Top 5 FinTech Business Banking Apps

Access to financial services has grown to be an all-inclusive venture since the 21st century. Gone are the days when only the affluent had access to banks and banking services. The entry and proliferation of FinTech (Financial Technology) businesses in the last decade have contributed to the success of the financial services industry. Thanks to these companies, people now think about money, credit, and other financial services differently. Before we get ahead of ourselves, let’s understand what FinTech Business Banking is.

Read: What is Fintech Business Banking?

The United Kingdom as a Leader in FinTech Business Banking Solutions

The United Kingdom holds its place as one of the financial strongholds of the world. With strong institutions and policies, the economy under the queen’s jurisdiction has witnessed solid and consistent growth over tens of years. A currency (the Pound sterling) that is highly valued among its international peers and an economy that has held its head above water despite Brexit and the COVID-19 pandemic, the United Kingdom’s financial industry is doing some things right.

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The FinTech industry in the United Kingdom is the middleman between the strong banks and the booming digital economy. In 2019, the strength of FinTech businesses in the UK was put at 11Billion, a value that constitutes about 10% of the global financial technology market. The capital city of London is home to various FinTech Business banking services and is ranked the second amongst the world’s financial centers, just after New York City.

With more people using contactless payments and adopting digital applications as payment methods, the UK is a leader in FinTech services. Despite the already gargantuan strides made by digital banking services and FinTech companies in the United Kingdom, they do not seem to be resting on their laurels. They aim to increase their market share in years to come, leaving room for ‘disruptive innovative discoveries’ to help cement their place as the best location for FinTech solutions worldwide.

Key Features to look out for when Selecting a Fintech Business Banking Application

Before deciding that a FinTech Business banking app is right for you, or your business, they must check the following boxes. Below are the features of an ideal FinTech business banking company;

• They must be fully digital, harnessing the latest financial technological approaches to serve their clients. A good FinTech bank must have redesigned its processes, removing the logs that affect the traditional banks, and focusing on the benefits of the customer. Simply said, your FinTech partner should have simplified all its processes, making no room for you to ‘miss’ your regular bank.
• An ideal FinTech banking service should be accessible across multiple channels. Connectivity and access are major key factors in the use of digital products worldwide. Your FinTech business bank must be reachable across a variety of digital devices, without compromising the quality of the service. Mobile and Web applications must be compatible, responsive, and free of any lags.
• A suitable FinTech bank should assure the safety and privacy of its consumers. Banking requires inputting some sensitive information and data that must be leak-proof and safe at all times. An ideal FinTech bank should have spy-proof, anti-leak, and malware-protected sites and applications for the rendering of their services. As a customer, you have the right to know the level of encryption used by the company and then decide whether or not to use them.
• A good FinTech bank should act under stipulated regulations. Even though FinTechs entered the market with the mission to ‘disrupt’, they still require regulatory and legal control. Various countries and regions have regulatory bodies responsible for the control and guidance of these companies. All of this is to maintain order and ensure compliance with global financial standards. Hence, it is a red flag when your FinTech Business provider is without a regulatory license or approvals to do business in your region.
• A good FinTech banking application must be cost-effective. Yes, the cost is always important. We know that to maximize revenue, businesses must reduce overhead costs. Various FinTech banking services offer various costs concerning their services or the quality of the services they think they render. If the business already ticks all the boxes above, the cost of the service must match the quality. Cost can also be factored into the flexibility of the plans. The minimum duration for commitment or subscription to the service is important, and as a business or individual, your needs must guide how much you’re willing to pay.

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Best Five FinTech Business Banking Applications

After checking the features of the Business banking applications you should be using, we have gone a step further to assess them against all these parameters. The top five from our assessment are outlined below;

HSBC Kinetic Business Bank Account – Intersection between traditional and modern

With a long-standing history of operating bank accounts across various countries in Europe and America, HSBC’s Kinetic Business account has solid backing. Their offering is said to be free for a year, after which a flat rate of €8.00 is to be paid monthly. The account allows the connection of external businesses for control, as there is no internal dashboard system. HSBC’s Kinetic business account has no limits on turnovers and credit facilities are available on application. The account gives the business an opportunity to get a credit card. However, this comes with an Annual Percentage Rate (APR) of 15.9%.

HSBC Kinetic Business Bank Account

Fair Everywhere Business Account – Mobile Access

Making this list as one of the native FinTech business accounts, Fair Everywhere boasts in their fair service costs. The account affords holders free international transfers, percentage cash back on transactions, and direct debits. Fair Everywhere has a mobile app, which allows access to its services. The FinTech bank does not require any credit checks to sign up and does not offer any credit facilities to businesses. Subscription costs €15.00 per month and the Business CEO must be older than 18 years.

Fair Everywhere Business Account

Card One Money – Unlimited Turnover

Card One boasts of an ‘almost instant’ account opening for its clients. Promising that within 4 hours of registration, the accounts are up and running to full functionality. They receive payments in cash and cheques and provide an International Bank Account Number (IBAN) for international payments. To register with Card One Money, they require that none of the company’s directors has a history of bankruptcy. There are no limits to annual turnover, but they do not offer credit facilities for their clients. Card One Money charges a one-time €65.00 for application and €15.00 per month.

Card One Money

Revolut Business Account – Best for APIs

Touted as one of the popular FinTech Business banks in Europe, Revolut provides basic financial services for businesses under their umbrella. They provide foreign exchanges (limited according to their plans), 24/7 customer support, international payments, and Business Application Programming Interfaces (API) for account holders. Bulk purchases come with some extra cost and there are currently no loans, overdrafts, invoicing, and payroll management tools. Revolut offers a highly limited free plan and their priced plans start from €30.00 and can go as high as €300.00 per month.

Revolut Business Account

CreditBLU.com Business Payment Account – The best-fit for Business Owners

CreditBLU.com prides itself as the most pocket-friendly of this bunch. Offering world-class financial services, and flexible subscription plans for its customers. They provide accounts for business, personal, and non-private entities. Accounts are opened in no time for their customers that allow them to receive payments from anywhere across the globe. This FinTech platform allows customers to have various accounts for as many currencies they want to use.

For businesses, CreditBLU.com provides short and long-term loans to help startups grow and scale. They also have over 10 renowned payment methods enabled for revenue receipt. Customers are given a financial dashboard to automate payments, generate reports and perform other calculations as their business may require. CreditBLU.com also allows currency exchange on their platform, assuring customer safety and privacy. They are regulated by the United Kingdom Financial Conduct Authority, showing compliance to global financial standards.

CreditBLU.com Business Payment Account