There are some amazing Fintech Companies in the UK right now. They are solving decades old money management problems. For years, people have struggled to save money. Traditional money management methods and banks have failed to help people.

There is now a well established crisis of emergency savings. With 16 million people having less than £100 in savings. That’s 1 in 4 that have less than £1,000. This is further amplified by a lack of retirement savings, with the average UK pension pot at £61,897.

Should you be looking to build up your savings then there are 12 actions you can take to build solid money habits. If you have your emergency savings and then you might be looking for the next step for your money. In which case you maybe searching for entry points to investing. There are some great places to put your hard earned cash to work.

Financial Technology (Fintech) Companies In The UK

Financial technology seeks to improve, automate and deliver financial services. This is achieved with specialised software, algorithms, artificial intelligence and machine learning. At its heart this disruptive technology improves the lives of its users. This can be business owners or consumers. You may be aware of some new companies that have started to disrupt the market in recent years.

There is also a difficulty in being able to evaluate the large number of companies out there. It’s difficult to decide if they are appropriate for you. Even as a personal finance writer, I have been surprised by the number of companies out there that can help you and I with our finances.

Personal finance is not a one-size-fits all approach but these apps help with a tailored approach your finances. For example, these investing apps in the UK help you to select an appropriate investment. They remove the jargon and even have features that allow you to invest your spare change.

< MSU Reader Favourite: Most People Can’t Save Money Because Of This Common Misconception>

The Rise Of Fintech Companies In The UK

We have turned a corner with personal finance due to the rise of Fintech. A bridge now connects finance and technology. Innovative companies are now solving decades old accessibility and transparency problems. Especially problems around costs and fees. Let’s be completely honest, investing can seem extremely intimidating at first.

Although many of these Fintech companies were founded in the UK, there are a number that are spreading globally. Investors have retained their confidence in financial technology. Global FinTech investment reached $44 billion in 2020 – an increase of 14% from 2019.

This means that their are now fantastic apps to help you save money. There are also incredible apps for investing. This means you can now use apps for investing in the stock market. These apps are perfect for beginners who want to take the complexity out of investing.

Disclaimer: This article should not be considered as financial advice. You are responsible for your own financial research and decisions. When investing capital is at risk. Please note this post contains affiliate links.

Andrew | Mr Money Side Up

#1 Wealthyhood – “Investing Made Easy”

With Wealthyhood you can build a personalised portfolio for the long-term. No more day-trading. Start building your long-term wealth, £10 at a time. Wealthyhood is great for the beginner investor that might not feel the most confident but still wants to build a diversified portfolio. That’s because their tools will guide you through the journey in just a few steps. With the complexity removed, you can focus on what matters to you!

The Wealthyhood App allows you unlimited, commission-free investing. This means you can buy as little as £1 of your favourite stocks or ETFs with Wealthyhood fractional shares. Invest what you can afford with ease and make sure you’re always well-diversified. Just decide how much and how often and thee powerful automation helps finetune and maintain your portfolio over the long term. Schedule monthly top-ups, dynamically rebalance and auto-invest your spare cash. All of this means:

  • Wealthyhood is made for beginners: Simple investing for everyone, with no jargon, and tools to guide you at every step.
  • You can forget day-trading. Wealth-building is a marathon. We help you run that race!
  • Develop, finetune and automatically maintain a top-class portfolio.
  • You’re special. Invest in what matters to you and achieve your own goals. Every £ saved compounds in your portfolio. Other fees may apply.

Get started with Wealthyhood now. Click here to go and download the app.

#2 Wise (Formerly Transferwise) – “Transfer money abroad easily and quickly”

I was not surprised when Wise became London’s biggest ever tech float at £8 Billion. Wise has totally disrupted the currency exchange market in recent years. When I moved to Australia I set up a bank account in minutes so that I could get paid in the local currency without having to set up an official Australian bank account (which requires a lot of paperwork, visits to the branch, an address etc.).

This way I could easily transfer my pounds into dollars and start spending immediately. It also helped me easily pay my bills whilst abroad. Later when moving back to the UK I was able to convert my money into pounds at a very reasonable rate. In fact, I could have converted it into at least 80 currencies.

