4 companies revolutionizing the FinTech area in Austria

By Gloria Methri

The Austrian FinTech industry has seen an increase in the number of domestic FinTech start-ups in recent years with robust growth in sectors including payments, investments, insurance and accounting.

According to a study by the Austrian central bank, there are currently around 300 FinTech companies in Austria. Although companies are active in various FinTech subsectors, payments continue to be the largest sector in the Austrian FinTech ecosystem.

A report from Statista suggests that by 2023, the market’s largest segment will be digital payments with a total transaction value of $32.07 billion.

Let’s take a look at 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 offers 100+ payment methods globally for various business models. Customers can pay for virtual goods and digital content by selecting DaoPay as the preferred payment method, then call/SMS the number provided by the service, and the purchase is charged directly to the customer’s phone bill.

bsurance is a cloud-based embedded insurance that offers customized insurance products for e-commerce, mobility, banking and payment providers. It offers insurance as a built-in add-on product or as part of product packages. 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 analyzes cash flow in real time to help customers make decisions with minimal input. It contains solutions for treasury management, bookkeeping, reconciliation and financial forecasting. Xencio also offers solutions for cash flow management and financial reporting.

Wikifolio is a social stock trading platform that helps users share trading strategies with other traders. The portfolios can be pledged and traded in the form of certificates. FinTech offers insights, asset pricing, traders’ opinions and overall performance details to the user.

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