Saving money is undoubtedly a daily concern for many consumers with outstanding debt. As it can be hard for several consumers to save money, a new bunch of startups in the fintech sector has cropped up to provide customers with automated ways to pay their debt and start saving money.
With technology being reachable within a few taps of your fingers, there are numerous options that determine the way you spend and save money. Many of these fintech startups help you save money, which is the ultimate objective for many. And, here we have listed some of these fintech startups in Europe that help you save money effectively.
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MoneyFarm (United Kingdom)
Founders: Giovanni Dapra, Paolo Galvani
Funding: €113 million
Founded year: 2011
Why its hot: MoneyFarm is an independent services provider that offers online financial advisory and execution services in Germany, Italy, and the UK. The company lets users manage their money in an efficient way and provides a unique service in Europe. It provides personal advice on ETFs and trading activity. The company identifies its users’ investor profiles via an online questionnaire provides them one of the 12 varied investment portfolio customised to their profiles.
Emma (United Kingdom)
Founders: Antonio Marino, Edoardo Moreni
Funding: €3.4 million
Founded year: 2018
Why its hot: London-based Emma is a personal finance management app, which is touted to be the best financial friend. The app connects to users’ bank accounts and crypto wallets to help plan the budget, track expenses, and save money. It works with the intention to help users understand how much money they have left to spend till their next payday, track as well as find unnecessary subscriptions and get alerts to avoid going into the bank’s overdraft.
TerraPay (Netherlands)
Founders: Ambar Sur, Ram Sundaram, Aniruddha Sane and Akbar Hussain,
Funding: €16.1 million
Founded year: 2014
Why its hot: TerraPay builds payments infrastructure globally, providing a B2B real time cross border payments service for mobile wallets and bank accounts; as well as transaction processing, clearing and settlement services for regional and domestic faster payment systems. Its best-in-class tech serves as the interoperability engine, which enables its partners’ customers to send and receive real-time transactions across diverse payment instruments, regions, and platforms.
Monzo (United Kingdom)
Founders: Tom Blomfield, Paul Rippon, Gary Dolman, Jonas Huckestein, Jason Bates
Funding: €412 million
Founded year: 2015
Why its hot: London-based Monzo is a digital-only bank platform. Initially founded as Mondo, it was rebranded Monzo later. The company focuses on building the best current account and works with a wide range of service providers. It is widely believed to be an intelligence hub for the financial life of its users.
Plum (United Kingdom)
Founder: Victor Trokoudes
Funding: €9.1 million
Founded year: 2016
Why its hot: Plum is an AI assistant that boosts your bank balance. It analyses users’ income and automatically sets small safe amounts of money aside that can be accessed at any time or invested. It helps you switch your bills for more savings. Security is the prime focus of Plum as it employs bank-grade security and works with the main banks as well as challenger banks such as Revolut.
Lunar Way (Denmark)
Founder: Ken Villum Klausen
Funding: €47.7 million
Founded year: 2015
Why its hot: The Denmark-based fintech startup Lunar Way says that it delivers digital banking for the millennial generation. Lunar’s vision is to build a financial super app bundling all services essential for our users. Today you can save, spend, invest, get loans and insurance under Lunar’s roof. Lunar Way is currently operational in Denmark, Sweden, and Norway. It’s employees are present in all three countries, in its offices in Copenhagen and Aarhus.
Tully (United Kingdom)
Founders: Steve Bradford, Stuart Bungay
Founded year: 2018
Why its hot: Tully exist to help everyone with debts. Tully helps you make the most of your money and turn your plans for the future into reality. First, together it will build your free, accurate budget without any form filling or long phone calls we do everything online. Then, from the budget, it will give you free debt advice and work out a plan to get you where you want to be. A plan that is personal to you and your situation.
Dozens (United Kingdom)
Founder: Aritra Chakravarty
Funding: €4.2 million
Founded year: 2018
Why its hot: Dozens operates with the mission to create a financially-savvy and equitable world by offering digital access to financial literacy. It also brings sophisticated products that are meant for smaller market segments. It helps people manage their finances by offering an all-in-one app that lets customers take a look at their budget, spending, investment and saving in a single platform.
CashCloud (Luxembourg)
Founders: Moritz Hunzinger
Founded year: 2012
Why its hot: CashCloud is an online payment system that is quick, easy to use, and free of charge. It offers similar services offered by the banks, credit card systems and more. The company offers a no-fee service. It could be used in situations when you need a simple and online cash transfer tool.
Essentia Analytics (United Kingdom)
Founder: Clare Flynn Levy
Funding: €3.4 million
Founded year: 2013
Why its hot: Essentia Analytics helps professional investors understand where their skills actually lie, so that they can focus on doing more of what they’re good at and less of what they’re not. Essentia takes the data that a fund management firm is already capturing about individual investment decisions.
Main image picture credits: Monzo
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