Why Fintechs gain popularity and how to open a business account with them

Financial technologies are nothing new anymore. Indeed, they are only getting more advanced each year and widely integrated into the daily life of millions of people. Fintechs are not only about fast and simple personal accounts management anymore. In fact, there are different types of financial technologies and they introduce such online services as opening merchant accounts and business accounts, lending, buy now – pay later, etc. 

No wonder that fintech investments are on a rise, especially with so many options to choose from in all corners of the world, which know how to invest and earn money.  

Genome, as a fintech itself, is well-familiar with all the particularities of the modern financial industry. In today’s article, we will talk all about fintech investments and stock, as well as how to open an online business account.

Fintech investments

To start with, let’s take a look at some numbers. Unsurprisingly, worldwide fintech investments dropped by more than one-third compared to 2019 and reached only 121.5 billion US dollars in 2020 because of Covid. However, only within the first half of 2021, this indicator has grown to 98 billion US dollars. 

Secondly, most companies, both in Europe and the USA, shifted to eCommerce during the past few years. To create a prosperous online business and sell goods and services via the website, one will need a business account and a merchant account to accept payments in major world currencies (USD, GBP, EUR, etc). Due to the high demand for such services, more and more neobanks are still appearing with brand-new offers trying to win their place and customers in the financial industry. 

All these factors and changes make the fintech industry one of the most beneficial ones to invest in. Undoubtedly, just like with any other investment, there are risks and challenges worth considering. Therefore, you should do careful research of the industry to earn money from purchased fintech stocks. 

Business account with Genome

No matter whether you run an international online business or just sell your handmade items through the website, you will need a few things to accept and manage online payments. 

Business account	Merchant account
A dedicated bank account for your company. Send and receive payments connected with your company’s business activity	Easy tracking and processing of card payments from customers

Traditional brick-and-mortar banks demand lots of documents for opening such accounts. But it’s not the case with fintechs and can be done within a week online. With Genome, you can open both business and merchant accounts* just in a few clicks. We support different currencies such as EUR, USD, GBP, and others. Moreover, we provide advanced tools in our merchant’s dashboard* for better tracking and optimization of your business performance.

*Please note that Genome’s merchant services have been temporarily unavailable since September 2024.

FAQ

What is Fintech?

The term Fintech stands for financial technology. These are the technologies that take traditional banking and financial operations to a whole new level. In our digital age, technologies enhance and boost almost all processes, and finances are no exception, especially if we’re talking about personal accounts management. In the modern fast-paced world, people do not have time to visit brick-and-mortar banks every time they need to make a financial operation. And this is where Fintechs come in handy with their advanced online banking applications.  

What are examples of FinTech?

Almost every country has its own FinTech company nowadays. Some of them even became international and widely popular in all parts of the world. One of the main benefits of holding a FinTech account is that you can use it in any country. Some of the examples of financial technology companies are N26, Bunq, and Starling bank. 

What are the biggest Fintechs?

Different Fintechs focus on different financial aspects – some of them concentrate on security, some on the best rates for currency exchange, others – on fast international transfers, and so on. Currently, some of the largest financial technology companies are Revolut, Monzo, Monese, Klarna (buy now – pay later service), and Wise. All of these services (except for Klarna) offer both business and personal accounts for users.   

What is Fintech investment?

If you’re looking into investing funds in stocks and earning some money, it’s worth considering big players in the financial industry. Fintech investment is a smart way to increase your income over years. Beware: there are many competitors in each country, which makes a choice even more risky and challenging. You can go for a small but popular local financial technology company or select some large business such as Remitly. Do your investigation first, learn all about current trends on the market, and may your fintech investment be successful!