Cover story: THE NEED FOR SPEED – Getting money to those who need it, fast.
Welcome to the May edition of Banking Technology Magazinepresented by FinTech future!
Another month – another batch of fintech startup hopefuls are gearing up to launch their offerings to market.
In the UK, OnLadder, which seeks to make buying a home affordable for first-time buyers by offering flexible deposit financing, has received £275,000 in an angel funding round.
OnLadder says the money will be used to progress the FCA licensing process, solidify key partnerships and expand its initial operations ahead of launch.
British start-up Keyzy promises aspiring homeowners the chance to “move in now, buy later” with the upcoming launch of its rent-to-own solution. It works by converting a portion of an individual’s rent into a deposit, providing a higher budget than traditional mortgage lenders.
In the United States, savings app Lilly Funds is working on “the world’s first retirement debit and credit card”, aimed at 150 million underserved Americans who don’t have access to retirement services.
Through the Plaid Open Banking Platform, users will be able to connect their bank and cards to the Lilly app. The app will monitor a user’s cashback, spending habits, bills and transactions and whenever a user spends with their connected cards, Lilly will take any accrued cashback and save it for retirement.
Another app in the US – Swell – which combines verification, credit and more into one integrated account, is set to launch in June.
Swell’s parent bank, Hawaii-based Central Pacific Financial, hopes to expand its reach in the Americas with the new app.
It will also offer investment, home buying, and cryptocurrency capabilities further down the line.
Swell recently secured $10 million in Series A equity financing which saw participation from Elevate Credit, which will also provide its credit solution to Swell to offer personal lines of credit.
“The top five U.S. banks posted record profits of $145 billion in 2021, but 99% of consumers say their bank isn’t helping them get ahead financially,” notes Swell founder and CEO Kevin Dahlstrom.
“More than ever, consumers are looking for an alternative that helps them build wealth.”
Innovative fintech start-ups to the rescue!
CLICK HERE TO READ THE COMPLETE EDITION OF BANKING TECHNOLOGY MAGAZINE MAY 2022
The print edition of the magazine will also be available on FinovateSpring at Sand Fransisco, Silver20/20 Europe in Amsterdam, and Temenos Community Forum (TCF) in London. Grab your free copy there!