Fintech (Financial technology) refers to any business that uses technology and innovation to enhance or automate financial services. The origin of the term can be traced back to the early 1990s when Citigroup launched the “Financial Services Technology Consortium” project to encourage technical collaboration. The Global Financial Crisis in 2007-2008 pushed forward the Fintech industry and had a significant impact on its shaping. Many professionals working in the financial sector were left out of work, which led to a shift in mindset and reconsidering the traditional banking system, which paved the way to the Fintech industry. The GFC was followed by the release of Bitcoin in 2009 and the smartphone market boom that has enabled easy internet access worldwide and opened the doors for fintech services. This period is marked by the rise of many great new players along with those who currently existed.
Fintech has shown its potential to close gaps in the delivery of financial services to households and firms in emerging markets and developing economies.
Technological innovations will be the heart and blood of the banking industry for many years to come, and if big banks do not make the most of it, the new players from Fin-Tech and large technology companies surely will.
COVID-19 has prompted Fintech companies to make changes to their existing products, services, and policies. University of Cambridge’s research shows that fee or commission reductions and waivers, changes to onboarding criteria, and payment easements were the most implemented practices among the surveyed firms.
Tide is a financial platform that provides digital business banking services for small and medium-sized enterprises. George Bevis founded the company in 2015 in the U.K. Tide has raised a total of $195.2M in funding over nine rounds, the latest one being closed on July 2021. Tide has chosen the Tide.co domain name. The famous laundry detergent brand Tide is operating on the .com domain.
Tandem is a British challenger bank owned by Tandem Money. The company was founded in 2013 by Ricky Knox, Matt Cooper, and Michael Kent. Tandem offers savings, mortgages, and loans to assist customers in greening their homes and lives. Tandem is operating on the Tandem.co.uk domain name. Hewlett Packard Enterprise owns Tandem.com.
Venmo is a mobile payment service owned by PayPal. Venmo allows its account holder to transfer funds via a mobile phone app under the condition of both the sender and the receiver living in the U.S. Venmo has chosen the exact brand match domain name Venmo.com.
The majority of the companies on the list, 150 out of 181, have chosen the .com extension, with 134 opting for EBM.
Owning a .com domain extension highlights the brand’s credibility. It is more familiar to a broader audience as 46% of the websites use a .com domain name. 11 companies have chosen to use the .co extension. .co is the Internet country code top-level domain (ccTLD) assigned to Colombia but has been recently used by many up-and-coming startups as an alternative to .com.