Oluwaseun Thomas

FINANCIAL SOFTWARE DEVELOPMENT IN BOSTON AND NEW ENGLAND FINANCIAL SOFTWARE DEVELOPMENT IN BOSTON AND NEW ENGLAND TABLE OF CONTENT 1. Introduction 2. Fintech market global growth ○ General fintech market stats 3. Boston as a developing technology pioneer ○ Boston was the birthplace of the financial industry ○ Boston's engineers set the basis for modern computers 4. Top fastest-growing FinTech companies in Boston 5. ○ Flywire ○ Algorand ○ Own Up ○ Lendbuzz ○ Numerated Why is Boston one of the best places for FinTech innovations? o Human capital o Supportive ecosystem 6. Other New England states with FinTech potential o Connecticut o Massachusetts o Vermont o Rhode Island THE GLOBAL FIN-TECH INDUSTRY The Financial Technology (FinTech) industry has revolutionized our world as we know it. It includes Fintech hubs and financial software companies providing technical support to financial institutions and developing financial software to aid transactions. Think about it- several years ago, you would have had to go to the bank to get whatever financial assistance you needed. Now, you simply use a Fintech App on your phone to make transactions in seconds without even moving your body. The global Fintech hub makes Mobile banking possible by creating mobile banking software, other banking software applications, creating financial software solutions. Fintech companies have become a bridge to the future as corporate finance goes. The FinTech industry has so radicalized our world that it has led to a situation where traditional banking systems have to partner with financial software companies or become obsolete. The custom finance services and technical support services that FinTech software companies offer ensure that other industries actively collaborate with Fintech companies. The massive profits they make also attract investors. In this article, Boston Unisoft Technologies (BUT) will discuss the best FinTech hubs for your Fintech software companies. Boston Unisoft software development services stretch across a wide array of fields. BUT website is one of the best FinTech websites there is. FINTECH MARKET GLOBAL GROWTH Statistics show just how relevant and dominant Fintech services and software development have become. According to statistics, many people do not trust the digital transformation plan banks have, and 76% of traditional banks are wary of Fintech companies. For instance, the blockchain industry has seen pushback from a few governments, especially the Chinese government. However, the blockchain industry continues to grow. It is seen as a quicker, safer, cheaper means of transferring value and storing stable currency. It is known that the Global Fintech industry accrued $128 billion worth of Venture capital in 2018. By 2023, the global Fintech market is expected to reach a growth of $305.7 billion. It gets more encouraging with statistics showing that Fintech is adopted at a 64% rate. CACI Limited predicts that mobile transactions will be up by 121% in 2022. Fintech Global expects that by the end of 2021, Latin America will have exceeded a market expectation of $150 billion. Statista.com shows that thousands of Fintech companies are coming up across the globe each year, with the Americas having 8,775 Fintech companies as of February 2020. The Fintech market is ever-growing, and people are adopting financial technology even more since the Covid pandemic of 2020. Each year sees new players enter the Fintech market. Are you looking to startup a Fintech software company? Or, are you a team of financial software developers looking to work in the perfect fintech hub with a growthinducing fintech ecosystem, then you should seriously consider Boston. BOSTON AS A DEVELOPING TECHNOLOGY PIONEER Boston is a FinTech pioneer and has a history of innovations that dates to its founding in 1630. Boston was founded as a port city, and it soon became a commercial hub that had many wealthy businessmen. This prompted the presence of the Massachusetts Bank in 1784 to aid commercial activities and preserve wealth. The Massachusetts Bank was the first bank in Boston and the second bank in the United States of America. Boston is also relevant for its leadership in the education field. Some of the world's leading Universities are found here. Boston boasts the likes of Harvard University, Boston University, and the Massachusetts Institute of Technology (MIT), which have all contributed radically to FinTech and Modern computing developments. For example, a project to build a flight simulator led by Jay W. Forrester developed a high-speed digital computer. Boston also boasts some of the world's top FinTech companies. Some of Boston's innovation-driven companies championed the city into the minicomputer revolution in the 1970s. The minicomputer revolution saw Boston move from a manufacturing giant to a technology and innovations giant. Now, the Boston FinTech companies bay area is a prominent one. TOP FASTEST-GROWING BOSTON FINTECH COMPANIES FLYWIRE Flywire is one of the FinTech software companies specializing in custom finances services that are not available on most banking mobile Apps. Iker Marcaide founded Flywire as PeerTransfer in 2011. Flywire helps remove limitations in traditional bank transactions by enabling the global Payment and Receivables process. Flywire has the added advantage of handling operational