Wise just saved us so much financial stress during our time in Australia that was already stressful enough. I genuinely don’t know what I would have done without it, so this is one of my favourite Fintech companies in the UK. I have also been able to receive payment from a US company, which without Wise would have been significantly more complex and expensive.

Wise also now offers investments through the ‘assets’ section of it’s app. Which allows you to invest in the MSCI world index at a low account fee of just 0.55%. Within minutes you can be set up with a separate investing pot and convert your cash into stocks (or back).

Open a Wise account by clicking here.

#3 Nutmeg – “A new approach to investing”

Nutmeg is now the largest digital wealth manager in the UK with over 140k customers. They offer their customers a clear and straightforward investing experience with diversified portfolios. Nutmeg’s wealth management process consists of three simple stages. Which I am sure anyone who has ever tried to start investing would appreciate.

There is a massive problem with the number of funds available in the UK that major institutions provide. There are at least 7,636 active mutual funds alone! Nutmeg’s intuitive solution helps to simplify this problem:

  1. Investors set the amount of investment they would like to make and their risk preference. This forms an overall investment goal.

  2. Investors then choose between Fully Managed, Fixed Allocation, Socially Responsible or Smart Alpha portfolios. They then have the option to invest straight away or drip-feed cash into the markets.

  3. Nutmeg’s wealth management experts build a suitable portfolio based on the investment goals and desired investment style. Feedback is given to the customer on how their portfolio is performing.

#4 Revolut – “One app for all things money”

Revolut is on the verge of a record shattering IPO, with a valuation of £24bn. The reason for this valuation is that they amassed 15 million customers and expanded to 35 countries in only six years. This latest Fintech blockbuster offers a range of digital banking services. Since it’s launch has facilitated over 350 million transactions worth over £40b. Whilst serving a growing customer base of over 9 million people.

Revolut also provides budgeting tools. You can set monthly spending budgets and open saving ‘Vaults’. This is where you can save and store regular amounts of money, once salary has been earned. All customers can open up a free account which allows users to open a UK and EURO IBAN account.

Customers then have the ability to spend in over 150 currencies at the interbank exchange rate. Users are also able to exchange money in 30 currencies. Standard account users are capped to exchange £5,000 per month, whilst paid users are unrestricted. There are no no hidden fees.

Revolut also breaks into the cryptocurrency market. With it’s Premium (£6.99/month) and Metal (£12.99/month). Account holders are also able to instantly exchange any 30 currencies. You can even convert directly into 5 cryptocurrencies. This includes Bitcoin, Litecoin, Ethereum, Bitcoin Cash and XRP. It’s safe to say that this is one of Fintech companies in the UK that we should be watching right now.

Download Revolut and get 3 months free premium by clicking here.

#5 MoneyFarm – “Smart tech. Top experts. Simple investing”

Money Farm is a digital wealth and asset management platform. There is a strong an emphasis on simple yet customised investment portfolios. In 2020 the company reached £1b in total assets under management. Now, more than 90,000 investors invest with Moneyfarm at £2.4 billion– with good-to-go portfolios, matched to their goals. Moneyfarm is one of the best apps for investing because it offers:

  • Simple digital investing – Be confident with easy-access investing via web or app and get digital advice tailored to your goals.
  • Experts for every decision – Enjoy active management and holistic portfolio reviews with your own investment consultant, for when you want to talk.

Potential investors are asked a series of questions about their risk preferences, wealth status and financial understanding, and are assigned an investor profile. A customised portfolio is created that aligns with the investor profile is built and managed by asset allocation experts. All portfolios contain a mixture of asset classes and a range of individual exchange traded funds (ETFs). Each portfolio is also ranked 1-7 with 1 being the least risky and 7 being the most.

On one end of the spectrum there is Steady – “You need to know your investment is the safest it can be” and on the other Pioneering – “You’ve an eye on the future but your primary focus is high achievement.”

Click here to download the app!

