The use of fintech apps has increased more than 61% since the pandemic started last year, reveals deVere Group, one of the world’s largest independent financial advisory and fintech organisations.
The jump comes as financial technology apps show further evidence that the way we manage our finances further shifted in light of the coronavirus pandemic.
James Green, deVere Group’s Divisional Manager of Europe, notes: “Pre-coronavirus, we were already in an exciting new era driven by the lightning pace of the digitalisation of our everyday lives.
“But like so many areas of our lives, the pandemic has accelerated this trend.”
He continues: “The jump in usage of fintech apps from existing clients, and a sharp increase in enquiries from potential ones, underscores that people are becoming more tech-savvy than ever.
“Like never before, people are embracing the convenience of immediate, low-cost access to, use and management of their money.”
The deVere CEO and founder, Nigel Green, who has been a long-term advocate of fintech having launched a series of pioneering apps, believes the trend will further increase.
“The financial services sector is currently undergoing, I believe, possibly the most profound transformation in history.
“We’re seeing seismic and far-reaching shifts in client expectations. As the world moves towards an ever-more digitalised and globalised future – which is increasingly influenced by those who’ve grown-up with ‘on-the go’ tech – this phenomenon can only be expected to gain momentum.
“The way we save, invest, use and manage our money has changed forever. We are witnessing a personal finance revolution.”
The CEO goes on to add: “This revolution is a positive force.
“Fintech allows all clients’ personal financial services to be dealt with online and/or on their mobile devices, wherever they choose to be.
“It will speed-up financial inclusion around the world, especially for those who aren’t able to use financial services because of the biases of traditional financial firms.
“In addition, it allows firms within the financial sector the opportunity to diversify, reduce costs, fulfil regulatory requirements and further enhance the client experience.”
Of the year-on-year jump in fintech apps usage, James Green concludes: “Whether the trend in the usage of fintech is a long-term one will be demonstrated as lockdown restrictions are eased around the world and we look ahead to a post-pandemic future.
“I will be surprised if those new users of fintech will ever go back to traditional methods of accessing, using and managing their money.”
Flutterwave Expands Financial Frontier: Acquires Money Transfer Licenses for 13 U.S. States
Africa’s Leading Payments Tech Firm Facilitates Faster, Affordable, and Secure Transfers between the U.S. and Africa
In a significant move towards advancing financial connectivity between Africa and the United States, Flutterwave, Africa’s premier payments technology company, has proudly announced its acquisition of money transfer licenses for 13 key U.S. states.
This strategic expansion aims to expedite, streamline, and secure the transfer of money from the U.S. to Africa and back.
The states covered by the newly acquired licenses include Arizona, Arkansas, Maryland, Michigan, Delaware, Georgia, Maine, Mississippi, Missouri, New Hampshire, Iowa, North Dakota, and South Dakota.
These additions, combined with Flutterwave’s existing partnerships and licenses, now empower the company to serve customers seamlessly across 29 states in the U.S.
Money transfer licenses, issued by state regulators, play a pivotal role in enabling financial technology companies like Flutterwave to engage in the transmission of money.
The acquisition of these licenses fortifies Flutterwave’s commitment to regulatory compliance, safety, and the soundness of its services.
Stephen Cheng, Executive Vice President, Global Expansion and Partnerships at Flutterwave, emphasized the significance of this milestone.
“Getting these licenses expands our regulatory footprint, demonstrates our ability to deliver services with safety and soundness, and fosters trust among regulators, partners, and customers,” stated Cheng.
“We’re growing and are committed to servicing customer needs in as many geographies as possible, particularly with a significant African diaspora.”
Flutterwave’s popular solutions, such as the Send App, are set to benefit greatly from this expansion.
The Send App facilitates easy and secure money transfers between the U.S. and Africa, catering to both individual users and enterprises that rely on Flutterwave for global last-mile payouts.
“Sending money between the U.S. and Africa has been challenging for the African diaspora. These licenses pave the way for Flutterwave to make the Send App available to the African diaspora in the U.S., offering a super user-friendly money remittance experience,” explained Olugbenga Agboola, Founder and CEO at Flutterwave.
“Our mission is to connect Africa to the world and the world to Africa by simplifying payments for endless possibilities. These licenses move us one step closer to our vision, and we will continue to expand this feat to ensure coverage for all states in the U.S. and beyond.”
Flutterwave remains steadfast in its commitment to providing accessible remittance services across the U.S. and has outlined plans for further expansion of licensing coverage in the near future.
This ambitious endeavor reflects the company’s dedication to fostering financial inclusion and creating a seamless financial bridge between continents.
Fintech Company, Grey, Unveils New Look to Support its Global Expansion Strategy
Grey, a leading cross-border fintech company, has embarked on a significant global brand rebranding initiative, revealing a fresh logo and website design.
This strategic move aligns with the company’s dynamic plans to expand its footprint in the global market.
The company’s transformation was unveiled on its social media platforms on Monday, November 27, 2023. Grey aims to leverage this fresh identity to reach a broader audience and solidify its international presence. The updated brand assets visually represent Grey’s commitment to innovation, excellence, and global connectivity.
The rebranding initiative follows closely on the heels of Grey celebrating a milestone achievement of surpassing 500,000 users. The company’s rapid growth and expanding user base have spurred this bold step towards rebranding, symbolizing success and underlining its dedication to remaining at the forefront of global fintech innovation. Furthermore, the previous logo was not usable in some foreign markets due to trademark conflicts with another company.
Idee Obong, The CEO and founder of Grey, shared insights into the rationale behind the rebranding, stating, “As we chart our course toward serving a global audience, we recognized the need for trademarks and related processes. We identified similarities with existing marks during this evaluation, prompting a deliberate rebrand. The new logo and website signify our forward trajectory, emphasizing global connectivity and our commitment to creating a more interconnected world. Our focus remains on being people-centric and cultivating a lasting community.”
Grey’s brand evolution is occurring at a crucial juncture for the fintech industry, which is positioned for significant opportunities despite recent economic uncertainties. The fintech sector has faced challenges in the past year; notwithstanding, Grey has rapidly scaled, adeptly responding to the heightened demand for its services.
The company has also established key partnerships across both B2B and B2C sectors across Africa over the past months, solidifying its reputation as a trusted and reliable cross-border payments company.
Femi Aghedo, Co-founder of Grey, emphasized the strategic timing of the brand evolution, stating, “The timing simply felt right to evolve our brand. Our growth and evolution as a business needed to be reflected tangibly. We are dedicated to ongoing innovation, adapting our services to meet the dynamic needs of our customers. Our core mission is to provide seamless and secure cross-border payment solutions, empowering businesses and individuals in the global economy. We eagerly anticipate the future of fintech and the opportunities it presents for us to impact the industry positively.”
Furthermore, customers can expect a more innovative and interconnected user experience when engaging on their platforms. As Grey ventures into this exciting new chapter, the team remains committed to providing cutting-edge and secure cross-border payment solutions, fostering global connectivity, and contributing to the evolving landscape of the fintech industry.
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