Cover story: THE NEED FOR SPEED – Getting money to those that need it, fast.
Welcome to the May edition of the Banking Technology Magazine, brought to you by FinTech Futures!
Another month – another batch of fintech start-up hopefuls readying to unleash their offerings to the market.
In the UK, OnLadder, which seeks to make buying a home affordable for first-time buyers by providing flexible deposit financing, has received £275,000 in an angel funding round.
OnLadder says the money will be used to progress through the FCA authorisation process, solidify key partnerships and build out its initial operations ahead of launch.
Fellow UK start-up Keyzy promises aspiring homeowners the ability to “move in now, buy later” with the upcoming launch of its rent-to-own solution. It works by converting a proportion of an individual’s rent into a deposit, offering a higher budget than traditional mortgage lenders.
In the US, 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.
Using open banking platform Plaid, 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 any time a user spends with their connected cards, Lilly will take any cashback accrued and squirrel it away for retirement.
Another app in the US – Swell – which combines checking, credit and more into one integrated account, is set to launch in June.
Swell’s parent bank Central Pacific Financial, based in Hawaii, hopes to expand its reach across the US mainland with this new app.
It will also offer investing, home purchasing and cryptocurrency capabilities further down the line.
Swell has recently secured $10 million in Series A equity funding that saw participation from Elevate Credit, which will also provide its credit solution for Swell to offer personal lines of credit.
“The top five US banks posted record profits of $145 billion in 2021 yet 99% of consumers say that their bank doesn’t help 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 FULL EDITION OF THE BANKING TECHNOLOGY MAGAZINE MAY 2022
The print edition of the magazine will also be available at FinovateSpring in Sand Fransisco, Money20/20 Europe in Amsterdam, and Temenos Community Forum (TCF) in London. Grab your complimentary copy there!