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4 Exciting Fintech Solution Providers for Small Businesses in 2020

Technology solutions are offering small businesses a more robust way to interact with banks. Fintech can change the way banks and small businesses interact by enabling them to become an eCommerce platform for SMBs.
By Hazel Nguyen | EnvZone Staff
on February 10, 2020 | 6 min read
Image credit: DSW & Kari Geha Photography

The technological revolution in the field of finance is growing, changing the way the financial industry operates around the world. Fintech's solution has contributed to promoting information technology inventions, developing financial markets, improving banking and financial systems, and enhancing customers’ experience.
In addition to conventional services such as payment, loan, money transfer, Fintech also provides wider services such as crow-funding, peer to peer lending, personal finance, data management, insurance, crypto blockchain, etc.

Banking is changing. More and more financial institutions starting to explore the option of partnering with Fintech providers to find answers. Because the appearance of fintech has a too strong impact on the financial industry, it will certainly become a major threat to traditional banks.

In addition, Fintech companies are also dominating the race to gain market share. Therefore, in the face of such disadvantages, if not keeping up with the trend, in the near future, the traditional banking and finance industry will surely be outstripped by fintech. Let’s see how FinTech Company finds out their solutions for businesses.

#1: Novo – Powerfully Simple Business Banking

4 Fintech Solutions For SMBs-novo Banking
Courtesy: NOVO

Novo is an award-winning online business banking platform built for today’s modern entrepreneur. This company has been named one of 2020’s best business checking accounts by Money Magazine.

Since launching in September of 2018, thousands of freelancers, startup founders, and small business owners alike have opened an online business checking account by applying in just 15 minutes. An award-winning, mobile-first banking platform with no minimum balance requirements or hidden fees and backed by a network of community banks, Novo offers a sleek and intuitive interface as well as revolutionary integrations with today's leading business tools.

Novo’s customers will get a small business bank account with no hidden fees or paperwork, no minimum balance ever, free debit card access, and a dashboard with integrations to the business tools you might already use and love. You can apply anytime, anywhere in under 10 minutes, and save time and energy going to the bank. The Novo mobile app puts banking solutions at your fingertips so you can manage your business finances all in one place.

Novo is the business banking platform built for entrepreneurs by entrepreneurs. Novo is an independent tech company.

Image Credit: Novo

How does Novo work?

Novo gives users powerfully simple tools to bank on their own terms. This app allows users to easily open a robust business checking account in minutes, with no minimum balance requirements, no hidden fees, no paperwork, plus free business checking and debit card access. Focusing on customer centricity, Novo offers revolutionary integrations with today’s leading business tools to give entrepreneurs insights into the financial health of their small businesses. Reflecting on the diversity of the American small business landscape, Novo users range from sole proprietors to high-growth startups from all 50 states.

And, one thing to remember. If you are not a business owner, you cannot get a Novo Account!

Novo customers include small business owners, entrepreneurs, and freelancers. You can apply for a Novo account if your company register as: 

  • Sole Proprietorship: When an individual runs a business and that person gets all the profits and is responsible for all the losses.
  • Limited Liability Company (LLC): With this organization, the members of the business are not liable for its debt.
  • Corporation: A company or group of individuals who declare themselves an independent legal entity that is overseen by a board of directors.
  • General Partnership: A mutual understanding through which two or more people share in all assets, profits, and liabilities of a company.
  • Non-Profit Organization: An organization in which the goal is not to make a profit, and none of the income goes to its members, directors, or officers.

#2: Lendio – Simple Small Business Loans

4 Fintech Solutions For SMBs-lendio Banking
Courtesy: Lendio

Lendio founded in 2011, is the largest small business loan marketplace in the United State, which mean they can connect with a lot of loan options. Small business owners utilize Lendio's free online service to find financing by browsing multiple loan products from a network of more than 75 lenders. We’ve helped small business owners like you get over $1.4 billion in loans. Which means we must be doing something right.

Courtesy: Lendio

With the promise that SMBs will not go alone. Lendio will help them to go through different loan options including credit cards, lines of credit, short-term specialty loans and long-term traditional loans. and choose the perfect small business loan. SMBs will not have to deal with brokers, banks, or convoluted financial jargon.

Especially, Ledio streamlined application process and proprietary algorithm match you with loan options from a nationwide network of esteemed lenders.

There are some special features of Lendio:

  • Apply in just 15 minutes.
    Unlike the 29-hour bank process, you can complete our online small business loan application in 15 minutes. Sometimes we ask you to submit an additional document or two, but we make it easy for you to upload your stuff online - all it takes is a click. Plus, there's no fee or obligation. Oh, and funding is almost as fast: once your loan is approved, you’ll be able to access your capital in as little as 24 hours. There's no dilly-dallying around here.
  • SMBs can choose their best loan for their business.
  • Get funded fast

We know you don’t have time to wait around for your working capital, which is why we work with lenders that can get you funded fast.

Once you’re approved, you’ll be able to access your capital in as little as 24 hours.

How does Lendio work?

Image Credit: Lendio

Lendio's platform reviews metrics including the business's financial projections, use of funds, industry, and monthly revenue to find the right loan option for borrowers, helping traditionally underserved groups like mom and pop shops, seasonal businesses, and women- and minority-owned small businesses.

