March 14, 2016
Millennials constitute more than 25% of the US population and are exceeding the baby boomer generation by 3 million. Talking about India, it is a very young country. India’s young demographics include 65% of the population under the age of 35 and half of the country’s population is under 25. Across the countries we studied for this article, we figured out that this segment is the key to the success of any consumer-facing FinTech product. What is quickly becoming common knowledge is that millennials are a very different customer segment as compared to their previous generation. Thus, millennials are becoming an important segment to build for. Following are 20 FinTech products we found are popular amongst millennials. We took them from four countries to remove any kind of bias. There is one common factor that makes them click with the millennials, which we will discuss it at the end of the article.
First, let’s look at these FinTech companies that appeal to the millennial generation:
Venmo: Venmo has gained significant popularity over the past year. By simply loading the app onto a smartphone, a user can connect to bank and credit card accounts and link up with friends to send money on the go. It makes scenarios such as splitting restaurant checks and paying rent quite seamless. The rising use of peer-to-peer applications is improving the prospects for apps like Venmo. The growth of Venmo can also be attributed to PayPal, which owns Venmo.
Acorns: Acorns connects to a user’s primary checking account along with credit/debit account(s) including other spending accounts (PayPal). It rounds up each purchase to create investable savings into an Acorns investment account. Additional savings amounts can be added at any time to an Acorns account either as a lump sum or recurring transfers. An investment portfolio is developed by Acorns based on the Modern Portfolio Theory based on your investment profile and invested ...