{"id":10174,"date":"2021-10-04T11:22:32","date_gmt":"2021-10-04T11:22:32","guid":{"rendered":"https:\/\/letslaw.es\/?p=10174\/"},"modified":"2023-01-23T10:15:53","modified_gmt":"2023-01-23T10:15:53","slug":"fintech-types-by-sector","status":"publish","type":"post","link":"https:\/\/letslaw.es\/en\/fintech-types-by-sector\/","title":{"rendered":"Fintech types by sector"},"content":{"rendered":"

Do you wonder what types of Fintech exist? Traditional financial institutions, seeing the sales of their products compromised, have opted for a new customer profiling to achieve a correct commercialization.<\/p>\n

In this way, thanks to Fintech, the product can be adapted to a profile, taking advantage of technological resources, and thus giving elasticity to the product.<\/p>\n

What is Fintech and which are its main objectives?<\/h2>\n

First of all, it is necessary to clarify the meaning of the term “Fintech”, which can be understood as the union of two English terms: Finance and Technology. In a sense, it refers to the offering of financial products and services in a fully digital environment<\/strong>.<\/p>\n

In other words, Fintech is synonymous with the digitization of the financial sector<\/strong> and all companies that use new technologies to simplify the financial services they offer compared to how banks do it.<\/p>\n

Therefore, we could say that the main objectives are the use of digital means to offer new answers to the users of financial products<\/strong>, basing their advantages on simplicity, agility, and security<\/strong> in their handling.<\/p>\n

Likewise, the main keys and\/or objectives of these new services through Fintechs are simplicity, agility, and security.<\/p>\n

Main types of Fintech by areas and sectors<\/h2>\n

There are numerous types of Fintech according to their activities, but we could say that the most relevant ones are as follows<\/strong>:<\/p>\n

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  • Financing<\/strong>, in which the simple advance and speed mean a change in the market.<\/li>\n
  • Investment advice<\/strong> in a fast and very personalized way.<\/li>\n
  • Control of personal finances<\/strong>; This is the case of Fintonic, for example.<\/li>\n
  • Loans<\/strong>: Allows users to obtain financing in less than 72 hours.<\/li>\n
  • Financial comparators<\/strong>: Allow users to quickly find out the best product for each type of user.<\/li>\n
  • Challenger banks and Neobanks<\/strong>: They represent a change in the banking sector, streamlining processes.<\/li>\n
  • Big data and predictive models. <\/strong><\/li>\n
  • Risk management. <\/strong><\/li>\n
  • Security and privacy.<\/strong><\/li>\n<\/ul>\n

    Definitely, Fintech Startups are developing a new landscape within the financial market<\/strong>. In addition, the rise of cryptocurrencies has led to the emergence of new investment business models and with it the transformation of investments the development and advancement of Fintech technology.<\/p>\n

    Most relevant international Fintech Startups according to their sector<\/h2>\n

    We can highlight the following international startups, among many others:<\/p>\n

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    1. Avantcredit<\/strong> (online consumer lending).<\/li>\n
    2. Betterment<\/strong> (automated investment).<\/li>\n
    3. Commonbond<\/strong> (P2P lending).<\/li>\n
    4. Etoro<\/strong> (social investment network).<\/li>\n<\/ol>\n

      Most relevant Fintech Startups in Spain<\/h2>\n

      This Fintech ecosystem is increasingly consolidated in Spain<\/strong>, experiencing high growth.<\/p>\n

      Specifically, the Fintech sector has approximately 463 companies currently operating in Spain<\/strong>. In addition, the Fintech industry in Spain generates more than 12,000 direct technological jobs<\/strong> with high digital skills and the expectations are that the mentioned figure will multiply soon.<\/p>\n

      Among the most relevant Fintechs in Spain we find: Bitnovo, Zank, Fintonic, PayPro, etc<\/strong>.<\/p>\n

      Thus, Spain is positioned in Europe as the fourth country in Fintech investment behind Germany, Sweden and France.<\/strong><\/p>\n

      From Letslaw, a law firm<\/strong> with professionals specialized in advising Startups<\/strong> and Fintech, as well as data protection, digital law, and intellectual property, we help companies to obtain the necessary licenses to operate in the Fintech market.<\/p>\n

      Contact Us<\/h2>\n
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