Fintech companies have changed almost every aspect of the financial industry in recent years. Ten years ago, people had to go to a branch or bank to apply for a loan or transfer money from one bank to another. Today fintech has made this possible without ever going into a bank to spend, borrow, save and move money via online and mobile services. However, leading institutions are constantly adopting fintech technologies.
The fintech industry moves every year. In 2019, financial technology startups raised $ 34.5 billion in funding around the world. However, as more fintech companies enter the market, it can be difficult to sift through them and identify the largest fintech companies. The fintech industry is growing fast with new startups and financial service providers like PayPound trying to meet all requirements and expectations of customers.
Many of the Fintech companies have started in the United States and offer their services to banks and financial companies across the globe. Let us explore some of the best fintech startups in the USA.
Remitly is a startup in Seattle, Washington, that allows users to transfer money overseas and across borders. Remitly has made cross border transactions really simple and convenient for individuals and businesses. The company offers features like cash pickup, deposits, delivery of cash and documents, etc. It charges a low fee and offers good exchange rates to customers. Their plans are specially designed to offer a smooth and convenient banking experience to immigrants.
Established in 2011, stripe helps businesses process online payments for their customers. They offer payment services to tech giants like Zoom, Shopify, Amazon and Microsoft. Stripe is the most valuable fintech in the United States, with a valuation of $95 billion. It is the second most valuable startup company in the world and claims to be the most powerful end to end API. It launched a new corporate credit card and loans for small businesses in 2019 that are automatically repaid for borrowers.
Headquartered in San Francisco, Chime offers payment services to businesses and individuals. It offers a debit card with no annual or overdraft charges. Chime offers mobile banking solutions and automatic saving accounts at zero fees. With multiple significant tactics, Chime manages to draw 5 million clients and 3.3 million users based on a yearly average of 1.5 accounts per client.
Riskified is a startup in the US that offers fraud prevention and chargeback prevention services to businesses. It protects the e-commerce businesses from fraudulent transactions and segregates the legit shoppers. Riskified offers services like dynamic checkouts, secure payment processing and chargeback guarantees. In addition, it offers features like ATO prevention, e-commerce funnels and pre-authorization solutions.
Plaid offers a simple front end module, and it streamlines the onboarding experience. It can be implemented with 2 to 3 lines of coding. It connects the payment apps and personal finance apps to users bank accounts to track and transfer funds. Their major clients include American Express, Venmo and Coinbase.
SoFi started as a small, single-product company, introducing a fintech service used primarily to refinance student loans. The organization sells a number of items today, but student loan refinancing remains its main product. SoFi is a values-based organization dedicated to helping our members make a living. We develop new financial goods and services that enable our customers to borrow, save, buy, save and secure even more money, gain financial freedom and realize their ambitions, from homeownership to retirement provision to loan repayments, students and much more.
Digit is committed to making financial health easier than ever with a digital solution that makes investing and saving easier than ever. The company’s app gradually transfers small amounts of money to a savings account classified into user-specific allowances, such as retirement and vacation benefits. Digit is powered by a machine learning engine to incorporate income and expense patterns when transferring funds and even incorporate goals, balances and accounts, so users never run out of cash.
This portfolio platform emerged from a group of successful startups, joint ventures and companies. The Ever Commerce platform, specializing in marketing, business management and customer experience, is primarily active in service industries such as home, fitness, wellness and health.
The BLX Group is a popular group for investment, compliance, financial advisory and consulting services. The group also offers investment and regulatory advice to organizations for the investment of time and money to maximize their returns. Many banks, companies, and financial organizations are among the BLX group clients. BLX offers financial structuring, asset finance, acquisition finance and restructuring services to clients across the globe.
Juniper Square is based in San Francisco, California and it helps real estate companies and individuals to find software for fundraising, investor reporting and investment management. Juniper Square offers an all-in-one platform that streamlines payments, data security, CRM, reporting, and other processes as an investor-friendly portal. The portal allows investors to exchange documents and other system data. To date, the platform has managed more than 10,000 real estate transactions, making it reliable software in the real estate industry.
Verifi provides payment protection solutions and risk management services to businesses of all sizes in a variety of industries. The company’s platform gives cardholders, issuers, and merchants access to real-time data that provide faster solutions. Verifi also helps companies combat and stop chargebacks, securely process payments, combat fraud and increase revenue.
Fintechs are working hard to transform the finance and payment industry. It is growing at an astounding rate. Fintechs have revolutionized the way in which the financial industry works. After the pandemic took over the works, fintechs had the opportunity to communicate better and improve the services of the banking and finance sector. However, the financial technology should be used with care as all the users are not tech-savvy and can be a victim to fraudulent activities. Once the end-users understand the proper use of financial technology, banking and finance services will become faster and convenient than ever.