We’ve been obsessed with new fintech products since before the term was invented. This constantly updated article tracks the biggest and most important new products released worldwide by financial technology companies, along with banks, credit unions, investment advisors, insurance companies, credit card issuers and payment providers. We’ll also link to important demos, podcasts and YouTube videos. And since we can’t resist a good metric, vanity or otherwise, we’ll include customer, dollar or other significant milestones. However, we’ll refrain from listing funding rounds since they are covered widely online.
Most important launches in March:
- 26 Mar: Robinhood rebrands and relaunches X1 credit card | Credit Cards | USA
Robinhood launched a Gold Card, challenging Apple Card with features like cash-back that can be invested, no annual or foreign transaction fees, family member cards, virtual card creation, and a new app. It’s exclusive to Robinhood Gold members and includes numberless physical cards for security. - 21 Mar: USA DOJ pressures Apple to allow third-party financial apps access to the NFC chip for payments | Credit/Debit Cards | USA
The United States DOJ accuses Apple of stifling competition and innovation in payment services, alleging monopoly control over tap-to-pay transactions on iPhones. The case highlights Apple’s strategic position in digital wallets and its impact on the financial ecosystem. - 15 Mar: FirstBank taps High Circle and IntraFI to offer $125M FDIC protection to HNW clients | Investing/Deposits | USA
FirstBank partnered with High Circle to offer banking solutions for the very wealthy. The collaboration leverages Banking-as-a-Service technology from Treasury Prime to embed bank accounts and payment systems within High Circle’s platform. Customers link their existing bank accounts to distribute funds across FDIC-insured partner banks for up to $125 million in FDIC insurance. - 14 Mar: Rundown of banks and credit unions offering tax-advantaged Health Savings Accounts (HSA) | Investing/Deposits | USA |
Health Savings Accounts (HSAs) are a popular tax-advantaged way to save for healthcare costs in the United States. Banks and credit unions offer HSAs attempting to tap into market growth and help consumers save on healthcare. Financial institutions should consider HSAs to attract customers, enhance loyalty, and expand their financial product offerings, grow deposits and earn fee revenue
- 7 Mar:MoneyLion launches $10/mo premium subscription with cashback and other perks | Banking | Consumer
MoneyLion introduced a premium subscription and AI-powered search to its financial management platform. These additions aim to support customer growth, enhance user engagement, and improve financial decision-making. The premium service, MoneyLion WOW, costs $9.99 per month.
- 4 Mar: CFPB caps late fees at $8, 75% lower than current $32 average | Credit cards | USA | Consumer
The Consumer Financial Protection Bureau (CFPB) finalized a rule reducing credit card late fees from $32 to $8, targeting excessive charges by large issuers. This change is expected to save American families over $10 billion annually, affecting over 45 million people. The rule also stops automatic inflation adjustments for late fees and mandates issuers to justify any higher charges. - 4 Mar: Neobank Chime adds cash-back cards powered by Upside | Debit/Credit cards | USA | Consumer
Chime launched a cash-back feature in partnership with Upside for their debit and credit cards, called Chime Deals. This feature offers fee-free cash-back on everyday purchases like gas and groceries at over 30,000 locations. Members can activate deals through the Chime app and receive cash-back directly into their Chime checking account within ten days. - 1 Mar: Sibstar attracts $150k for dementia-friendly spend management from UK’s Dragons Den | PFM | Consumer | UK
Jayne Sibley developed Sibstar, a debit card and app designed for people with dementia, after receiving £125K from Dragons’ Den. Sibstar helps users manage spending and promotes financial safety and independence, inspired by Sibley’s personal caregiving experience
Spotlight Demo
Chimney | Founded 2020 | NYC | Tools for engaging with homeowners | Best of Show winner | Finovate | Sept 2023
Why it won:
- 🏠 Home Value Content: Zillow’s popularity proves that home value information is popular
- 💻 Digital Engagement: Chimney integrates home value and home equity within online banking enhancing user engagement.
- 📈 Revenue Opportunities: Financial institutions can generate revenue by providing personalized loan and deposit offers
- 📊 Property Data: Access to property data accelerates loan approvals and enhances the banking experience.
- 💌 Automated Notifications: Regular updates on home value and equity can keep homeowners engaged and informed.
Table: The Best Fintech Product Launches of 2024 (so far)
Source: FintechLabs, 4 Apr 2024
Previous featured launches:
- 26 Feb: Intuit launches new Quickbooks version for “Solopreneurs” | Accounting | Small Business
Intuit unveiled QuickBooks Solopreneur to simplify financial and tax management. It offers financial insights, trackable goals, and categorizes transactions, tailored for individuals managing one-person businesses. It is currently available online in the United States and is compatible with iOS and Android through the QuickBooks mobile app. - 22 Feb: TD Bank launches mobile payment processing for SMB merchants (Press release) | Payments processing | SMB | USA
TD Bank launched “Tap to Pay on iPhone” for small and micro businesses in the U.S., allowing them to accept all types of in-person, contactless payments directly through their iPhone, eliminating the need for additional POS hardware. This solution supports business flexibility and customer payment preferences, aiming to enhance the small and micro-business POS experience and support local economies. - 20 Feb – Press release: Bellwether Community CU launches comprehensive cashback program | Rewards | USA | Prizeout
Prizeout launched CashBack+, a suite of cash-back products for credit unions. Members can earn instant cash back from purchases, enhancing non-interest income for credit unions by up to 3% per transaction. The program integrates seamlessly with credit unions’ systems, offers cash back from over 450 national and thousands of local brands, and serves as a risk-free customer acquisition tool for brands. It’s aimed at helping credit unions compete with larger banks and benefit their members financially. It is in production at Bellwether Community Credit Union. - 20 Feb – FintechNews: PostFinance launches crypto exchange | Crypto | Consumer | Switzerland
PostFinance is launching a new cryptocurrency service on 21 Feb 2024, allowing customers to buy and securely store 11 types of cryptocurrencies and set up crypto savings plans. This initiative, a first for a systemically important bank in Switzerland, aims to democratize the crypto market with user-friendly, transparent offerings and a low entry threshold of 50 USD. It represents a significant milestone for PostFinance and its partnership with the FINMA-regulated crypto bank, Sygnum - 17 Jan 2024
Tandem | PFM | Spend Management
Tandem is a fintech app for couples to jointly and individually manage finances, addressing financial co-management without requiring joint accounts. Launched in August 2023, it offers financial planning, saving, and spending tools to automate and streamline financial tasks for partners. The app has seen significant engagement and investment, highlighting a demand for financial solutions for contemporary relationships. Full article here
