Delving into the wide world of startups is always an experience, as the possibilities are quite literally endless, since it is by nature an environment that breeds innovation.
These three startups are all unique in their own special ways, beginning with an app for personalized — and free — financial advice, followed by an online modern banking app for small businesses, and an AI that automatically pays your credit bill so you “become debt free as fast as possible.”
If you’re focused on financial health but like free stuff — best when combined in my opinion — you should probably take a look at Albert. A startup that freely dispenses sage financial wisdom in app form, Albert prompts users to connect all of their bank accounts to its mobile platform. This connection enables the app to take a holistic look at the state of your finances, before then suggesting actionable enhancements for financial well being — such as the best way to repay your credit card debt.
Users can then act on the app’s recommendation right from its platform—you can even use it to get insurance with a thumb print, according to the company’s page.
Founded in 2014 by two former members of the consumer banking startup Simple, Seed focuses on the banking needs of small business owners. The company combines a community bank service model with the latest technology, so business founders and owners can actually use the time in their day to run their business — instead of worrying about their banking. Available for mobile devices or through the web, the startup charges a flat monthly fee for its use. Its platform integrates with the other services or apps one might use to run a business, making banking nearly autonomous. Nearly.
For truly autonomous banking, you should take a look at Sweep. For many, setting up automatic payments towards credit card or other debt is a good first step towards a healthier financial future. Carry that a step forward and you get Sweep, a service that uses AI to determine the most efficient way to pay your bills—and then, actually pays them without needing your input.
Sweep also uses what it terms “micro-savings,” where the AI takes a minuscule amount of money from your accounts — linked to the service in much the same way as you would link them to Albert, though with Sweep you are trusting your money solely to the calculations of the AI — and puts into your savings. This saves users at least 20%, according to the company’s site, and as the AI never misses a payment. The service has the added benefit of raising your credit score, Sweep says.
To learn more about fintech startups, join us at Bank Innovation Israel in November. Register here.
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