5 Fintechs You (Probably) Should Know By Now – Page 2
Insto: Installment Loans for P2P Payments
Similar to Bread, Insto powers B2C payments and sets up payment schedules. In addition, Insto targets the P2P space, allowing individuals to set up, and collaborate on, payment plans through its software. The app breaks down big-ticket payments into installments that can be scheduled and modified by the buyer and the seller. The startup provides a guarantee of up to $3,000. Currently, only one party – either the buyer or the seller – needs to download the app. The other party will receive a link via text or an email with the suggested payment option, Bruce Chen, CEO of Insto and a former eBay Taiwan executive, told Bank Innovation previously.
The San Jose-based startup – launched just last month – is in its very early stages, with not even a single review on iTunes as of today 🙁
Kidfund: Social Savings For Your Kids
The app allows customers to set up a savings accounts for their kids, with auto-transfer options to make the process of investing in the fund – even $1 at a time – “as easy as tipping a barista,” according to the company website. Users can also engage their network of family and friends, by building out their child’s social profile – with fuzzy photos – so that others can contribute as well.
Opening the account is free, with 3% interest on first $500, and insurance for up to $250,000. The startup partners with USAlliance Financial.
One of the most important missions for KidFund, according to CEO Laura Bailyn, is charity: the startup partners with CFED’s 1:1 Fund to distribute the charitable donations made through the app. Bailyn launched the NYC-based KidFund in 2014.
