Check out the development insights of the top 4 fintech startups in 2023

Introduction

The fintech industry is experiencing a surge of growth due to the digital revolution in the finance industry. Fintech development, in particular, has become a trailblazer in the software development industry, causing many to take notice. The radical transformation in the fintech industry has led to fundamental restructuring in their operations. Some key insights reshaping fintech are DeFi & blockchain technology, digital payments, AI/ML, global expansion, open banking & API Integration, Neobanking, and many more. 

All these trending insights are likely to drive innovation and create new opportunities for operation. In this article, let us look at a few successful fintech startups.

Most popular fintech planning and strategies to follow

1) Ensure that your solution is user-friendly and easy to navigate

Creating a successful digital product depends on its simplicity and security. If the product is unique but complex to use, there is a high chance that users will not use it. 

Here are a few tips on how to create simple and engaging digital products and reduce some of the offloading complexities faced:- 

• To create a seamless digital product or app, select an experienced UI/UX designer with expertise in Fintech.
• Prioritizing the core function that addresses customers' main problems.
• Ensure your digital product or app is simple enough so people with limited technical expertise can use it. 

2) Monitor and track your growth 

Mapping out your journey is essential to track growth metrics and KPIs, enabling the identification of external and internal growth and quick problem-solving for stronger success.

3) Direct your attention towards your target audience

Experts often recommend targeting a larger market, but this only holds to ideal customers. Instead of trying to persuade or introduce new features, focus on understanding their needs and effectively meeting them to attract more customers rather than trying to convince them.

4) Explore the complexities of running a business

Launching a product isn't enough for market success; the real work begins once the startup gains momentum. Focusing on critical metrics like MRR, ARR, ARPA, Churn rate, LTV, NPS, CAC, and CSAT is crucial for accelerating the process and ensuring future success.

5) Focus on the acquisition channel that yields the best outcomes

If your business relies heavily on word-of-mouth marketing, expanding your marketing department might not be necessary. Instead, focus on improving communication through the most effective channel for significant growth. Experimenting with new strategies may not yield conversion rates or jeopardize your market position, so prioritize effective communication.

Development insights from leading fintech startups

[Startup 1]: Cardex- Highly Secured Crypto Trading Platform

This Romanian company was interested in developing a platform for trading and investing in cryptocurrencies. They showed keen interest in cryptocurrency and planned to launch their own token. The platform's primary purpose is to allow people to trade and earn by investing in various cryptocurrencies.

Core challenges the startup encountered:-

- Smart trading algorithms

Implementing a real-time trading experience for the user 

- Platform latency 

The key need of the platform is to handle huge traffic

Solution overview:-

-To develop a platform that serves as an alternative to banks 

-Helps people to transfer cryptocurrency 

-Supports taking crypto loans 

-Provides card solutions for trading crypto assets 

-Supports over 400 currencies 

-Highly secured 

-2-step payment verification method

To read the complete case study, 

Click here - Cardex case study

[Startup 2]: Speed- Bitcoin-centric cryptocurrency payment gateway

Speed is a reliable Bitcoin payment processor that is trusted by more than 550 merchants globally. It allows businesses of all sizes to accept Bitcoin payments through both online and offline channels using a mobile Point-of-Sale app, payment links, and QR codes in real-time.

Core challenges the startup encountered:-

 - Security 

To maximize security and prevent fraud, we ensured that all transactions were encrypted

- Compliance

 Ensure the platform complies with global laws and regulations

- Volatility

Swaps refer to a feature that enables users to exchange their cryptocurrency with stablecoins

TechStack used:-

- Frontend- React 

- Backend- Java, Node.js 

- Database- MongoDB Bitcoin lightning- Layer 2, MySql

Solution overview:- 

-A crypto payment solution that manages transactions collects payments, payment links, QRs, and a ready-to-use checkout page.

-Development & deployment of a wallet application to send & receive payments

 To read the complete case study, 

Click here - Speed case study

[Startup 3]: Investii- Finance management application to spike your savings

Investii, Inc. is a financial enterprise that promotes financial literacy and empowers individuals to make informed decisions. They offer services like financial information management, automated savings, and fund management applications. Investii ensures that individuals' financial future is in good hands, ensuring they can make informed decisions.

Core challenges the startup encountered:-

- Lack of Savings

Spread awareness regarding the advantages of savings and investments

-Lack of common platform to link multiple bank accounts

Requirement of an application that provides access to multiple bank accounts

-Lack of technical resources

Demand for developers that could provide technical support to develop the product

TechStack used:- 

- Backend- ReactJs, NodeJs

- Frontend- NextJs

- Database- My SQL

Solution overview:- 

- Creating a product for linking & managing multiple bank accounts

- Providing ease of financial transactions 

- Fosters financial stability

- Allows to gauge expenses, make investments, and increase savings 

- Maximized security & efficiency

To read the complete case study, 

Click here - Investii case study

[Startup 4]: Ajman Bank- Finance And Banking Application

Ajman Bank is an Islamic financial institution listed on the Dubai Financial Market. The bank plans to increase cardholder activities to improve user engagement and loyalty. To achieve this goal, they have developed a reward planning application that will enable users to enjoy the benefits of card ownership and remain bank members, thus enhancing user engagement and loyalty.

Core challenges the startup encountered:-

- Aggregating offers from multiple platforms

- Collecting the data at every transaction to count points

- End to End Security & upto 99% uptime for app

TechStack used:-

-Front-end- Swift/Java

-Back-end- NodeJs

-Database- MySQL

-Server-AWS

Solution overview:- 

- Power credit cardholders to avail of multiple benefits 

- Allowing members with more than 500 offers 

- Setting up point redemption 

- Integration of real-time time tracking of transactions 

- Seamless uptime up to 99%

To read the complete case study, 

Click here - Ajman Bank case study

Conclusion:-

To sum up, the aforementioned fintech startups have succeeded because they have kept up with the latest trends and insights about the fintech industry. They have introduced innovative solutions catering to their target audience, contributing to their success. Fintech is transforming the finance industry by creating new opportunities and challenges. As technology continues to evolve, the fintech landscape will grow globally by introducing innovative solutions and changing how people and businesses handle their finances.

If you have a fintech start-up idea, reach out to OpenXcell's experts for successful app development.