Lendio's matching engine allows small business borrowers the opportunity to comparison shop across a broad range of lenders and loan products, decreasing their time and effort, and optimizing which lenders to send applications to.

With no fees or obligation, Lendio’s online application process takes less than 15 minutes to finish, compared with an average of 25 hours filling out traditional lending applications. After answering a short series of questions, the platform can predict which loan type will most likely match a business owner's needs. Each borrower is also assigned a funding manager to answer questions through the entire process. Attached recent bank statements and other relevant documents will make the process quick and seamless.

After finished, the intelligent platform of Lendio will match SMBs with financing options from nationwide networks of over 75 high-quality lenders. 

#3: Point72 Asset Management – Fund Raising Portal for Startups and SMBs

4 Fintech Solutions For SMBs-point72
Courtesy: Point 72

Point72 Asset Management, L.P., is an American hedge fund was founded in 1992 and converted its investment operations to the Point72 Asset Management family office in 2014.

The three-story building, down the road from the Pittwater RSL and blocks from the beach, is the unlikely outpost for Point72 Asset Management, the $US13 billion ($18.36 billion) hedge fund founded by trading titan Steve Cohen.

Doug Haynes, president of Point72 Asset Management, the firm that manages the fortune of billionaire Steven A. Cohen, said there could be more closures and money pulled out of the hedge fund business. “The cost of being excellent in the industry keeps going up,” Haynes said in an interview clip on the television program “Wall Street Week,” which airs on Sunday.

Point72 Asset Management
Image credit: Point72

“We are a global firm and have offices in locations that advance our mission: to be the industry’s premier asset-management firm through delivering superior risk-adjusted returns, adhering to the highest ethical standards and offering the greatest opportunities to the industry’s brightest talent,” Point72 officials said in a statement.

“In the U.S., there are a lot of venture capital firms, so you have to think carefully about how you differentiate yourself,” Point72 head Matthew Granade said in an interview last year. “Of all the venture capital firms in the world, we probably have the best set of relationships into the financial sector of anyone.” In total, Ventures has made more than 30 investments.

Image Credit: Point72

Ventures have offices at Point72 Asset Management’s headquarters at 72 Cummings Point Road, but it operates separately from the hedge fund. Its insights, however, are shared with Point72 Asset Management.

Recently, Point72 Ventures announced this week it was leading a $17 million fundraising round for a startup that produces software to speed up clinical trials, the latest of several major investments this year for billionaire hedge fund investor Steven Cohen’s venture capital business.

This company’s mission is to become the industry’s premier asset management firm through delivering superior risk-adjusted returns, adhering to the highest ethical standards and offering the greatest opportunities to the industry’s brightest talent. Point72 invents the future of finance by combining the most innovative information resources and analysis with their traditional strengths – deep fundamental research with machine learning techniques, macro, and sell-side research, and quantitative methodologies to give our investment teams new insights and products to generate alpha-producing ideas.

#4: CardFlight – Payment Acceptance Solutions for Small Businesses

4 Fintech Solutions For SMBs-CardFlight
Courtesy: CardFlight

CardFlight was founded in 2013 in New York City because they found out the problem that needed fixing: Mobile businesses were growing rapidly, but mobile payment options weren’t.

This company creates easy-to-use payment solutions so small-business merchants can focus on what they do best: growing their business.

The CardFlight platform evolved from that original Software Developer Kit into SwipeSimple, our branded product solution. In 2014, SwipeSimple was released in-app store. It was designed to be exceptionally easy for our partner network of merchant acquirers and banks to sell, deploy, and support. With SwipeSimple, small merchants were able to accept payments in remote and “on the go” business environments, like in-home service providers and pop-up retail businesses.

4 Exciting Fintech Solution Providers for Small Businesses-SwipeSimple
Image Credit: SwipeSimple

With new features and expanding hardware options, SwipeSimple today enables 60,000 small merchants to accept payments in all the ways their businesses demand: mobile, in-store, and in back-office settings. Plus, using the tools available at SwipeSimple Dashboard, merchants save time and gain unique insights into their business that can help them grow.

SwipeSimple is sold exclusively through the merchant acquirer and Independent Sales Organization (ISO) channel. Ten of the top 30 merchant acquirers in the US recommend SwipeSimple as their small business payment solution, some under their own brand.

The Bottom Lines

Digital transformation has recently evolved and changed the way many industries operate today. The financial industry is not an exception. A new generation of financial services needs the incorporation of technology innovation. The market is saturated with hundreds of FinTech software development companies, so it can be challenging to choose the one that best fits your business.

Fintech's development is consistent with the development of the financial industry, or in short, the future of the financial industry is Fintech!

However, in the immediate future, the handshake between financial institutions and Fintech is quite passionate, sincere, and promises to bring many good results in the near future.

As we look towards 2020 and beyond, we’ll be keeping an eye on these trends and their impact on the future of payments. We’re excited to play a part in shaping the fintech market by helping financial institutions make more of the products they offer their small-business partners digital with SaaS-based solutions that get better over time.

The relationship between the bank and small businesses is changing. SMBs are looking to receive greater access to capital and more robust financial services. The banks that sleep on this largely untapped market will soon begin to miss out. Banks should be looking out for platforms that can help optimize their relationships with small businesses. Solutions like Autobooks can help financial institutions lead with services rather than interest rates.  Autobooks is the fintech solution to helping players on both sides optimize their operations and start benefiting from a stronger relationship.

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