The term FinTech comes from the words Financial Technology, which are usually companies that provide financial services through innovative technology where they offer financial products and services, such as small business loans and personal finance management. Because these companies are often less rigorous than regular banking institutions, they are often ideal for new entrepreneurs.
Here are some fintech companies that could be useful for small companies
This software is used by startups as well as by huge and well-known companies like Microsoft and Zoom. This app works to receive payments, send transfers and manage many types of commercial activities on the internet. Among other things, you can also use it to manage recurring billing and unify payments online.
These types of companies that work with electronic commerce are an excellent help for new companies since they help them to establish themselves without so many inconveniences and boost their growth and economic production.
This is an app to make purchases in which you can pay in installments, sometimes without interest rates. It is an app that you can use to sell through there or, of course, also to make purchases. That the use and payment process is so accessible is something that drives purchases and economic growth of the businesses involved.
Klarna also allows omnichannel payment methods since you can integrate this payment method to the checkout of your website, mobile application, or physical store. Companies like Adidas, H&M, Ikea, and Samsung are already using this app, along with many other small businesses.
This is an online lender for loans, which can help you boost your business and get small business loans. It does not require application fees or commitments, and it will not impact your credit score either. An advantage of this platform is that instead of receiving an evaluation and a financing proposal as banks usually do, here you can select the offer that seems best to you, and thus you will finish your application. Document signing is also done online.
This is another app that facilitates the process of acquiring small business loans. It is reputed to be one of the cheapest loans out there and has zero fee charges, which puts them at an advantage over other lenders. You just have to keep in mind that to acquire a small business loan with SoFi you must have a credit score of at least 680 to be approved and a minimum annual income of $ 45,000.
Why do new entrepreneurs need companies that understand them?
Starting a new business is not easy, and it is common to have many fears when starting a startup. The lack of support for new entrepreneurs is something that even slows the growth of the local economy and of a country. When regular financial institutions are inaccessible to new entrepreneurs, fintech companies become the ideal ally.
This is because fintech companies offer a wide variety of tools to drive small business growth. On the other hand, technology advances more and more and is a much more accessible means to bring together entrepreneurs and small businesses from around the world.
Explore and evaluate your options
While all these fintech companies look promising and useful, it is important that you seriously evaluate what you need and then find what may be the best option for you. The good thing is that to meet your financial goals, you can also use several apps or fintech companies at the same time.
You don’t have to limit yourself to just one option. If you have established the objectives you want to achieve with your business, surely you can find options that can meet that need.