June 4, 2012

Why so few startups in the finance industry?

Startups in the finance industry is not something you see every day. Trejdify is of course the exception, but most  technology entrepreneurs focus on other areas - such as social networks, photo-sharing apps, Angry Birds clones, and similar. I'm not really sure why it is so, maybe people in the finance industry are bad programmers, and programmers have no interest in, or experience from the finance industry? One thing we know for sure is that the finance sector needs major innovation - just look at the current mess over at Wall Street.
"What would happen if you took the creativity and user-focused design sensibility of Silicon Valley and applied it to one of the least consumer-friendly industries on the planet — financial services? What is the Apple of budgeting? The Facebook of lending? The Google of bill payment?"
Here are some new startups in the finance industry:
  • Influestor - In-flu-est: To influence through investing. New startup focused on changing the way we invest. 
  • Sociogramics - wants to help banks bring character back into banking.
  • Juntos Finanzas - SMS-based service that helps cash-based Latinos track their spending and build up savings.
  • Tradeshift -  want to change the way we do business by allowing organizations to exchange invoices for free. It connects businesses to all their suppliers and customers regardless of company size not only saving time but also ensuring they get paid faster at both ends of the supply chain.

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