A New York FinTech startup called Fierce has raised $10 million for what it describes as an "all-in-one" financial application.
It was announced Wednesday (Feb. 8) that the company, co-founded by former Gemini Chief Technology Officer Rob Cornish, would launch the app as well as acquire funding to help expand its team and acquire more customers.
Fierce said in a news release that today's financial market offers many solutions, but navigating them is difficult for the average person.
The company claims that providing consumers with a single platform from which to navigate their finances, reduces friction for them. Among the services Fierce provides are checking account services, the ability to buy shares of stocks and ETFs, and - eventually - the ability to engage in regulated crypto trading.
In addition to the news feed that lets users track updates on their portfolios and interests, the app - which is available on iOS and is expected to come to Android later this year - also provides users with a way to track the wealth of their investments by linking all of their existing financial accounts to Fierce.
In a recent study conducted by PYMNTS, there is a great deal of interest among younger consumers in the idea of a super app. A report by PayPal and PYMNTS titled “Super Apps For The Super Connected,” shows that a substantial set of activities is already taking place online as a result of a collaboration between the two companies.
More than 70% of the 9,900 consumers surveyed for the report said that they shopped for groceries online at least once a month. Moreover, 48% of respondents track health data through digital channels, while 38% of respondents make local transportation purchases online.
“A median of 6.5 'connected' devices is owned by respondents, which has the potential to help them springboard to a super app,” PYMNTS wrote last year.
Millennials are more likely than any other age group to say they are very or extremely interested in using super apps, with 4 out of 10 millennials saying they are very or extremely interested in using them. There is also a similar level of interest shown by more than two-thirds of the sample as a whole.
In total, 96 million consumers across the U.S., the U.K., Australia, and Germany responded in the study that they were "very interested" in a super app that offered digital infrastructure support as a part of their everyday lives.
Despite this, an American version of the digital one-stop shop has not yet taken off as it has in Asia with apps like WeChat and AliPay.
The U.S., however, is not that far behind, as noted here last month. Digital wallets are becoming more popular, according to PYMNTS research in "The Mobile Wallet Challenge: Replacing Physical With Digital."
“An all-in-one ecosystem has the potential to be a highly appealing and captive commerce environment within this increasingly mobile realm,” PYMNTS wrote at the beginning of January this year.
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