The financial and banking sector has changed entirely after the adoption of technology. Fintech, aka the combination of finance and technology, has made it easy to manage finances. Moreover, with fintech, the financial system has become more secure, quick, and profitable. The introduction of fintech in the financial sector has offered new opportunities to businesses and the unprivileged audience.

The fintech industry is growing exponentially, and by the end of 2022, the industry will be worth $309.98 billion. It indicates that not only the global financial economy is interested in fintech, but various entrepreneurs and investors are heading toward fintech. If you are an entrepreneur and need a business idea for your startup, here in this article, we will discuss the five fintech startup ideas. Sit tight and start scrolling.

Online Banking:

Currently, one of the most popular fintech application ideas for your investment is digital banking. The interaction between banks and customers has seen a significant change in the past few years. Customers do not need to visit banks or ATMs for money transfers or other purposes. With few taps on their smartphones, people can transfer money, invest in stocks, open or close accounts, block cards, and much more.

Today, the idea of digital banking has gained a lot of momentum in the market. The sector had only a 9% of the online audience in 2011. But in 2017, the market grew to 69% of the online audience. The sector’s growth has just started as many factors like Covid-19 are acting as a catalyst for the market’s rise.

Peer-2-Peer Payment Solutions:

Another idea that is worth your investment is peer-to-peer payment solutions. The popularity of P2P payment applications like Venmo, Google Pay, Zelle, and PayPal is increasing as they are providing their customers with exceptional services. Customers can transfer money directly through their bank accounts to others, even when registered with different banks or payment systems.

Moreover, these applications do not require third-party intermediaries or commission fees for performing any transaction. Furthermore, these fintech solutions use the latest technologies like face and voice recognition, making them more secure.

Money Lending Applications:

Creating a fintech application that supports P2P lending is also one of the trending ideas at present. Money lending application acts as a marketplace for borrowers and lenders, where they can connect and cater to each other’s needs.

Moreover, borrowers can set the maximum loan rates they can afford while using these applications. Thus, letting lenders bargain with each other to offer funds at the lowest rate, resulting in more customers and borrowers.

Trading and Investment Applications:

Another trending idea that can turn into a profitable startup is trading and investment application. Many people invest in stocks, shares, forex, and funds regularly. Thus, developing an application that helps to support these trades and investments can bring you an advantage in the marketplace.

Customers appreciate an application that provides them with investment data from different sources and helps them to calculate the asset valuation and make the right decision. Before investing in stock trading applications, we advise you to evaluate your budget requirements.

Digital wallets:

Digital wallets are helpful in day-to-day life as people do not require to carry physical wallets. The market for digital wallets has risen significantly in the past couple of years. The applications offer people to do transactions with few taps on their devices and provide cashback and coupons in return.

The predictions have revealed that by the end of 2024, the market will be worth $7,581.91 billion. It explains the reason why investing in digital wallet applications is worth doing.

Conclusion:

The rise in fintech industry is booming at an astonishing rate. Various ideas are worth exploring for startups. However, starting a startup and maintaining it are two different things. There is a lot of pressure to provide the finest services to the customers. You will require a huge investment, the right expertise, creativity, and trust to start a startup.

We hope that our list of fintech startups was helpful to you. Tell us your thoughts in the comment section, and also try our other articles on fintech.