The year 2016 was thrown into disruption by a few key FinTech startups. This disruption was intensified when mainstream attention garnered by Blockchain, the immutable, public ledger technology behind BitCoin and Ethereum. The years to come show great promise for both the consumer and FinTech businesses alike 2017 looks to be no different.
Two startup FinTech apps have made a heavily noticeable impact on the finance sector within the last two years. One is an investing and stock-trading application and the other is an international money transfer application. Robinhood allows for mobile trading on the stock market, while Wyre opens a faster channel for transferring money between various countries.
RobinHood is an application that allows for trading during certain periods of market closure and allowing for individuals to trade on credit according to their account size. Only up to a certain amount, however. This stands to remove the need for brick and mortar trading advisories and helps to level the playing field for newer investors.
Wyre is a FinTech firm that just completed its initial funding period, reported by CryptoCoinsNews to be roughly $5.8 million. They have been operating behind the scenes for almost a year, testing their platform with large, private clients between China and the U.S. They boast the fastest international transfer speeds at up to 6 hours, as opposed to the typical 1-3 day rate of classic wire transfer systems.
Looking forward to 2017, we can expect both transfer of money and stock trading to gain speed and efficiency. These advances should open the door for even further benchmarks of progress.