Money, everyone likes it!
“Fintech” or financial technology has helped dramatically increase value in some start-ups. Companies like Stripe and SoFi have used fintech to help propel themselves forwards.
How has fintech helped these companies? Fintech has helped create new apps, sites, and services to help buyers pay for goods, get loans and manage their retirement accounts more easily.
Fintech is a multi-billion dollar industry, with startups in the US raising around $18 billion since 2015, and nearly 1,400 venture capitalist-backed deals.
Fintech is hot right now, look at these 11 startups and you will see that fintech isn’t going away anytime soon:
Oscar — $2.7 billion
Selling health insurance plans on a user-friendly digital interface with branding that pushes a lifestyle brand.
Now worth $2.7 billion after its funding of $400 million in February 2016.
Oscar comes around at a time when quality health insurance is at the front of everyone’s mind in the US. Oscar is winning by creating great customer service and transparency of coverage.
Apttus — $1.9 billion
A company who uses artificial intelligence to make the sales contract process go more smoothly.
Founded in 2006, it is now worth $1.9 billion, after September 2017 investment of $55 million.
Coinbase — $1.6 billion
A leading cryptocurrency exchange company, which allows users to sell and buy digital currency such as bitcoin and ether.
Now valued at $1.6 billion after $108 million in funding in August 2017.
Coinbase has succeeded because people are intimidated by cryptocurrencies and the technology behind it. They are relying on Coinbase to authenticate their investments and bringing a little of old school to their digital exchanges.
Avidxchange — $1.4 billion
An enterprise tech company offers services on, on-demand invoice management and accounts payable, now values at $1.4 billion after it’s $300 million funding in June of 2017.
Since its launch in 2000, it has raised $545 million in traditional venture capital investments and private equity
RobinHood — $1.3 billion
The US focused stock brokerage, with zero commission, now valued at $1.3 billion after a $110 million in funding in April of 2017.
This company founded in 2012, has become popular because of its zero commissions. The company makes money off the interest from dollars and cent’s left in customers accounts and offers perks like extended trading hours in the Robinhood Gold product for $6 a month.
Kabbage — $1.3 billion
An automated lending platform for small businesses has raised $1.35 billion in investments and debt financing, making them the most well-funded start-up in Georgia.
They have lent over $3.5 billion to over 100,000 of its clients who own small and medium-sized businesses.
Avant — $2 billion
A personal loan company, who uses artificial intelligence and consumer date to establish interest rates for its customers.
Now valued at $ 2billion after a $325 million funding in September 2015.
Since its launch in 2012, it has raised $1.779 billion in investments and debt financing.
Clover Health — $1.2 billion
A health insurance company backed by Alphabet Inc.’s focuses on customers with Medicare Advantage.
In June 2017 they had a $130 million dollar raise which now has made it valued at $1.2 billion.
Clover is working hard to identify gaps in patient data, which could potentially cause medical problems. By doing this they hope to prevent emergencies, which could be costly for the insurance provider.
Since it’s launch in 2013 the company has raised $425 million.
Stripe — $9.2 billion
A payment processing startup, which lets businesses accept credit cards, Apple Pay, and other similar services.
Now valued at $9.2 billion with its most recent raise of $150 million in November 2016.
It has quickly become the standard for online payments
SoFi — $4.4 billion
An online lender, focusing on refinancing student loans and mortgages to low-risk borrowers.
Now values at $4.4 billion after it’s most recent round of funding of $500 million in February of 2017.
Now it just has to survive its CEO, Mike Cagney, stepping down after sexual harassment claims from current and past employees.
Credit Karma — $3.5 billion
A personal finance company, specializing in issuing free credit scores and reports.
Now valued at $3.5 billion after its round of funding in June of 2015 bringing $175 million.
Since 2007 it has taken over the digital credit monitoring space after many consumers were concerned with data breaches at places like Equifax.
Sonia Rina Davies is a passionate entrepreneur, speaker, author, and personal development coach. She is an outspoken advocate of the free market economy and has helped countless clients identify their core values, envision and realize goals that resonate with those values. She oversees several businesses both online and offline.