It’s no secret that choosing the right FinTech software vendors is an increasingly confusing task. There are hundreds of different solutions out
there. For a startup bank or other financial company, it can seem impossible to
figure out what software you need, without overspending.
To make it easier, we’ve assembled a list of 6
of the most notable service providers for small and digital banks and fintechs.
These companies have proven track records, solid off-the-shelf products, and
experience in developing custom solutions.
Any search for the perfect fintech software
developer would do well to start here.
1- Coriunder
Area of Focus: Backend for Ecommerce and FinTech startups.
Web: https://coriunder.com/
Although it started life as a payment gateway,
Coriunder’s product has developed into a complete customer relationship
management system.
Using Coriunder, startups can manage their
customers, vendors, and financial partners with one convenient interface. Their
back-end payments infrastructure incorporates a robust affiliate system,
tracking leads, conversions, and payouts via multiple marketing channels.
Coriunder operates under a SaaS model,
charging a continuing subscription fee for the use and support of its software.
The company offers several subscription tiers to suit clients of any size,
including a free plan.
Entrepreneurs looking to leverage Coriunder or
any existing package should note that only the top tier subscription plan
offers a white label service. The less expensive plans will expose end-users to
the Coriunder brand, which may be less than ideal for some businesses.
All in all, Coriunder is an excellent way to for most FinTechs or Ecommerce stores to get off the ground. It’s polished and easy to use and plays well with other popular business solutions, including some others on this list.
Pros:
- Easy to use,
polished interface - Complete
back-office solution - Free plan
good for lean startups
Cons:
- May lack
flexibility - Lower tier
plans do not offer white labeling
2- Drivewealth
Area of
Focus: Brokerage platform with APIs and tools for
wealth management.
Web: https://drivewealth.com/
DriveWealth is a US-based company that serves wealth managers and investment brokers across the world, as well as the FinTechs that develop their technology.
Using DriveWealth’s APIs, developers can
easily create full-featured backend solutions to handle everything from
customer onboarding to day-to-day trades.
The APIs are focused primarily on trading on
the US stock market, with a promise of “democratizing the US securities
markets.” A product built on DriveWealth’s platform can accept funds in any
currency and from a variety of funding sources, including wire transfers, ACH,
or services like TransferWise.
DriveWealth automatically handles currency
conversions and fractional share allocations, allowing for investments of any
dollar amount to diversify over multiple stocks. Even a small deposit can buy
multiple securities, regardless of their share prices, by investing in partial
shares.
For developers, DriveWealth is appealing for
its robust API stack that can be easily integrated into mobile applications,
web-based services, or custom back-end solutions. The platform offers
Salesforce integration and a special API set for regulated entities.
DriveWealth will even provide a custom,
white-labeled front-end for an additional fee.
For brokerages with the resources to hire
developers, this is an excellent way to hit the ground running.
Pros:
- Robust APIs
to suit any brokerage or wealth management needs - The advanced
engine offers flexibility in funding and investments - Built-in
Salesforce integration
Cons:
- Strict focus
on US stock market - Not an
off-the-shelf solution; requires developers to implement
3- Metryus
Area of
Focus: Customized front- and back-end solutions for
fintech startups.
Web: https://metryus.com/
Compared to other companies on this list,
Metryus has a much broader offering. The company maintains several off-the-shelf
products.
Cavu, for example, is a white-label mobile
banking app that can be rebranded and quickly adjusted for use by any bank.
The firm’s real strength, though, is in custom development and integration. Metryus has found remarkable success in uniting multiple APIs and service providers, developing custom solutions to serve digital banks, FinTechs, and other SMBs in the financial sector.
One of their strengths is in UX/UI design, and
their clients are typically pleased by the polished experience a Metryus
project can offer.
In essence, partnering with Metryus means taking on a fully outsourced FinTech software development team. The company offers a wide range of services to help get a new business off the ground, ranging from business consultations to mobile app development.
