FinTech, also known as financial technology, is used for mobile payments, fundraising, loans and money transfers that are disrupting sectors. Fintech is totally changing the way companies do businesses now. Now, modern companies make use of crowd sourcing to raise capital for new, breakthrough products.
Something like crowd sourcing is great as it lets people with unique ideas to get funds from anyone around the world and this includes the people that they have never even met. This is exactly what the Yellowstone Capital LLC did. It raised 61 million dollars for small businesses which helped them to jumpstart their business activities. Yellowstone Capital LLC is based on Jersey City, NJ.
As mentioned before, Fintech is not only about raising capital but also implies transferring money across borders. Some are making use of cryptocurrencies for cross-border payments. Crypto payments do not require banks and can be sent to anyone across the world in few minutes. Bank is no where involved.
One can also make use of TransferWise that has turned traditional banking for cross border payments completely obsolete. With it, you can transfer money at much smaller fees easily. TransferWise is an excellent alternate for cryptocurrencies.
FinTech has also changed life of a normal consumer. Using modern day smartphones and tablets, one is always online and can stay connected to all sorts of financial services easily. Using banking applications, one is just a click away from their bank – from anywhere around the world.
Consumers are also making use of FinTech to make payments using their mobile phones. By making use of NFC tech, one can use their mobile phone like a credit/prepaid card without actually carrying one.
Fintech is just getting started in 2018. There are plenty of exciting things in the tunnel. Soon, businesses and consumers will be able to do so much more. All that with a fraction of the price of what it would have cost before.