The year 2021 was transformative for the fintech industry. What felt like a corner of the tech world a decade earlier (which no one was taking seriously), is today the largest funded tech domain globally. This article gives you insights into the 8 top fintech apps and their working models. Read the complete article to know more.
Last year, the financial technology companies received over $130 Billion in capital, and interest in the domain grew significantly in many parts of the world.
With the rise of neobanks, buy-now-pay-later, contactless payments, and more, it is not easy to say where this industry is heading but you can not neglect the potential it has to grow and bloom continuously. The sector’s revenue is expected to grow at an average rate of around 12% in the coming years and reach a value of €188 Billion by the year 2024.
So, if you are someone who plans to enter the market seeing the immense growth potential with your own fintech mobile application, we got you covered.
In this article, we will list some top fintech apps that you should analyze to know how they work and make money in order to discover the most profitable and efficient business model for your own fintech startup. Because the most meaningful way to stand out in the market is to analyze what your competitors are doing and find a better way to do the same differently.
So, let’s get started.
Some top fintech apps such as Robinhood, Revolut, and Coinbase are examples of fintech products and companies that are thriving globally. However, their features, business, and revenue models are completely different.
Let’s have a quick look at the same before we analyze their operations in detail:
1.Coinbase: Cryptocurrency Wallet App
Coinbase is an app that allows users to sell and buy all types of cryptocurrencies, for example, Ethereum, Bitcoin, and around 50 others. It can also be used to convert one cryptocurrency to another and for sending or receiving crypto to and from other app users.
Its business model revolves around the fee it charges for cryptocurrencies trading. Other revenue streams of Coinbase are referral fees for advertising courses, credit card transactions fees, custody services, and profits from investments. The platform was launched in 2012 and is known to be the first widely embraced cryptocurrency business.
For investors, Coinbase offers the following four products and they can choose one depending on their needs:
If you plan to develop a fintech product like Coinbase, here is your ultimate guide to Cryptocurrency App Development. Find out what features you should add and how you can stand out in the market to earn billions in revenue.
2.Revolut: The Fastest Growing Neobank of the UK
Revolut is a neobank that provides several financial products to businesses and consumers. Its biggest assets are its powerful and robust mobile applications for iOS and Android. The company doesn’t own any physical branch.
Developed by two Russians having experience in the fintech sector, Revolut is today the UK’s most valuable private tech startup. The app boasts over $836 million in funding, more than 10 million users, and operates in more than 30 nations across the globe.
For more insights on How Does Revolut Work, check out our comprehensive blog on Revolut Business and Revenue Model. It lists everything from the success story of Revolut, business model canvas, revenue model, and what you can learn from its success.
3.Robinhood: One of the Best Fintech Mobile Apps
Robinhood is an online trading platform that lets customers buy and sell financial assets, such as cryptocurrencies, stocks, and exchange-traded funds. The customers do not even require to pay a brokerage commission when trading on the platform.
Headquartered in San Francisco and launched in 2013, the app has grown to become one of the top fintech applications in the industry. In 2021, it went public on the Nasdaq stock exchange. More than 70% of the company’s customers avail its services via the mobile application. But, it also provides a website, tablet, and smartphone app to engage users on different platforms.
Robinhood has a freemium business model. Its value proposition is fueled by an easy-to-use investing platform that lets even the novice trader buy and sell stocks, crypto, and other assets, all commission-free.
According to Crunchbase, Robinhood raised $5.6 billion in 20 rounds of funding from various investors. When the company went public in 2021, its valuation was around $32 billion and it raised another $1.9 billion in the IPO.
4.NuBank: An Online Banking App
Like Revolut, Nubank is a neobank that provides many financial products in one app, including loans, savings accounts, and more. Launched in 2013, Nubank is today one of the world’s largest neobanks with more than 40 million customers.
Customers can access its services by visiting the company’s website or downloading its mobile apps for Android or iOS. Its business model revolves around building an ecosystem of services that it can provide to its consumers on a single platform.
The goal of most neobanks is almost the same, to provide consumers with lower interest rates and easy access to their bank accounts and Nubank is no exception. It makes money through the following streams:
Its other revenue streams are cash withdrawal fees, referral fees, and loans. As per Crunchbase, Nubank raised $2.3 billion in funding from various investors.
5.N26: One of the Top Fintech Apps for Finance Management
This fintech application is based out of Germany and lets you take complete charge of your finances after you install it. N26 provides transparent money management tools to its customers so that they can save better and spend in a wise manner.
Along with this, it lets users withdraw cash twice per month for free from ATMs. The company has been featured in Forbes, TechCrunch, and many other prestigious platforms for securing huge funding from various investors and over 60k five-star reviews worldwide.
Although traditional banks consider N26 one of their biggest threats, it operates on the same lines and revenue streams.
The company provides bank accounts in several countries across North America and Europe. Its competition is not just other Fintech Products but traditional banks as well.
6.MoneyLion: An Online Mobile Banking Application
MoneyLion is a private fintech organization that provides financial advisory, lending, and investment services to customers. The company’s sole goal is to help customers manage their money efficiently and boost their credit.
In the market for more than six years, MoneyLion is preferred by a number of consumers worldwide due to its easy-to-use interface and wealth management aspects.
It works on a subscription-based model and lets users set up an account just like they do with a bank. Besides, it provides banking services as well.
7.Chime: A Mobile Banking App
Chime is another great Fintech Product available in the market. What makes it stand among its rivals is the virtual absence of the fee, whether you’re sending the amount to other users online or withdrawing the same from its impressive network of around 40.000 ATMs.
Chime’s only mission is to make banking operations easy, helpful, and free for its consumers. The app has over 12 million customers and that makes it bigger than many fintech apps in the banking space. These account owners initiate an average of around 40 transactions each day using the mobile application.
8.Mint: A Personal Finance Application
Mint is a free money management tool that has helped millions of Americans manage their budget for over a decade. One of the unique features of Mint is that it lets users access all their accounts in one place to have an overview of their financial life.
It brings together a complete overview of customers’ finances from spending, budgets, balances to investment, and credit scores. The app is free to use but makes money using Ads and partner offers.
The app has three main features, as mentioned below:
Other than that, it provides notifications and alerts of transactions and other account-related activities. It generates revenue based on referrals made to products, financial institutions, or credit cards.
So, the above-mentioned are the top fintech apps that you can consider as an inspiration to build your own fintech startup in 2022. If you have an idea for a Fintech Product, you can get in touch with Fintech App Development Experts at Apptunix to build an amazing and profitable product!
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