B2B startup that helps banks integrate technology into digital services
An Australian fintech that automatically links a smart digital receipt to a customer's payment card and displays it in mobile banking is gaining traction. The Slyp startup has already received the support of the four largest banks in the country. The total investment in the project is $36 million.
The Slyp is a b2b startup that helps banks quickly integrate technology into their digital services. Slyp already has over 880 store and marketplace partners across Australia. The immediate goal is to have smart receipts available to half of Australians by the end of this year.
Funding will go to the development of technology, which the creators call unique in the market. Slyp strives to create a convenient, intuitive, and reliable proof of purchase and create new products to improve the entire user experience of buyers.
For example, linking your loyalty cards to payment cards will soon be possible. In addition, discount or bonus accrual will be applied automatically upon payment.
Canadian mobile-only platform for personal finance management on the go
Canada's fintech market is tiny and almost entirely owned by large banks. At the same time, it has some of the highest banking fees globally: last year, they amounted to about $130 billion. The country's top five banks control 90% of the market receive $128 billion in total income and about $40 billion in profit.
Koho is not a bank but a service. The startup is licensed by the Canadian Peoples Trust Company and provides services in partnership with Visa. An intuitive and user-friendly mobile app helps you manage your finances on the go and grow at a cosmic pace in your niche.
Koho is designed for millennials and launched first in Canada and later in Southeast Asia and Latin America. Although during the beta testing period, $ 1.3 million passed through Koho, most users transferred to the service from a third to a half of their salary every two weeks.
In less than two years, Koho users increased to 120 thousand. The turnover for 2019 was $500 million. Transactions took place every 4 seconds—mobile app rating in the AppStore 4.8/5 stars, service NPS 80. Since the end of Round C in March 2021, the number of users has exceeded 500 thousand people.
The fintech platform offers a zero-fee savings account and insurance and lending products designed to meet the needs of Canadians living paycheck to paycheck. With the opening of an account, the client receives a prepaid Visa card.
Koho positions its financial services as smart. The application has goals, cash flow forecasts, group expenses, PFM, and categorization for simple and convenient money management. Registration takes three minutes.
Real-time spending analysis helps clients gain insights into their financial habits. The Koho app is a helpful source of best practices on how a flexible and useful mobile banking PFM service can work. You can even create and track savings budgets for large purchases.
The service is completely free for customers. Koho earns from commissions. The startup offers co-budget management for couples and families to increase transaction volume.
Koho issues loans through partners and offers customers a rare opportunity for the Canadian fintech market to receive a salary not on the day of payment but earlier - after hours worked.
Family neobank in India with a focus on financial literacy among teenagers
Fyp is India's most daring fintech startup. It appeared in January 2021 and has already received $2 million in investments and attracted more than 5 million users just three months after the product's full launch. Monthly audience growth - plus 1-2 million per month.
With Fyp, teens can learn how to budget, save money and make smart spending decisions. Parents also have access to the application to monitor the expenses and progress in their child's education.
Fyp's goal is to raise financially literate children. Educational content is presented in a simplified game format - fact sheets, videos, quizzes, and quizzes. Gamification is embedded everywhere, even in spending analysis. No textbooks and boring rules.
To help teach even more effectively, Fyp recently acquired education startup Edunify, which operates a nationwide school search platform used by about 1.5 million parents. Again, this is access to an audience of teenagers and parents, expanding the user base and ensuring the deep integration of financial technologies into the target audience's life.
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