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Financial Services top picks: Personalized offerings disrupt the traditional status quo

In the past two editions, the framework has identified the most promising startups in emerging industries, equipping innovators with the knowledge to identify the best companies before they reach product maturity.
For the 2024 cohort, we focus on identifying the top 20 startups in specific industries. The following is an excerpt of one report from a series of sector-specific reports covering Top Picks for 2024. It focuses on industries across sub-sectors such as FinTech: Banking & Infrastructure, Wealth Tech & Sustainable Finance, InsurTech, FinTech: Blockchains, and FinTech: Payments.

Key takeaways

  • Neobanks are looking for their niche amidst a highly competitive landscape. Companies are targeting underbanked segments with curated products to quickly capture market share and turn profitable. Startups such as Karat Financial are aiming for content creators, while Charlie focuses on the growing senior population in the US.
  • Global expansion was a priority, with multiple companies announcing plans for international expansion, either through strategic partnerships or obtaining licenses. For example, Navro secured an electronic money institution (EMI) license in the UK and Ireland, which enables it to offer payment processing services to businesses across multiple markets. Meanwhile, PopID partnered with SunCash to expand into the Bahamas, and Gr4vy expanded its partnership with Woolworths to move into Australia and the wider APAC region.
  • Expansion into complementary offerings was a natural progression for financial services startups,as these companies continued to expand their product portfolios to diversify revenue streams. Notable product launches included Ondo Finance's tokenized fund for investing in government assets and OpenEnvoy's AI model to streamline clerical work and combat invoicing fraud

SPEEDA Edge top picks for 2024

TopPicks_FS_Logos
Source: SPEEDA Edge

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