4 companies revolutionising the FinTech space in Austria
By Gloria Methri
The Austrian FinTech industry has seen an increase in the number of domestic FinTech startups in the past few years with robust growth in sectors including payments, investments, insurance, and accounting.
According to a study by the Austrian Central Bank, there are currently about 300 FinTech companies in Austria. Though companies are active in various FinTech sub-sectors, payment continues to be the largest sector in the Austrian FinTech ecosystem.
A report from Statista suggests that in 2023, the market’s largest segment will be Digital Payments with a total transaction value of $32.07 billion.
Let’s take a look out these 4 important FinTech companies in Austria –
Vienna-based DaoPay is a licensed Acquirer & Payment Service Provider offering tailor-made solutions for cashless payments. DaoPay provides 100+ payment methods globally for various business models. Customers can pay for virtual goods and digital content by selecting DaoPay as their preferred payment method, then call/SMS the service provided number, and the purchase is directly charged to the customer’s phone bill.
bsurance is a cloud-based embedded insurance, offering customized insurance products for e-commerce, mobility, banking, and payment providers. It offers insurance as an embedded add-on product or as part of product bundles. The FinTech’s open REST API can be integrated with e-commerce sites or mobile apps.
Xencio provides AI-based financial management software for small and medium-sized businesses. It analyses cash flow in real-time to help customers make decisions with minimal input. It features solutions for treasury management, bookkeeping, reconciliation, and financial forecasting. Xencio also offers cash flow management and financial reporting solutions.
Wikifolio is a social trading platform for stocks, that helps users to share trading strategies with other traders. The portfolios can be collateralized and traded in the form of certificates. The FinTech offers insights, asset pricing, trader opinions, and overall performance details to the user.
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