Some are already experimenting with different ways to incorporate super apps into their growth strategies. Illustrative examples include:
The FinTech has a collection of assets — a bank charter, full tech stack, and expansive retail network — that allows it to deliver a breadth of modern money management and payment solutions. It does this both directly to consumers through its flagship digital bank account GO2bank and to its partners through customized, end-to-end banking platform services focused on accounts and money movement embedded in their businesses. It already enables various technology and e-commerce companies to embed banking and payments in their brands and create deeper, more valuable experiences for their users.
The FinTech firm is using M&A to transform itself into a licensed digital bank for small businesses and young professionals. Recently announced acquisitions of Golden Pacific Bancorp and Galileo Financial Technologies, an API and payments firm with robust B2B capabilities, positions SoFi to play an aggregator role in clients’ digital lives with an expanded financial services offering that includes deposit-taking and loans.
BBVA Open Platform
The unit integrates banking and payments services such as identity verification, card issuance, account origination, and money movement into the offerings of large, nonfinancial companies and FinTechs. BBVA’s Open APIs support Digit, a FinTech specializing in cross-border banking services, and give accountants seamless and secure access to their small business customers’ accounts through Xero, another FinTech firm. BBVA also has partnerships with Google and Uber in Mexico.
The financial holding company specializes in providing private-label banking and technology services for nonfinancial firms to offer customers. It provides checking and savings accounts, debit cards, payments and other banking services for FinTech firms, including PayPal and Betterment, and enables loyalty programs, gift cards and other services for Uber, Walgreens and other nonfinancial firms, making their ecosystems more robust.