The foundations of business finance have remained the same for decades. Technology has now shifted finance into an interesting new form.
In comes fintech, a new combination of finances and new technologies and platforms.
With the help of various fintech, smaller companies are able to capitalize on finances that were once impossible.
Today we will look at some of the best fintech examples that can help you revolutionize your business.
What Is Fintech
Fintech is a catch-all phrase used to describe companies that use the internet and software to provide financial services.
Fintech's common use is providing easier, safer, and more efficient ways to provide transactions between businesses and their customers.
3 Major Fintech Examples You Need to Watch
The age of fintech is upon us. The ability for users and businesses alike to operate with simple and reliable online platforms has never been easier and only increases in ease and popularity.
Below are 3 of the major examples of fintech that have taken off in the past few years. This is not an exhaustive list of potential fintech uses. People create more and more companies using these examples every day.
1. Kickstarter (Crowdfunding Platforms)
Crowdfunding platforms are digital services that allow users to spend their money towards a fundraiser of their choice. Businesses create these fundraisers to fund development for specific, future projects.
These platforms have exploded in popularity over the past few years, with Kickstarter being the grand founder of the movement.
These platforms allow users to vote with their wallet on what they would like to see in the future. This allows companies to invest in their future ideas with accuracy, as the project will get at least a portion of its funding from these platforms.
In some cases, these can also work to push a great amount of advertising. A well-funded crowdfunding campaign does well to spread the idea by word of mouth.
2. Coinbase (Cryptocurrency)
Cryptocurrency has been on a steady rise for years, and for many good reasons.
The creation of cryptocurrency provides a stable set of digital currency that uses encryption technology to ensure a regulated supply of the currency exists. This keeps the value of the currency stable.
Cryptocurrency exchanges, like Coinbase, are strong uses of fintech. They allow businesses to barter and trade legally and without the worry of international exchange rates and other political methods that can harm business transactions around the world.
3. Venmo (Mobile Payments)
The power and convenience of the smartphone have only seen increases, often in leaps and bounds, in the past few years.
With the ability for anyone to send money to a person or business with a simple tap of their phone, such as with apps like Venmo, financial exchanges have never been easier.
When customers are able to browse and shop from anywhere they go, with both ease and security, it can be a major boon to the businesses that get about these mobile payment platforms.
Keeping Your Business Up With Fintech
With these fintech examples, you can better understand all the smaller avenues you can use to finance and push your business to another level.
We here at CapFront are eager to ensure your business's growth moving forward. Your success is our success. For more information on getting started on your businesses' success, read more here.