Mia
Fintech refers to financial technology: this is the latest tech that aims to enhance and streamline the delivery and use of financial services. Essentially, it can make financial operations easier for both consumers and companies alike regardless of their situation. But what are the biggest fintech firms in the UK? Read on to find out.
Revolut
Revolut is the biggest fintech firm in the UK, after surpassing 2100 employees in 2020. They offer sophisticated banking solutions for tech-proficient consumers: their service makes transferring money abroad simple and can make it easy to arrange your monthly budget. Their ascent since being founded in 2015 demonstrates the health of the fintech industry.
Monzo
Monzo is one of a number of challengers to Revolut and offers a similar range of services. Their mission is to make the best bank account across the world, and their digital-only banking solutions are certainly easy for users to work with. Essentially, they look to solve consumer problems with banking first and foremost.
Wise
Formerly known as TransferWise, Wise have been growing as a fintech company since 2010, and their service is beautifully simple. They allow you to transfer money up to eight times cheaper than banks. Indeed, it skips expensive international payments entirely by applying for two local transfers instead of one international operation.
PaymentSense
PaymentSense are aimed directly at small and medium-sized businesses and help to make their financial operations more efficient. They launched in response to smaller businesses struggling with machine fees and expensive merchant services. Currently, they help over 70,000 businesses in the UK and deal with £10bn in total credit card payments. This has been incredibly useful for smaller businesses that need to make every pound work for them on the balance sheet.
Starling Bank
Starling Bank takes on the principles of a traditional bank account but helps streamline and simplify them for the modern user. Indeed, they provide everything you could want from a banking service. However, their digital technology makes banking processes easy. If you want to freeze a card, disable or restrict payments, investigate your spending behavior, provide international transfers and more, then their service can allow you to complete this simply and securely. Unsurprisingly, this service has already recruited 2.5 million users today.
By using fintech judiciously, you can make your financial transactions simpler and smoother. If you’re keen to explore financial solutions personally or for your business, it can be worth working with a fintech law firm that can help you utilise the very latest technologies. This can ensure that you benefit from fintech while protecting yourself from any legal or ethical liability.
