For many of us, the term ‘FinTech’ brings to mind cutting-edge computer programmes and niche apps, designed solely for financial traders and analysts. However, chances are, you’re already using multiple examples of FinTech every single day! If you’ve ever shopped online or paid via PayPal or Apple Pay, then you’re already benefitting from these innovations.

A study published earlier this month by Innovate Finance reported that more than $1.8 billion was invested in UK FinTech in 2017 – a huge 153% increase on the previous year. Join the revolution today, and make sure you’re ahead of the curve by reading our simple guide to FinTech in 2018:

What is FinTech?

FinTech is short for Financial Technology

FinTech refers to any technology specifically designed for a financial purpose, from your everyday online banking apps to bespoke investment platforms and digital currencies, for both retail and commercial users.

Who are the market leaders?

Many FinTech products, such as PayPal, are now a well-established part of our everyday financial management. However, more disruptive innovations such as Bitcoin and the blockchain technology that underpins it are also now becoming household names – a great example of how FinTech is changing the game in 2018.

Who should you look out for in 2018?

As investment into UK FinTech continues to climb, a wealth of exciting new ideas are emerging every week! Ones to watch in 2018 include:

TransferWise, an exchange platform marketed as offering ‘the real exchange rate’, which allows users to send money across borders without the ‘hidden bank charges of up to 5%’.

Kuflink, a property-backed peer-to-peer investment platform offering investors up to 7.2% interest pa gross* with opportunities to get started from just £100. Fully authorised by the FCA.

Monzo, a fully licensed online bank with built-in budgeting software that encourages users to meet their savings goals by identifying how much is being spent in different areas, such as travel and dining out.

Squirrel, an online budgeting app which helps you to save by drip-feeding your chosen budget back in to your account throughout the month, making payday splurges a thing of the past!

This year will undoubtedly be the biggest yet for UK FinTech – even the Mayor of London, Sadiq Khan, has pledged to make 2018 the year ‘we take over from Silicon Valley as the world’s leading tech hub’. If you’re keen to be a part of the UK’s meteoric rise to the top, then now is the perfect time to start researching what FinTech could do for you.

Remember, FinTech isn’t just there to help you manage your money – it could also make you money! Sign up to Kuflink’s bespoke, easy-to-use online investment platform today to earn up to 7.2% interest pa gross! *

*Capital is at risk. Rate correct as of 01/03/2018. It is recommended that you seek independent financial advice.