So much innovation in fintech seems to be about creating hubs. Amazon created a retail hub, Algomi created a trading information hub, Fintech Reviews creates an information hub and so on. There’s so much information and opportunity out there that users want to access it in ways that are simple, efficient, and maximise the potential of opportunities.

Curve set out to create a money hub and they have made a success of it so far. They’ve recently passed 50,000 user sign-ups and £50 million user spend. The concept is that customers only carry one MasterCard and this is attached to all of their bank accounts. They use the Curve app to designate which card is charged when using the MasterCard. This allows them to access several accounts without carrying multiple cards.

Fintech Reviews– what is Curve offering?

The appeal of Curve goes beyond convenience. They boast of a higher level of security for customers as merchants never get to see their card numbers.

Curve is accepted in many countries and using their services internationally costs less than a number of standard methods.

A cool feature of Curve is the ‘time travel’ aspect. A user can pay for something using one card and, if they decide they have made a mistake, they can transfer the transaction to another card within a 2 week window.

So far, Curve have only offered the beta version to SMEs. A consumer version of the product is in the works and they will close a Series A funding round this summer.

Fintech Reviews – what reception has Curve experienced?

Customer views of Curve were initially impressive. There is some risk associated with only carrying one card if that card fails, however, and some clients have had this experience. A big plus to begin with for American Express users was that Curve allowed them to use Amex even in places that did not accept Amex. It was a big blow for the company when American Express decided to remove their support from the system citing ‘service level’ issues. Overall, the jury is still out from the customer point of view.

However, industry regard of Curve remains high. They are in the Fintech50 for 2017 and won the WIRED Money 2017 award.

Financial inclusiveness is the trend in fintech right now. The prevailing ethos is that disruption to current financial systems is the only way to ensure that everyone has the same access to finance, retail, insurance, and any other finance-based support structure that you could name. The industry is lifting its head from the myopia of standard models and realising that not everyone has a bank account, not everyone has a financial broker in the nearest town, and other concepts that have genuinely been hidden up till now.

dopay is the epitome of the types of innovators that are springing up to service a new demand. They are a UK-based company offering payroll services to the unbanked population in India, Asia, and Africa.

Fintech Reviews – how does it work for employers?

dopay are promoting a cashless system for employers. They are focused in areas where there is a large unbanked workforce who would have previously been paid in cash. Handling large wage drops of this nature is not only complicated, untraceable, and a security risk, it is also time consuming. dopay provide a relatively low-tech solution that allows companies to pay everyone electronically thereby reducing risk and costs.

dopay have worked hard and collaborated with financial reporting services like Goodman Jones to surmount cross-cultural difficulties, solve multi-currency issues and adhere to local regulations. What once would have seemed like an insurmountable series of issues, now appears to be a solution that was waiting to happen.

Fintech Reviews – how does it work for employees?

Employees derive huge benefits from payment through dopay. They experience reliability, speed of payment, and financial liberation from bank dependency. They also have access to microfinancing, savings plans, and investment opportunities. dopay comes with a bank card that allows members to withdraw money up to 3 times per month without charge.

dopay have basically discovered a way to scoop up a huge market that banks have been unable to secure. They have made setting up a dopay account specific to receiving wages therefore motivating people to become customers. However, they have then added banking services on top of the initial relationship.

One of the possibilities created by fintech is the decentralisation of finance. This makes things like investment and credit available to more people and businesses than ever before.

iwoca is a great example of a start-up lender. Their name stands for ‘instant working capital’ and they have been operating since 2012. They provide loans of up to £100,000 to small business based on performance. Their innovative risk model analyses data about a company’s current trading status. This might include customer ratings, online sales, and profit margins. They state that there are thousands of data points that they analyse so that clients can secure a loan fast.

Trustpilot bears out the claims made on iwoca’s website regarding reliability and efficiency. They score highly consistently with an overall rating of 9.7. Customers report that the process of acquiring a loan from iwoca is easy and fair.

iwoca – what are the terms?

iwoca lend for a period of up to 12 months but clients can repay early if they wish to without incurring any fees. The typical credit limit they offer is between £1,000 and £100,000 and usually equal to one month’s revenue for the applying business.

The interest rate they offer depends on the business but resides somewhere between 2% and 6%. Repayments can be made either weekly or monthly.

Fintech Reviews – what is iwoca used for?

Businesses use iwoca for bridging capital, start-ups loans, and as a solution to short-term cash flow issues. They have provided support for more than 5,000 business in the UK, Poland, Spain, and Germany. They also offer a trade finance product in partnership with Alibaba to clients purchasing from Chinese suppliers.

