Fintech Leveling the Playing Field

  • May 6, 2018

    One of the primary benefits of Fintech is access. In the past, wealth management was precisely that. Management of resources and investments for the wealthy. With Fintech, the landscape is evolving and becoming more inclusive. Many of the innovations in the space aim to democratize basic financial tools and investing. A recent Forbes article highlights Fintech companies that are succeeding by making finance more accessible for everyone.

    Ellevest

    CEO and Co-Founder Sallie Krawcheck realized the financial services industry catered primarily to men. She previously served as CFO at Citigroup. Fortune Magazine dubbed Krawcheck, “The Last Honest Analyst.” She made it her goal to help women reach their financial goals. The company helps women understand financial tradeoffs in investing while planning for the best life for “future you”.

    The Ellevest team started with a diverse team of people with backgrounds in finance, engineering, and design. The advising product was designed entirely around the end-user. The robo advisor marries up the current financial profile of the customer with their future goals to tailor the most suitable financial plans for them. Ellevest services are tiered by minimum investment amounts. The digital tier requires no minimum investment while the premium tier requires a minimum investment of $50,000.

    Fair

    This LA-based Fintech company helps people lease cars through an app. Fouders at Fair believe the future of car ownership will be subscription based. Users pay a subscription fee and can lease and return cars at any time with five days’ notice. The app allows subscribers to lease used cars. Uber now uses Fair as its exclusive leasing service for drivers. Fair elevates the sharing economy in transportation. It eliminates haggling with dealers and adds another layer of convenience and cost savings for city dwellers who may find car ownership or traditional leasing burdensome.

    Branch

    Branch is a San Francisco based for-profit company that lends to small businesses and individuals. Its regional headquarters are located in Nairobi, Lagos, and Mumbai. Branch focuses on socially- responsible, easy access lending through smartphones. The company prides itself on transparency, fairness, and security. It aims to service people in areas where great financial resources are scarce or entirely inaccessible.

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