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Six Must-Have Fintech Tools For Startups

Fintech is revolutionizing the financial sector at a rapid rate. As described in a Forbes article, Fintech can be found at the intersection of finances and technology, as it seeks to “improve and automate the delivery and use of financial services”.

Some of Fintech’s latest innovations include mobile banking applications such as Zelle and Venmo. 

Your startup business can greatly benefit from the latest developments in Fintech technology. Many of these tools can help you get paid sooner, assist you with your accounting, and easily interact with both your customers and your employees. 

Which Fintech Tools Should You Consider Using For Your Startup?

There are a wide variety of fintech solutions for every need possible. However, here are the six essential tools you need to move your startup forward.

  • Zenefits: Zenefits is an award-winning “People Operations Platform” that facilitates the management of HR, benefits, payroll, attendance, and employee documents. It streamlines onboarding in a simple platform. Plus, in addition to managing your books, it can help you manage compliance. They offer a 14-day demo where no credit card or setup is required. 
  • Expensify: Expensify is a software company that has developed an expense management system for both business and personal use. They offer unlimited receipt scanning, automatic receipt merging, and coding, manage corporate spending, next-day reimbursement, receipt integrations, and so much more. For sole proprietorships, they offer a pricing package for as little as $4.99 per month and $5 per month for teams and organizations. 
  • Due: Due is an invoice and payments manager where you can easily see who has paid and send reminders to those who have not. Their credit card processing rates start at 2.8%. They have no hidden or monthly fees, there is a transparent flat rate, and offers a simple integration. All transactions are encrypted and PCI compliant. 
  • Xero: Xero is a cloud-based accounting software where you can record, claim, and track expenses online. Transaction updates are available daily via their dashboard. There are no contracts or setup fees. It can seamlessly integrate with 800+ business apps. You can also start with a free trial. 
  • Kabbage: Funding is one of the biggest roadblocks that startups come against during their early stages of business. However, Kabbage is a fintech tool that specializes in giving you the capital you need, when you have the need for it. Businesses can be approved for up to $250,000. These funds can greatly improve your ability to accomplish numerous business operations such as buying new equipment. The business loan application process is completed in minutes. As soon as their line of credit is approved, businesses can start using their funds immediately. 
  • Square: An oldie but a goodie, Square remains a relevant tool in today’s fintech revolution. You can accept mobile payments, regardless of location, thanks to its compatibility with smartphones and tablets. In keeping up with trends, Square now features equipment that is compatible with NFC payments. This enables customers who store their payment information on their phones to pay you, wherever you are. 

Take Advantage Of The Revolution

More fintech companies are working tirelessly to reinvent the financial sector. Small businesses, such as startups, must seize the wealth of opportunities being created to take their business to the next level. By leveraging these innovative tools, startups can easily manage their operations as they seek to explore and expand to new markets. 

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