January 1, 2016
FinTech in Europe has never been more exciting. The continent's ecosystem with innovative companies in emerging financial services has been a serious competition to the global financial industry giants with some of the most promising startups and FinTech unicorns coming from the region. Unicorns like Klarna, iZettle, Adyen, Funding Circle, TransferWise, POWA Technologies came from Europe as a proof of a strong standing of the market on a global arena. According to Bloomberg, TechCrunch and Huffington Post, South East England is actually outpacing California on the number of jobs in FinTech along with rapidly growing funds and deals in the FinTech industry. Moreover, TechCrunch reported that European startups have raised more than $2.8 billion from VCs in Q2 2014, the highest quarterly total since the iconic dot-com bust in 2001. Clearly, European FinTech is creating a significant wave of competition for Silicon Valley and New York. We have been actively looking at FinTech ecosystems in different parts of Europe. Nordic countries, EEC region and Western Europe are rich on disruptive FinTech startups, which we have consolidated in this review.
The following FinTech companies are the ones to take Europe's FinTech into 2016. While Silicon Valley and New York hold the top places, European FinTech companies are clearly posing significant competition.
Worldcore: The company provides a prepaid debit card within 24 hours of submitting the required documents. The card has the ability to load funds from any bank account instantaneously and can be used as a payout solution for wages, incentives, salaries, etc. They also provide a mobile app for the cardholder. Worldcore is the most promising Central European startup to watch out for in 2016. Worldcore account allows to get paid through bank wire, load any Visa/MasterCard credit or debit card, make online payments, make withdrawals to the Worldcore prepaid debit card and pay bills or buy any goods. That’s an absolute advantage that Worldcore cards daily ATM withdrawal limit is 4,000 Euros and monthly limit is 120,000 Euros. The company promises to work round-the-clock to provide the fastest possible turnaround time for people signing up to the payment account via the website. For individual accounts or debit cards, the verification process requires digital copies of the individual’s passport and an address proof. The company utilizes Thomson Reuters World Check for financial institutions as the back-end verification tool. Worldcore also offers B2B payment services. For businesses that switch their financial flow to Worldcore, internal accounts are automatically pre-created in over 10 currencies and incoming payments are credited accordingly.
Twisto Payments: Twisto is a technology company that aims to disrupt developing markets (initially EEC). The company focuses on technologies which enable better, safer and faster consumer payment and credit services, deepen trust in the e-commerce ecosystem, and may allow expanding into, e.g., a lending marketplace. Twisto has three core technologies: Shopping Account, Nikita and Express Checkout. Shopping Account is a consumer finance manager, which automates clearing of purchases, returns, payments, installments and collections processes. Nikita is a digital fingerprinting and multidimensional risk engine with credit approval up to 95% and processing under one second. Express Checkout is instant payment processing, seamless checkout completion, aggregation of all available payment methods.
SoNet: SoNet has grown rapidly since its inception in 1991 into a well-respected payment solution integrator within the EEC region, providing end-to-end payment solutions, merchant management solutions, merchant helpdesk and on-site field services and value-added services such as loyalty programs and e-vouchers, etc. The company leverages its latest multi-acquirer application framework with Spire Payments’ state-of-the-art product to provide acquirers with an extremely versatile and powerful portfolio of payment solutions. Utilizing a single GPE-approved application across the entire suite, SoNet ensures a consistent user experience and opportunity to rapidly develop, approve and deploy new value-added applications.
Spire Payments: Spire Payments is one of the Europe’s leading payment solution providers approved to deploy its entire suite of POS terminals in the Czech Republic and CEE region. For acquirers using GPE for their payment processing, Spire Payments’ solution provides a number of benefits including a state-of-the-art range of Linux OS-based POS devices, contactless payment and NFC capabilities across the entire suite of devices.
LifePay: LifePay is a mobile solution that enables credit card payments acceptance. The company provides the admission of the credit card payments on smartphones with guaranteed transactional security. LifePay offers a simple, convenient and modern way to receive credit card payments anywhere. LifePay mPOS is a card reader which connects to a smartphone (based on Android or iOS) and allows merchants to accept cards for payment at any convenient location. The card reader is provided by the company at no cost. The app provides transaction analytics with information for each payment or refund in the developed LifePay solution. The solution is certified by Visa and MasterCard.
Touch Bank: Touch Bank is an online retail bank, an international project of OTP Group, a European financial group and one of the leaders in ...