Fintech Reviews – what are the implications?

A combination of the way they do business and support from the European Union under the loan guarantee facility means that iwoca are able to offer lower rates to smaller business. Some of these companies would not get through the standardised lending process offered by banks. By taking into account a more rounded picture based on likely success rather than past history alone, iwoca are able to be more flexible. They increase the possibilities for small business and contribute to a more diverse marketplace.

Monetary exchange is fundamental to the way the world works. There has to be a system to allow transactions to occur between people who do not have a direct method of exchange. It all works out if, for example, someone who wants a chicken can repair a roof for someone who has a chicken but, if the 2 scenarios don’t happen to meet up, a symbolic system of transaction has to take over. That’s where money comes in. This simple concept still basically underpins the financial systems we see today, albeit with much more complex transactions taking place.

This helps to explain why any change in financial systems can be seen as genuinely revolutionary. Massive institutions have enjoyed the status quo for literally hundreds of years, which theoretically creates a stable system but one that lacks innovation and, therefore, options. Anything that circumnavigates the institutions has the power to change the financial landscape and that’s where blockchain comes in.

Fintech Reviews – what is blockchain?

Blockchain is type of decentralized database that allows complete visibility of the entire history of a transaction. Its use is not limited to the financial world but it has found many applications there. Probably the most famous one of these is Bitcoin.

Blockchain allows peer-to-peer transactions to take place so people do not have to use an intermediary. They are still able to enjoy security and accountability, which used to be something only established institutions could offer people. In fact, it offers a greater amount of security in today’s world because blockchain is not vulnerable to hacking in the same way as centralised businesses.

Fintech reviews – what’s the potential of blockchain?

Any aspect of life that requires a transaction could, theoretically, be conducted through blockchain without handing off the details of the exchange to a third party. Intermediaries could be a thing of the past, making it much harder for massive global conglomerates to retain control and exert influence. It’s hard to imagine the scope of the impact on the world scene in every arena from politics to socio-economics. The financial world is already feeling the impact and things are only just getting started.

TechCrunch is a leading provider of technology news. They focus on start-ups and established firms. They run industry events such as TechCrunch Disrupt and The Crunchies on an annual basis. They also manage a database known as Crunchbase.

Fintech Reviews looks at the various aspects of TechCrunch and checks out its 11 year history in the industry.

History

TechCrunch started in 2005 and consists of a network of websites attracting more than 37 million page views per month. That gives them quite a lot of clout when it comes to influencing the industry with their comprehensive news coverage. Their big break came in 2006 when they were the first to report YouTube’s acquisition by Google. This rocketed them onto the front page of the Wall Street Journal and they did not look back from there. They were acquired by AOL in 2010.

According to Trustpilot, TechCrunch is highly rated by the public. Comments point to a high degree of trust in, and appreciation for, the content of articles on their main site.

Events

TechCrunch Disrupt is an event brand that TechCrunch have exported to the UK and China, while also holding native events in the US in cities like New York and San Francisco. This is where technology start-ups pitch their products in front of potential investors and media in the hope of winning investment and prizes.

The Crunchies is an annual award show celebrating innovators and start-ups in the technology industry. It was in its 10^th year in 2016. The Crunchies are an evening of entertainment and comedy as well as a celebration of great companies.

Crunchbase

Crunchbase is a database of more than 50,000 financial companies and start-ups. TechCrunch claims that the website is accessed by more than 2 million users monthly. It’s a hub of information about the industry and a good place to check the bare bones of a company’s history from a timeline of events to the key players and directors.

Crunchbase offer a premium service, which features dynamic searches, analysis tools and the ability to track trends. This is aimed at giving people insight about who to partner with, invest in and keep an eye on for the future.

Fintech Reviews brings you the profiles of the world’s leading financial companies so you know who the players are.

Google is the biggest media owner in the world by far. It outstrips its closest rival, Facebook, by more than $50 billion. These two companies, between them, bring in over one fifth of the worlds advertising revenue.

Google is influential in almost any area that they choose to focus on with the notable exception of social networks. Despite several attempts, including Google+, they have not been able to launch a widely successful platform. However, what they lack on the social media front, they more than make up for as a search engine, email provider and software giant.

Their influence makes them a significant player on the world financial stage so Fintech Reviews is here to provide you with a snapshot of Google.

