Millennials have been called a generation of tech-savvy consumers who don’t want to buy things but to have services delivered to them. And while there are plenty of examples of brick-and-mortar businesses who have discovered and embraced the power of providing their offerings as a service, not as a product, the financial technology (fintech) industry is one of the best examples of a domain where the delivery of financial services has been transformed by technology. The industry has seen a surge in new players who are applying new technologies to offer their services in a radically different way. They are referred to as fintech marketplaces, and they’re a great way for millennials to get started in the financial technology space.
In this article, we take a look at the 5 best fintech marketplaces for millennials. We compare them based on factors such as fees, user reviews, and ease of use.
YOOX is a marketplace that offers everything from fashion to cars and housewares. The website was founded in 2000, and it launched its mobile app in 2016. YOOX has a 4.3-star rating on Google Playstore with over 1,000 reviews.
Robinhood is a fintech marketplace that offers a commission-free trading experience for stocks, options, ETFs, and cryptocurrencies. It’s a mobile application that is available for iOS and Android. With this app, you can trade on the free market or with an investment advisor. This company is one of the most popular platforms in the fintech space.
Funding Circle is a fintech marketplace that connects lenders, investors, and small businesses. It operates on a peer-to-peer basis, meaning it doesn’t take any fees from the loans they offer. Additionally, it provides lenders with the opportunity to get their money back if borrowers default on their loan repayments.
Nerdwallet is one of the best fintech marketplaces for millennials due to its low fees, easy-to-use interface, and comprehensive list of available services. It also has a great mobile app that allows users to manage their finances from their smartphones anytime and anywhere.
A digital wallet that allows users to store, spend and send digital currencies such as bitcoin, ethereum, or litecoin. This is a good marketplace for millennials who are new to investing in digital currencies.
RateHub is a great fintech marketplace for millennials. The platform offers an online tool to help users save money by negotiating with their contractors and getting the best deals possible. It also has an online app that allows users to pay bills and track spending, as well as a mobile app that tracks spending through mobile purchases. RateHub also has a very large network of contractors who are looking for work, which is perfect for millennials who don’t have the time to search for the right contractor themselves.
One of the best fintech marketplaces for millennials is robo-adviser, which offers automated financial advice services. This marketplace has the most reviews with a 4.7-star rating out of 5 stars.
It’s not surprising that this marketplace is so highly rated because its services are actually automated and delivered via email. The automated nature of robo-adviser means you can get your financial questions answered quickly and easily without the need for any phone calls or in-person meetings.
The fees are low, too– only 0.25% per annum on all investments, including equities and bonds.
Millennials are at the forefront of the financial technology movement, with a range of startups focused on providing millennials with new ways to manage their money. One example is YOOX, a marketplace where you can buy clothing, shoes, and accessories at up to 70% off retail prices through one-day flash sales. Another example is Robinhood, a free app that lets you trade stocks for free. This allows millennials to invest their small savings for the first time. A new company, Funding Circle, is a lending platform that enables investors to lend to businesses in need at low rates. The best part about the many financial technology options out there is that they are all designed for millennials. If you’re looking for ways to save money and invest, check out these five new financial technology marketplaces for millennials and get your new financial life started!