Kiwibank reveals the next big thing in fintech

Facilitation of shared or “fractionalised” investment ownership looks to be the next big thing in financial technology.

That is the finding of Kiwibank based on 2019 Kiwi Fintech Accelerator programme applications. With this year’s applications now close, Kiwibank accelerator lead Anand Ranchord revealed more than 80 fintech and founders applied to take part.

“We’re seeing an array of concepts coming through, as well as a mix of early stage businesses through to businesses that are already earning revenue,” Ranchord said. “Fintech aimed at enabling and simplifying shared, fractionalised ownership is really prominent in the applications we’ve received.

“Put simply, these are businesses seeking to make it easier and cheaper for more people to access different type of investment opportunities, from share market investment to home ownership,” he explained.

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While, blockchain – a perennial darling of the fintech world – is still popular, Ranchord noted the focus is shifting. Kiwibank accelerator also saw several artificial intelligence (AI) or machine learning applications to core financial processes; to drive improved customer experience and process efficiency in lending; simplifying life for small businesses; insurtech and regtech plays.

“A number of experienced fintech founders who have applied see the opportunity is more than just how to do a start-up, rather they want access to deep industry connections and partnership opportunities,” Ranchord added. “They recognise that Kiwi Fintech Accelerator is the fastest and most effective way of achieving that.”