Fintech Startup: New Way of Success

Digital world. I have discussed this topic many times. And it all begins in the early 90s. When people start using the internet as their main resource to run an online business. For example, the financial technology or fintech that has a long history from two predecessors, X.com and PayPal. They are both people who devote their life to create a fintech startup (and a rival as well) that use the internet as their main media to create an online finance system. Basically, when they were finally merged into one company named PayPal, they create the first online bank and gain so much attention from their customer and competitors. Even eBay was interested to invest and buy them earlier, but Elon Musk stays independent and makes it bigger to gain more profit.

For now, a fintech startup is not just run in one way like a bank, but it’s also cover the other services like insurance, online wallet, accounting, investment, and even a new system like cryptocurrency. Also, fintech startup develops a website or a mobile app to reach more customer and prospective customer. So, it’s basically big and if you are eager enough to start a fintech, you should know these tips before you develop a new one.

Fintech Startup

According to this research, Fintech is a new financial industry that applies technology to improve financial activities. And fintech startup manages all those financial activities for a living.

A Pinch of PayPal History

It’s based on Elon Musk Biography I’ve read that written by Ashley Vance. To make it simpler, X.com begin a fintech startup in a small office and grows year by year. This is an example of the first online bank that has a huge success before other huge conventional banks admit that the internet and online banking is quite helpful for people who wants to do a faster transaction.
Now PayPal does not just use a website for their online bank. It also has a mobile app and mobile web app to reach more people. After that, another fintech startup like Stripe and other huge conventional banks also start to use an internet platform. The competition becomes tougher day by day. But the innovation for the fintech itself is not stopped.

Tips for Building a Fintech Startup

Understand Your Field

Fintech is not a game. The effect is directly impacting the economy of your country. Even for the world. Your fintech startup will face the current system of economy. Including the regulation of usage of the financial technology itself. Since the regulation is different in every country, you will need to learn the regulation by yourself.

For example, for the cryptocurrency, not every country in the world agrees with this new kind of financial technology. Despite the regulation, you still can find your market in a country by doing some thorough research. The choices are simple. Avoiding the regulation and find a new market, following the regulation and target your current market, or find a country that has no intention to think about this new kind of fintech and find your market share right away.

Mark Your Own Financial Technology

It depends on what field you specialize the most. We are talking about people’s money here. And it takes all of your customer’s trust to keep their money in your company. So, make sure you understand all the regulation of your market’s country and develop your website or mobile app. You can try LimeCommerce if you have ready to start your finance technology.

Honesty

A moral compass is another part of the story. Still, this part is quite vital for a fintech startup. Rather than doing a marketing slogan that said you are a credible company, you should create a complicated, yet detailed system for your customer that will make them see you as a credible company. And honesty is one of the keys to it.

Final Thought

Do not forget to understand your field in this financial business. Then develop your mobile app or website as your media to interact with your customer. And keep your credibility and integrity by doing an honest and transparent system for all customers.