With so many companies offering different pieces of the financial services puzzle, it has never been easier to set up a business in financial services. This year will see the very first conference for FinTech developers, FinDEVr (set up by the people behind Finovate). It will showcase dozens of cutting-edge firms that are driving innovations in financial technology. The conference validates the growing maturity of the FinTech sector. Some of the more established B2B FinTech firms are now looking to license their tech to start ups who want to build their own offerings but don’t have the time and expense of building everything from scratch.
At Currency Cloud, we support many FinTech start-ups with international ambitions. In talking to start-ups and customers on a daily basis, it’s often the less sexy but rather important parts of the business such as regulatory requirements and back office processes that slow progress and time to market. In fact, it’s similar to that of a bricks-and-mortar retail store looking to take the leap online. The business, more often than not, just wants to get on with what they’re good at without having to worry too much about the processes involved to get to that point.
Luckily, collaboration and FinTech companies are providing new alternatives that make it easier for businesses to get up and running.
To start, having a global banking network means that start-ups can work with us instead of the bank itself. We can do all of the heavy lifting. We can help firms bring an international payments offering to market not only through our product but by dealing with data separation, encryption requirements and many of the compliance requirements. We help in-house teams simplify back office processes in order to make moving money easy. By doing these things, we help our customers concentrate on building their innovative offerings.
Creating a financial services firm is really getting easier. We promise. A lot of our customers have come a long way and quickly, especially when they have a winning proposition and great technology. Take a look at MANGOPAY, Kantox, TransferWise, and FairFX – who have all carved out niches and are today all admired businesses in the world of FinTech. If you want to join them, there has never been a better time!