History

Amazingly, given how prolific the search engine is in daily life, Google only began life just over 20 years ago. The company gathered a number of investors to supply funds of about $30 million in the late 90s and was publically offered in 2004.

Products

While they are, perhaps, most famous for their search engine services and Gmail, Google supply dozens of services across the web. Google Adwords is the marketing side of the company, while Google Analytics gives businesses insight into their public reach. They also have Google Docs, Google Drive and the Chrome web browser, plus they are the power behind Android – a serious rival to Apple’s iPhone software.

Working for Google

Google are an attractive company to work for. They win frequent awards for being a great employer and have many innovative programs including Innovation Time Off. This is where employees are encouraged to spend 20% of their time working on projects that interest them, which are not within the scope of their current job roles.

Google employ more than 57,000 high-end people. Some people have commented on the fact that many employees are over-qualified for their positions because Google is such an attractive company to work for that people are willing to pitch a little lower just to get in.

Office perks include free food, gym, onsite doctors, discounts, and free massages. Google also offers one-to-one mentorship and personal development programs.

Fintech Reviews brings you the profiles of the world’s leading financial companies so you know who the players are.

Uber is a transportation company that connects users with freelance drivers as an alternative to traditional taxi companies. They were founded in 2009 and currently operate in 570 cities worldwide.

Companies like Uber are changing the shape of the world in innovative ways. Like many other Fintech companies, they are making a huge success of an idea that, if you had talked about it with friends 10 years ago, no one would have taken seriously. Fintech Reviews reports on Uber’s methods and checks out a little of the dark side of the company.

How does it work?

Users create an Uber account and can order a driver to their location. No phone calls are necessary and they are given the ability to track their ride’s progress. The trip is paid for through the app so no money changes hands. The service is available 24 hours a day, 7 days a week subject to the availability of drivers. Users can choose the level of comfort they want to travel in from everyday vehicles through to large vehicles, vans and luxury cars.

Uber recruits freelance drivers and pays them to pick up fares. Theoretically, anyone could be an Uber driver as long as they have a car and a clean record. Uber drivers set their own hours and work as much as they want to.

Not so uber-friendly

Like many new companies, Uber has been the subject of its fair share of controversies involving the public at large, the media and the law. Trustpilot shows just two stars for the transport company, with many reviews citing unnecessary charges, poor experiences with the app and lack of reliability.

The company culture is rumoured to be cut-throat with employees vying for advantage and being encouraged to win, rather than resolve, conflicts with their colleagues. This has worked for them so far but is it sustainable? Especially when you consider that Uber’s appearance on a CV is putting off other companies when it comes to hiring applicants. This may discourage high calibre candidates from seeking employment through Uber, potentially limiting its growth.

Fintech Reviews brings you the profiles of the world’s leading financial companies so you know who the players are.

Lloyds Banking Group is the second oldest financial institution in the UK. They can trace their roots back to 1695 when they were founded by the Scottish Parliament. They are listed on both the London Stock Exchange and the New York Stock Exchange.

Lloyds Banking Group is a typical example of a large financial institution operating on the world stage today. Fintech Reviews brings you a little of its history and a look at what’s coming next for the banking giant.

History

As noted above, Lloyds Banking Group goes back a long way. However, a lot of their most notable growth has taken place in the last 10 years or so. They acquired TSB in 2005 to become Lloyds TSB. The next big takeover occurred in 2008 when they took on HBOS, which meant the company then held a third of UK mortgages.

The black horse logo was adopted in 1884 from a goldsmith called Barnetts, Hoares & Co. Goldsmiths were the forerunners of modern banks and used symbols to identify their businesses to a largely illiterate public.

Services

Lloyds Banking Group have a retail banking arm that covers most of the major services expected by customers including current accounts, loans, credit cards, personal finance, ISAs, share dealing and travel services. They also have a commercial branch as well as departments dealing with pensions and investments.

What’s next?

The next step for Lloyds Banking Group is to go on the road. They have teamed up with UK security company G4S to create mobile banking vans. This is in response to the closure of many local branches throughout the UK. More than 1,000 branches have closed in the last two years. Many believe this is as a result of the rise of internet banking.

G4S already transport money securely around the world for retailers and financial institutions. They employ more than 585,000 staff in 100 countries. They will provide the mobility and Lloyds will place a staff member in each van to provide banking services. Lloyds Banking Group hope to have 20 such vans operating by the end of the year. They have already run a successful pilot scheme in Scotland.

Fintech Reviews brings you the profiles of the world’s leading financial companies so you know who the players are.