challenges so that institutions and organizations can focus on receiving payments easily instead of operating the technology involved. The company collaborates with institutions and organizations like Boston University, Cornell and Companies, Tuition Management Systems, etc. Flywire has successfully raised over $260 million through Venture Funding. Flywire boasts an enviable list of investors. As a result, Flywire is one of the most respected Boston FinTech companies. ALGORAND Algorand styles itself as 'the future of finance' accelerating and powering the convergence between decentralized and traditional finance models. We have Algorand to thank for the world's first pure proof-of-stake foundational blockchain designed for the future of finance. Algorand's technology powers high performing Layer-1 blockchains that ensure security, scalability, complete transaction finality, built-in privacy, Co-Chains, and advanced smart contracts crucial to a FutureFi world. It also fulfils the minimum requirements of an open and public network. Algorand is one of the finest representatives of FinTech in the US. Silvio Micali founded Algorand in 2017. OWN UP Own Up is one of the best FinTech websites as far as the Mortgage industry goes. Own Up works by using attributes consumers need- Honest about money, radically transparent, and simple to use. The company's website gives you access to experts who will help you make better decisions, providing technical support services, and customized industry data and statistics. In addition, it provides customers with verified loan offers while providing anonymity for customers. The firm retains customers' trust by receiving the same fee from lenders regardless of rates. As a result, OwnUp does not get paid more for higher or lower rates. LENDBUZZ Lenzbuzz is one Boston Fintech company that helps students, foreign professionals, and expats access car loans and financial opportunities. It utilizes Big data analytics to improve the chances of getting loans for people in the groups mentioned above living in the US. Lenzbuzz utilizes machine learning and proprietary algorithms to access background information of customers and check vitals such as employment, education, finance, and personal records within a limited period. NUMERATED Just like Algorand, Numerated was founded in 2017. However, unlike Algorand and many other FinTech companies, Numerated does not compete with banks. Instead, Numerated works with the banks and was created by bankers for bankers. Its role is to make money lending easier. Most of Numerated's investors are banks. The Boston FinTech provides financial software solutions to lending and credit problems. Numerator does this by transactions for financial products from banks and credit unions quicker, more basic, and more efficient. Numerated became even more popular during the 2020 Covid-19 pandemic, helping the United States government distribute over $40 billion to small businesses in a program called 'Paycheck Protection Program' (PPP). WHY IS BOSTON ONE OF THE BEST PLACES FOR FINTECH INNOVATIONS? Boston is one of the best places in the world for FinTech innovations. There are many reasons for this, but the two most important reasons will be discussed here. • HUMAN CAPITAL Boston's Fin-tech hub boasts perhaps the most quality of Human capital you could find in the world. This is largely because Boston also boasts some of the world's most prestigious Universities which produce some of the world's best minds. Universities like Harvard, MIT, and Massachusetts University have done extensive work in the FinTech world, and they produce some of the best minds as far as FinTech goes. Your FinTech firm will have access to these great minds and can also partner with institutions to work on solutions as well. When it comes to Financial Technology, Boston boasts some of the world's finest companies. Your FinTech firm can collaborate with other FinTech firms as well. • SUPPORTIVE ECOSYSTEM Your FinTech firm will need the supportive ecosystem that the Boston FinTech hub provides. For example, many businesses could outsource the development of financial software solutions and technical support services to your firm or you as a financial software developer. MIT FinTech FinTech Sandbox are two societies that work to improve FinTech innovations in Boston. Also, according to the FinTech Sandbox, Massachusetts has about one hundred and sixty thousand (160,000) employed in the financial sector. That makes up about 12% of the workforce in the state's innovation economy. Also, there are over 350 FinTech startups to collaborate with, 496 capital providers, 105 academic institutions. Boston Fintech companies have access to some of the best financial institutions in the US. This means that the FinTech companies bay area produces some of the best FinTech in the US. Boston also has FinTech-friendly regulations in place. OTHER NEW ENGLAND STATES WITH FINTECH POTENTIALS THAT BUT RECOMMENDS. A few other New England states have great potentials when it comes to FinTech. They include the likes of Connecticut, Vermont, and Rhode Island. These cities do not have the same level of development in their FinTech hubs as Boston has. However, they have FinTech-friendly regulations and are growing into great FinTech hubs as well. They also benefit immensely from the availability of great financial institutions.