decisions in the future.

Flattr

A microdonation provider based in Sweden, Flattr offers one-click payments from fans directly to content creators. The social donation service — which you can connect with services you already use such as Twitter, Github, Vimeo, Soundcloud, Instagram, and Flickr — lets you add money to your likes, favorites and stars. That way, you help support the creators behind the content you use everyday.

FinGenius

This London-based Fintech company develops and supplies artificial intelligence solutions to the financial industry worldwide. Implementation by major institution customer service information and call centers would save banks millions of pounds per year. Think of Siri, and you will get a picture of the real-time, intelligent, two-way, automated conversations banks would have with their customers.

For the financial industry, FinGenius has tailored its technology to analyse financial data, transactions, and compliance procedures. It also features a virtual concierge that can answer questions and be predictive, as well.

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Derivitec

This privately owned, UK-based software vendor specialises in high-performance, cost-effective analytics for the derivatives industry. Derivitec’s central philosophy is ease of use, so that the cloud-based tools they supply are up and running in minutes, and clients pay only for what they use.

Landbay

Secured UK peer-to-peer lending, backed by tenanted British homes (no development, bridging or commercial properties), can earn investors up to 4.4 percent interest. To borrow on Landbay, you must be a UK citizen looking for a buy-to-let mortgage on a residential property in England and Wales for up to £500,000. It should be noted that Landbay does not provide loans for owner-occupied properties; it crowdfunds loans specifically for buy-to-let property investors.

Nutmeg

An online investment service in the UK, Nutmeg’s mission is provide easy access to investing that is intelligent, straightforward and fair. The platform specialises in investments, ISAs and pensions, and is open to non-UK residents (except US citizens due to the American government’s tax-reporting requirements).

Onescan

Ensygnia Onescan is a mobile payment system that allows 10-second purchases by shoppers anywhere the special Onescan Padlock payment code is displayed online or in-store. With one scan, the purchase is complete; with Onescan’s authentication service, no registration, username or password is required.

iZettle

Swedish mobile payments company iZettle builds payment services and apps that enable a smartphone or tablet to accept credit card payments. It’s a low-cost way for merchants to start, run and improve their business — using nothing but a free app with business analytics and a mobile card reader.

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Judopay

Designed for mobile commerce, the UK’s Judopay enables businesses of every size to accept shopper payments on any device a customer might present, including Apple Pay. A simple integration allows traditional card payments while its platform, which is easy for developers, is built to be fast, simple and secure. Because faster checkouts mean more sales.

Lendico

By connecting borrowers and investors in a transparent and global peer-to-peer marketplace for loans, Lendico says it avoids the excessive costs of traditional banking. Based in Germany, Lendico services six countries, maintaining strict quality control of all borrower projects in an attempt to offer good returns to investors as well as attractive rates for borrowers.

Osper

Currently available only in the UK, Osper is a mobile banking service for young people. Powered by MasterCard, it allows children from the age of 8 to have their own debit card. The goal is to teach youth how to manage money.

Osper charges a yearly fee, and parents can lock and unlock the card instantly or send money to the card from an app. This is a useful way to set up an allowance, for example, so the child has regular “pocket money” without actually having to worry about carrying cash.

Rebuilding Society

This online peer-to-peer lending platform is where UK entrepreneurs can obtain business loans from investors looking to invest in small to mid-size businesses. Lenders can make higher return rates, with the current average gross yield being 15.4 percent (before bad debt and taxes), while businesses can borrow at competitive rates, receiving money within 2 to 3 weeks. Three in four of listings get fully funded within three days.

SetPay

With SetPay, you can accept mobile payments at your point of sale. Pending certification by the Bank of Spain, the payment solution is aimed at small businesses, freelancers and entrepreneurs charging for services in person. This could include in-home beauty treatment or care providers as well as tutors or piano teachers, for example. Businesses that offer services on the go, while attending at fairs and competitions, for example, can also use SetPay.

SlimPay

From Payline, a French online payment company, SlimPay lets consumers pay for purchases online directly from their bank accounts into the merchant’s payment account, without extra charges. Consumers with European bank accounts in 33 countries can use, and it is easy for industry-wide sellers of goods and/or services to integrate the system into their websites.

Spotcap

This Fintech company is headed in Berlin, has offices in London, Madrid and Amsterdam, and operates in Australia, as well. Spotcap offers business loans and credit lines of up to 100,000 to small and medium-sized enterprises.

Traxpay

Built for modern businesses, Traxpay is transforming the way B2B companies pay and get paid. Traxpay and its cloud-based platform provide secure financial process automation and B2B payments services to corporates, digital marketplaces and B2B commerce networks. The transactions are in real time with rich data, transparency and control.

Yoyo

Available on iOS & Android, Yoyo Wallet is more than just a payment platform. It’s a smart wallet that, with a quick scan, allows you to pay, collect loyalty points, earn rewards, receive offers and get full digital receipts. Automatic and instant, you save time and don’t have to fumble for vendor-issued point collection cards or input information for vouchers.

Images by:

dawnfu, martaposemuckel, William Iven, Steve Buissinne

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