Brexit: financial services Contents

Appendix 5: Examples of FinTech services

FinTech is by nature an innovative industry and the types of services provided by companies described as ‘FinTech’ will inevitably evolve. Any service currently offered by the traditional financial services industry could in theory be offered by a FinTech company. The following is a non-exhaustive list of some of the major services currently offered by FinTech companies.

Peer to peer lending

Peer to peer websites bring individual borrowers and lenders together, bypassing traditional banks.


Crowdfunding is a way of raising finance by asking a large number of people for a relatively small sum of money each. The internet enables start-up companies or other ventures to reach a wide range of potential investors. Investors may receive a financial return, such as a share of equity, another type of reward, or nothing at all if they have invested purely because they believe in a certain cause.

Money transfer

A company such as TransferWise operates a peer to peer money transfer service by matching people wishing to transfer funds from one country to another with counterparts wishing to do the opposite. Rather than transferring funds directly from one country to another the service transfers funds from a sender in one country to the recipient of an equivalent transfer going in the opposite direction. A corresponding transfer takes place in the other country.


FinTech companies provide alternatives to banks or credit cards for those wishing to make online payments.

Robo advice

These are online investment services that asses a user’s risk profile and match it with suitable investments. The investments are thereafter managed by algorithms.

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