Fintech is a form of financial technology that provides a range of payment services to the public.

These services include things like mobile banking, payday loan lending, digital payments, and more. Payday loans, especially cash loans, have definitely taken off thanks to this new technology. Especially during the pandemic.

The word “fintech” was coined by a company called HFM in 1990, which stands for “financial technology”.

Fintech has been growing in the last few years and shows no signs of stopping.

The Fintech industry is a $200 billion industry that is growing rapidly. Companies in this space are disrupting the banking industry by providing cheaper, and more efficient services.

Needless to stay, banks don’t like this at all.

History of Fintech

History of Fintech can be traced back to the 1980s when the first ATM was introduced. The idea of a cash machine was invented in 1967 by John Shepherd-Barron while he was working at a branch of Barclays bank in Enfield, north London.

He proposed the idea to his boss, who rejected it because he did not see any need for it. When Shepherd-Barron’s boss retired, another more open-minded manager took over, and allowed him to build an ATM prototype which he installed on a wall outside the bank.

The first ATM was introduced in London on 27 June 1967 and provided banking services for customers of Lloyds Bank who were using branches located in Enfield and Putney at that time.

The Current Scenario

Since 2018, Fintech has literally exploded. Especially during the Pandemic. While banks were making moves to adjust to Covid-19 related issues, Fintech companies were already serving the public. Here are some of those companies.

Lending Loop

Lending Loop is a Canadian online marketplace for peer-to-peer lending. Investors can invest in loans and earn a better return than they would on a savings account or CD.

The company was founded by three brothers, who were inspired to create the marketplace after seeing their mother struggle with her mortgage, and by the success of other online lending platforms such as Lending Club and Prosper.

The company has received $5 million in funding from investors including Peter Thiel’s Valar Ventures, Foundation Capital, and First Round Capital. It is headquartered in San Francisco, CA with offices in London and New York City.

Lending Loop’s platform provides an easy way to invest money into small business loans as well as personal loans through its website or mobile app.

Peerform

Peerform is a company that focuses on peer-to-peer lending. Peerform was founded in 2014 and has offices in New York City and London.

This is a company that focuses on peer-to-peer lending. It was founded in 2014 and has offices in New York City and London.

There are two main types of loans offered by the Peerform platform. The first type is a personal loan, which can be used for any purpose, such as paying for college tuition or buying a car. The second type of loan is called an emergency loan, which can be used to help people avoid homelessness or get out of jail.

Peerform also offers other financial services, including online savings accounts and investing opportunities in stocks and bonds.

Daric

Daric lending is a new way of borrowing and lending money. The idea is to create a global marketplace for loans, where people can borrow and lend at the same time.

The Daric Lending Platform will be an online marketplace that connects lenders with borrowers, as well as providing credit scoring and risk assessment tools for both parties.`

This company has a strong understanding of the financial industry and the challenges faced by consumers. They have come up with a solution that can help people find loans easily and quickly.

Daric was founded in 2017 and has offices in London, Dubai, Seoul, Beijing, Hong Kong and Singapore.

Funding Circle

Funding Circle is a peer-to-peer lending company that offers loans in the United Kingdom. The company was launched in 2010 and is headquartered in London, England.

The company’s platform allows both businesses and consumers to lend money to other individuals or businesses. It also provides a marketplace for borrowers to access loans from multiple lenders at once.

The Future is Expansive

Fintech is no doubt here to stay. Especially in the payday loan and lending space. The innovations that have taken place in just the last few years, have been a game changer. For consumers, and the companies that provide such lending services.

Now can the banks catch up? Only time will tell.