#6 MoneyBox – “Save And Invest For Your Future

Money Box is a perfect solution for people who really struggle with saving and investing, or for people who want to optimise their finances.

Round up your everyday purchases to the nearest pound and save and invest it into stocks and Shares ISAs, Lifetime ISAs, Junior ISAs, Personal Pension, Savings Accounts and more. Open a saving or investment account in minutes and get started with just £1.

There is huge flexibility as well as round ups. You can also set up a regular weekly deposit, a monthly payday boost and make one-off deposits whenever you like. Money Box have continued to add a range of features to their service. This includes a Lifetime ISA calculator, ISA Time Machine, personal pension saving service and a “pension detective”. The later is a service that tracks down old pension pots.

Money box secured the seventh spot on Deloitte’s Fast 50—growing its revenue at an average rate of 5,270% over the past four years.

#7 Dozens – “Fairer For Your Money”

Dozens is founded on the idea of a digital current account. Which prioritises effective saving and investing. This is so that customers get more from their money than with traditional providers.

Dozens wants to focus on enhancing the customer journey from spender to saver to investor. Which is probably why they also offer a savings Plc’s 5% p.a. fixed interest bonds, in addition to low cost investment funds.

You can also choose investment portfolios based on themes or your world view, whether it’s green energy or technology. This seems to be a theme of fintech companies in the UK right now. There are a great variety of features included with the current account. Starting with visualisation of your spending habits and pattern and that also extends to:

  • Free UK current account.

  • Current account with spend reports / smart budgeting.

  • Auto-savings e.g. save £1 every time it rains.

  • Free debit card & delivery.

  • No fees for using card abroad.

  • No fees for cash withdrawals abroad.

  • Direct Debits to make regular payments from your account.

  • Digital Wallets Apple Pay and Google Pay.

#8 Curve Card – Your Cards, Rewards & Cashback in One Payment Card

Curve gives you the full picture of your finances, so it’s super-easy to track your money and budget for the future. Connecting your cards to Curve enables you take control of your money with one card and one app to supercharge your finances without switching banks.

This is because Curve allows you to aggregate multiple payment cards through its mobile app. This means you can make payments and withdrawals from a single card. If you pay with the wrong card you can ‘go back in time’ and switch the bank card you paid. You can do this up to 30 days after a purchase. Choose backup cards to save you from declines and teleport money you’ve spent in the past into the present with Curve Flex – you make the rules here.

Curve gives you instant cashback on everyday purchases. You can earn quality cashback as you continue to spend on your usual debit or credit card. This means you can double up your cashback offers or points (e.g. Nectar points) with your Curve cashback. Curve is a seriously unique financial product. It’s free, so why not give a try.

You can also get £5 cash when you signup with my link.

The Fintech Driven Financial Revolution Has Arrived

It’s hard not to feel excited by the feeling of a financial revolution. One that will hopefully ingrain the habits of saving and investing into everyday life. There are so many Fintech companies in the UK that are disrupting and impacting the finance market globally. You can now use apps for investing!

Many of these companies are trying to break down the intimidating barriers to investing. They are unique in their user friendly design and features. Using apps for investing in stocks has been made simple and straightforward. Fintech companies in the UK want to offer flexibility in the investments they offer. They don’t do it in the traditionally overwhelming way. It’s a world away from trying to choose from thousands of funds within a complex array of fees and asset allocations. This is why the UK is starting to use apps for investing.

Not only this, but they are merging money management from their separate silos and functions into a single application. It’s intended to be a seamless experience for the customer. As you can move between managing your savings, spending and investments under one umbrella application.

< MSU Reader Favourite: < 3 Epic Ways To Stop Penny Pinching And Save Thousands >

Summary
8 Revolutionary Fintech Companies In The UK That Can Supercharge Your Wealth
Article Name
8 Revolutionary Fintech Companies In The UK That Can Supercharge Your Wealth
Description
There are some amazing Fintech Companies in the UK right now, which are solving decades old money management problems. For years people have struggled to save money and traditional money management methods and systems have failed to help people.
Author
Publisher Name
Money Side Up
Publisher Logo