3 FinTech entrepreneurs to follow
In celebration of World Entrepreneur Day, Eliga shares some of the most exciting FinTech companies listed on the Level 39 website. Based in Canary Wharf, Level 39 is an innovative tech community, which is changing the industry.
This week, we look at three companies, grabbing headlines for their founders' innovative, inclusive and game-changing ideas:
1. Elfin Market
Set up by Mansour Bouzaiz and Lakshithe Wagalath in August 2016, Elfin Market claims the title of the world’s first peer-to-peer lending platform.
Meet the Co-Founders:
Mansour Bouzaiz and Lakshithe Wagalath are the driving force behind Elfin Market.
Co-founder and CEO, Mansour previously worked at Goldman Sachs, where he designed pricing models for different financial products This experience would prove useful in creating less expensive, basic products like loans or 'revolving credit'. This vision of a new model of credit inspired him to hand in his notice and put his suits and ties in storage. Since then, he's never looked back!
Co-founder and COO, Lakshithek held various positions at IESEG School of Management, Paris prior to co-founding Elfin Market. Like Mansour, he was astonished by the ‘inefficiency and costs of financial services’. This inspired him to help build a new generation of financial services.
Why Elfin Market is making headlines…
Elfin Market aims to disrupt the credit card market by making ‘credit cheaper, fairer and easier to understand.’ The co-founders didn’t always like what they saw, after spending years working in the world of big banking. Elfin Market asks why corporate companies get huge credit breaks while the average B2C customer pays ‘extortionate interest rates’.
The company is dedicated to saving people money. Borrowers receive a line of credit, which they can use as often as they want with the same flexibility as a credit card. However, unlike a credit card, this flexibility is affordable. For lenders, it offers a user-friendly investment opportunity.
- In February 2020, Elfin Market reached its £400,000 target in just over 24 hours in a crowdfunding effort launched on Seedrs.
- With its promise of no hidden fees, it offers a 5.8 per cent representative APR on its flexible credit (depending on the borrower’s credit score and financial circumstance). This makes it cheaper than 75 per cent of credit cards.
- The company received FCA authorisation in 2019.
Set up by Ronen Assia, Yoni Assia and David Ring in 2006, eToro is an Israeli, global social trading and multi-asset brokerage company that focuses on providing financial and copy trading services to its millions of users. By opening the markets to everyone, the company encourages people to connect and discuss trade, invest, learn and share knowledge.
Meet the brothers
Brothers, Ronen Assia and Yoni Assia remain the biggest names behind eToro.
Founder and CEO, Yoni's interest in finance and computer science started young. It was no surprise when he merged his passions to build the world’s leading social trading platform. He’s a member of the YPO and is recognised as a top FinTech influencer.
Co-Founder and Executive Director, Roen's background in Industrial Design and Product Design, perfectly complements his brother's experience. Roen earned a Masters in Product Design from the Royal College of Art in London. For more than two decades, he has created products that perform, merging technology and design. He currently oversees products and engineering at eToro.
Why eToro is making headlines…
Since 2020, the financial crisis changed how people invest, pushing more young investors to become some of the biggest players in the stock market. The general public’s volume of trading rose from 10-15% to over 20%. With 5 million new users, the company now has more than 17 million registered customers.
- In 2018, the company was valued at $800 million.
- According to C Tech by Calcalist, it was valued at $2.5 billion last year.
- The company employs over 1,100 people, 700 of which are based in Israel. It also plans to recruit hundreds of additional employees in 2021.
3. Green Wallet
Green Wallet started off as an eCommerce payments gateway, before shifting to a green platform, connecting conscious customers and merchants. The premise is simple, consumers can vote with their wallets to build the future they want to see. Until now, there’s been no single green platform for customers to exercise their collective power.
Meet the founder
Founder and CEO, Bashir Khairy set up Green Wallet with the idea that a conscious wallet is powerful. By casting votes with their wallets, consumers exercise their ‘true socio-economic power and create a voice for a community built on a more sustainable and greener future. This doesn’t come as a surprise given that he is a ‘proud father of two’, who puts his children’s future at the forefront of his strategy. Outside work, he loves to spend as much time with his children as possible.
As a self-proclaimed ‘technology enthusiast’, he believes that tech must not just stand for progress, but also for the greater good. Prior to Green Wallet, Bashir founded Envision and Spiralpay, and worked as CEO of Sultan Group. He also worked at the UN as High Commissioner for refugees in Afghanistan.
Read his article here.
Why Green Wallet is making headlines…
The company is planning to launch biodegradable debit cards, helping its customers to invest in impact projects, meet their green goals and bank ethically. Additionally, the company plants a tree with every transaction. By purchasing green coins on Green Wallet, customers can spend on retailers’ sustainable products and help support environmental projects.
- There’s a waiting list for its debit cards, which will offer carbon footprint tracking and more…
- By checking the Green Wallet app, customers can see the positive impact that they and the Green Wallet community are creating together with its partner Eden Projects.
- Customers earn one Green Coin for every £1 spent in Green Wallet, so they can earn to help pay for the next sustainable purchase.
Got a game-changing idea?
If you would like to explore innovation or how we can support entrepreneurial businesses, then please do get in touch. Eliga Services has the knowledge, product, team and experience to transform your ideas.