As of 2022, the world population had a growth rate of around 0.84% per year. Although this is down from 1.05% in 2020, the world population continues to grow. With growth, it is inevitable that more and more people decide to move from one country to another. This can be daunting and organizing your finances when moving is probably something most people have very high on their to-do list. This article takes a look at some of the FinTechs that make the financial lives of migrants much easier.
London-based Atlantic Money was founded in 2021 by Neeraj Baid and Patrick Kavanagh. The remittance FinTech enables users to send money abroad ‘always at the live exchange rate for just a flat £3 fee. All the way up to £1 million’. To date, the seed-funded company has raised $7.5 million.
This FinTech probably needs no introduction. Revolut (by far) is Europe’s biggest digital bank having recently surpassed the 25 million customer mark. The London headquartered neobank was founded back in 2015 by Nikolay Storonsky and Vlad Yatsenko. The challenger bank has raised a total of $1.7 billion and is supported in over 200 countries and regions. With regular new product rollouts, Revolut is well on track to becoming Europe’s first ‘superapp’.
Here comes another London-based FinTech with London seeming to be the hot ‘tech spot’. Monese was founded in 2013 by Norris Koppel and enables people to open a bank account with no proof of address, no credit checks, and no extra documents required to join. The digital bank enables users to open a bank account with only a photo ID and a selfie. If you live in any of the 30 countries in the European Economic Area or the UK, Monese could be a good option for you. Having raised a total of $205.4 million in funding, there definitely seems to be a demand for their product offering.
Kadmos is a payment solution that revolutionizes salary payments for migrant workers. Founded by Justus Schmueser and Sasha Makarovych in 2021, Kadmos is an end-to-end salary payments platform that powers secure payments to employees across the globe. The company aspires to service all companies employing cross-border employees, in shipping and far beyond. “We believe that being paid internationally should be as easy as being paid domestically”. The Berlin-based FinTech is Series A funded and has raised a total of $39.4 million.
The London-based FinTech operates with the slogan – “Credit that moves with you”. The Pre-seed funded company was founded in 2021 by Ashutosh Bhatt and Adam Lewis and has raised a total of $16.9 million in funding. Pillar offers customers credit cards and international credit scoring giving them the opportunity to unlock unsecured credit around the globe.
Wise much like Revolut is a FinTech that probably needs no introduction. The remittance FinTech is a titan in the international money transfer space and for many the preferred option when transferring money abroad. The London-headquartered company also offers its users multi-currency accounts which enable customers to hold different currencies in one account. Founded in 2011 by Kristo Kaarmann and Taavet Hinrikus, Wise has raised a total of $1.7 billion and is listed on the London Stock Exchange.
Your Partner in Growth
As the world population continues to grow and people move from one country to another, the demand for FinTechs supporting migrants increases. As demand increases, so does the need for talent to facilitate this. At Storm2 we have specialized in connecting FinTech talent with disruptive players such as yourself. We can assist in any stage of your growth by connecting you with the right people. Please don’t hesitate to get in touch and we would be more than happy to see how we can help and support you in your journey and with your recruitment needs.