Pros:
- Fully-staffed
development house can handle a wide variety of projects - Highly
experienced in UI/UX design and platform integration - Low cost
compared to competitors in Europe or the US.
Cons:
- May be
overkill for a company looking for a simple off-the-shelf solution with no
customization - Clients
should enter a relationship with a clear vision of their business goals
4-Wirecard
Area of
Focus: Payments processing.
Web: https://www.wirecard.com/
One of the largest providers of payment
processing solutions in the world, Wirecard AG boasts over 34,000 customers and
is publicly traded on the Frankfurt Stock Exchange.
Any FinTech software developer would do well to explore Wirecard’s offerings. Their options for payment processing are vast, covering everything from credit cards to Apple Pay. Available products include solutions for retail POS terminals and mobile card readers, as well as a variety of online platforms.
Wirecard even operates its own bank. The
Wirecard Bank is based in Germany and issues credit cards across the entire
European Union. The company also offers risk management solutions,
consultations, development, and testing services.
Of course, all of this comes at a cost.
Wirecard is well-positioned to serve the enterprise market, but their
development services in particular may be out of reach for new startups.
Pros:
- A very large,
well-established provider with a very broad product offering - Stellar
reputation with tens of thousands of satisfied customers - Seamless
integration with POS terminals, mobile payments, and multiple payment gateways
Cons:
- Costly for
startups and SMBs - Primarily
geared towards the European market
5- Tink
Area of
Focus: APIs for personal financial management and
account data aggregation.
Web: https://tink.com/
Founded in Sweden in 2012, Tink today offers
multiple APIs serving challenger banks across the world. Using Tink’s
technology, developers and their clients can quickly and easily handle
payments, accounting, and other banking functions.
The company also offers robust analytics for
business development, helping banks understand their clients’ usage habits. A
wide variety of data is collected from user accounts, all of which can be used
in aggregate to help optimize a bank’s services, features, and UX design.
Like other popular API suites, Tink is run
under a SaaS model. They offer a free plan that is suitable for very new or
very small businesses and scale up to custom-built, custom-priced Enterprise
solutions for their largest clients.
Pros:
- Powerful analytics
- A tight focus
on banking features means a strong offering for the right client - Offers a free
plan
Cons:
- No
off-the-shelf product; requires development resources to implement - Paid plans
are pricey
6 ApPello
Area of
Focus: Loans, cash handling, and core banking
operations.
Web: https://appello.eu/
ApPello, rather than specializing in custom
development, offers a small but effective suite of off-the-shelf products for
small and digital-only banks.
Like many fintech software companies, ApPello
places a strong focus on the latest trending digital features. Their loan
processing engine, for example, can accept applications via web, mobile app, or
even chatbot. The software offers a complete solution for loans, taking the
bank and end-user through the entire process of proposal, underwriting, and
contracting.
For banks with brick-and-mortar locations,
ApPello’s Cash Optimization software is effective for managing and predicting
the movement of cash within a system of branches and ATMs. Optimizing the
distribution of cash among these locations is a large concern for banks, and
Cash Optimization is proven to help reduce costs.
Finally, the company’s Smart Banking System is
a highly configurable core banking solution. It can serve as the back-end for
nearly any smaller bank, facilitating accounting for daily transactions, from
the individual account level up to partner financial institutions.
ApPello’s suite is small but polished and is
well worth a look for challenger banks looking for an off-the-shelf solution.
Pros:
- Easy to use,
easy to implement off-the-shelf software - Offers
customization and development on a case-by-case basis - Strong focus
on cutting-edge features and technology
Cons:
- Product suite
is limited in scope - Geared mainly
for small banks, particularly ones with brick-and-mortar locations
Choosing the Right Partner
Finding the right FinTech software vendors is a matter of understanding your own business requirements and goals.
If you just can’t seem to find the right
off-the-shelf solution, then a custom-developed or custom-integrated platform
might be your best bet.
Many of the companies listed here will be
happy to work with you to craft the right software for your business model,
either by integrating existing pieces or creating something entirely new.
