It’s no secret that the FinTech industry is rapidly growing. With the worldwide success of London-based start-ups TransferWise and Funding Circle, the capital has become the European hub of companies disrupting financial services for the better. In honour of London FinTech Week, we’re sharing the top five FinTech start-ups that can help you to manage your money better.
Have you found yourself wanting to invest, but too nervous about making the wrong decisions? Or maybe it’s the fact that you don’t want to part with a huge sum of money? Nutmeg is the perfect start-up to get rid of these worries. Founded in 2011, the company’s aim is to make investment management services accessible to those who are not extremely wealthy. With Nutmeg, you can set goals, like buying a house or paying for university, and the service will invest your money accordingly! Plus, thanks to sums starting as small as £1000, the service is able to reach people from a variety of different financial backgrounds.
With smartphones and tablets becoming increasingly popular, a group of entrepreneurs have decided to launch branchless mobile banking. The innovators behind the Starling service aim to provide a banking service in the style of Google and Amazon, moving away from the corporate style of a typical high street bank. Perfect for those who wish to wave goodbye to long queue times and branch boredom, Starling is still pending regulatory approval, but is predicted to launch later on this year – something to look forward to!
LootBank is a start-up created by students, for students. Launched just a few days ago, the LootBank app allows students to track and control their spending. By cleverly using an algorithm based on total balance, outgoings, and predicted spending, it’s able to advise students on how much they should be spending, while also keeping track of where all their money is going. The whole service is linked to a prepaid card to make things easier, and the founders are already in talks with RBS, so this is definitely one to watch.
The “digital pocket-money” app, founded in 2012, has the aim of teaching children money-saving values from a young age. Aimed at families, Osper is a money management app that allows parents to track and control their children’s spending, while still allowing the children some freedom with their pocket money, or allowance. The money that a parent allocates to their child is automatically and instantaneously loaded onto an Osper card that can be used like a normal debit card in stores and online. Genius!
This company was founded in 2013, in reaction to the realisation that London commuters lose out on a huge amount of money by not using annual travelcards. To solve people’s primary fear of having to fork out a large lump sum for an annual travelcard, Commuter Club makes them affordable, by breaking the cost down into monthly payments. With the cost of commuting in London being so high, Commuter Club is a great service to help save money on travel, so you can spend it on things that really matter.
So, there you have our favourite London FinTech start-ups that can help you manage your money! Be sure to join in the conversation this FinTech Week on our Twitter page.