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Global FinTech Growth in 2018

August 9, 2018 | BY MOMBO

Investment opportunities in Kenya are growing fast in the FinTech area.SACCOs in Kenya are still behind in the game, but we’re going to see a lot of changes in 2018. In this article you can read all about what FinTech is, the latest FinTech advances including several FinTech companies you could invest in, plus details on Mombo SACCO and MomboiCapital.

What is FinTech?

FinTech is Financial Technology. Any financial service or business that uses technology to make managing finance easier is using FinTech. Global FinTech growth was very positive in 2017; figures from KPMG show that US$8.2billion was invested in FinTech globally in the 3rd quarter of last year alone. The really interesting FinTech companies are thosethat push the boundaries in new ways; FinTech that makes managing finances easier for the user and the financial organisation. It’s FinTech like this that can be very profitable as investment opportunities in Kenya and globally.

Latest FinTech Advances

FinTech news is fast paced! These are some of the top developments in FinTech from the past week:  
  • WealthSimple (a Canadian FinTech service that’s like a virtual financial adviser) announced that they’ve secured £37million in investments.
  • The South African Reserve Bank (SARB) is starting a FinTech program to analyse how FinTech can be harnessed and used safely in SA.
  • Jay-Z, famous US rapper, is continuing to invest his fortune in FinTech companies like Robinhood for great returns on investments.
 

3 Global FinTech Companies to Watch in 2018

These 3 global FinTech companies are using technology to make finance easier, from accounting software to merchant payment services to blockchain maintenance. We are expecting to see more great things from these companies in 2018.
    • Xero.The New Zealand accounting app was awarded as World’s Most Innovative Growth company by Forbes, but they’re not finished growing yet. Last year they recorded NZ$1.4trillion transactions, according to Investopedia.
    • Stripe.This easy to use FinTech company is an online service that allows merchants (from big superstores to small websites) to accept payments securely and easily. They’re currently worth US$9.2billion according to Forbes.
    • EllipticWith the rise of cryptocurrency transactions and blockchain tech, Elliptic uses FinTech to monitor the Bitcoin blockchain for illicit records. We predict that this is going be incredibly successful as the world of cryptocurrency is increasingly under the threat of hackers. They’ve already raised $7million according to Tearsheet.
FinForward FinForward is an African FinTech initiative worth learning about. It aims to bring global FinTech to African financial institutions so that we can all benefit from the great new developments in the FinTech world. They want to fully digitalize finance in Africa; they’re already vetting FinTech companies for integration in 2018, and just formed a vital partnership with Arise, an African investment company. Traditional SACCOs in Kenya could certainly do with help from FinForward!

Why is MomboiCapitalFinTech innovative?

The technology we are developing and using to create the Mombo app, offer short term loans and investment through MomboiCapital and make managing finances easier with Mombo SACCO is market-leading. We have pioneered above all SACCOs in Kenya, in terms of digitalising every process. Everything from membership application and registration, to monthly contributions and applying for loans can be done from your smartphone As for MomboiCapital, we are continuing to provide loans via the Mombo app to people who need to borrow anywhere from KES 30000 to KES 1million. We’ll also be furthering our FinTech by offering smaller loans later this year: all fully automated and digital. Here at MomboiCapital and Mombo SACCO, we are very excited about the ever growing FinTech market in Kenya. We love the competition and are looking forward to developing our services even more to help our clients. Keep checking our blog for further FinTech updates!

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