Innovative thinking and the use of technology to offer financial services that contribute to the traditional business model. In this post, we comment on partnership cases between fintech and traditional companies that are delivering great results.
For a fintech, the advantage is the investment from major companies. For traditional companies, such as banks, the benefit is reaching new audiences and delivering specific solutions that they could not offer without the partnership with these startups.
And do you know who is the greatest beneficiary? The consumer themselves, who are seen and served in their needs, through smaller and specialized structures.
We separate five partnership cases between fintech and traditional companies. Check it out immediately!
JP Morgan and fintech companies
In the USA, the holding company JPMorgan Chase & Co, partnered with a couple of fintech called FISpan (a 2016 startup from Vancouver) and Trovata (another 2016 startup from San Diego), who are specialized in API integrations for cash management and other bank product efficiencies.
The partnership will deliver banking capabilities in the client’s own Enterprise Resource Planning (ERP) environments, bringing more convenient solutions to the customers.
Banco Digital Maré, Sicoob and Caixa Econômica Federal
In Brazil, fintech Banco Digital Maré, created in 2016, has the objective of servicing a region lacking bank branches. Located in the North Zone of Rio de Janeiro, known as the Complexo da Maré, this region is composed of 17 communities.
Even those without bank accounts can purchase in local commerce through an application by scanning a QR Code. It is also possible to pay bills and do transfers.
To extend the system to other regions of the country and help more unbanked people, the fintech has partnered with Sicoob (Brazil's Credit Cooperative System) and with Caixa Econômica Federal. You can read more about this partnership in the article below:
Lendico, CBSS and BMG
Lendico is a digital credit-granting fintech, whose partners are Brazilian banks CBSS and BMG. The company's operations began in 2015.
According to information from tLendico, more than 160,000 loan requests have already been made on its website, totaling some R$ 220 million.
Superdigital and Santander
Superdigital was acquired by Santander Bank, in 2016, and has since expanded its customer base in Brazil. At the time of the acquisition, it had around 150,000 users. By 2019, that number had already reached over 1.2 million customers.
The software developed by Superdigital allows the user to do banking transactions as if it were an informal conversation in any application. With a monthly fee program, it's possible to share an account with friends and even arrange online crowdfunding.
WePayOut and exchange banks
WePayOut, a mass payment Brazilian fintech, established in 2018, has the purpose of paying third parties in different ways. It operates in a segment of inbound payments to Brazil that is usually served by large companies and major foreign exchange banks.
It has partnered with several foreign exchange banks to add value to traditional foreign exchange services in mass payments. This includes technology solutions such as API integration, real-time payment status, and bank data validation.
Previously not fully supplied by established players, it now adds value to banks' foreign exchange products and serves foreign companies consuming these services in a more qualified way.
The partnership between fintech and traditional companies is beneficial to all involved. Fintech seeks financial and operational support to expand its business. Traditional companies gain from services designed by third parties that enhance brand recognition, attracting more clients and potential investments.
And the end-user benefits from an ever-increasing number of services that make everyday life easier. With solutions focused on their needs, ranging from credit lines, for those who are unable to provide proof of income, to payment options for locations that do not possess a structure for this purpose.
Do you want to learn how WePayOut developed solutions for a market being served exclusively by traditional companies? Click the link below: