Best Fintech Start Ups in USA
Fintech startups have been on the rise for the last few years. Though the financial technology companies initially started to improve or assist the activities in the financial sector, with the growth of markets, these companies also saw a steep rise. They evolved as an alternative to traditional financial services. Today so many fintech startups have come up in the US. Before we talk about the best fintech start up in the USA, it is important to understand the reason behind the fintech industry’s growth.
Reason for Growth of Fintech Startups
Fintech is a booming industry that is on everyone’s mind. In recent times, the world has seen some phenomenal growth in the number of fintech startups. As the tech-savvy millennial generation has grown, banking and financial options have evolved too. Hence, the explosion of fintech companies in USA and their startups isn’t surprising. It was estimated that by 2019, the fintech market reached a valuation of nearly $111.240.5 million.
There are various factors behind the growth of Fintech startups. These are:
- Advanced technology
- Increased mobile phone users and access to the internet
- Low penetration of financial services for a good number of population
- Government initiatives and regulatory frameworks to fintech
- Availability of capital
- Vibrant investment ecosystem
- Digital infrastructure
- Policy and regulatory initiatives
Some Major Fintech Startups in USA
The following are some of the fintech startups in the US that have made headlines in the finance industry and have set foot in various markets with their unique finance solutions.
1. IHS Market Digital
IHS market digital, located in Boulder, Co, aims to provide data and visualization services that will allow companies to understand the rapidly changing financial markets better and make better investment and spending decisions. It even allows organizations to allocate the complexities and achieve greater success across.
Flywire is a fintech startup located in Boston. It aims to provide seamless transactions between people to help them make important purchases in the field of travel, education, healthcare, and more. It also can eliminate the operational challenges, if faced any. Also, with invoicing and integration capabilities available, Flywire has become an essential partner to more than 2000+ businesses.
Clyde is located in New York. It provides end-to-end protection that will help businesses and people to ensure that their transaction has a positive outcome. It has a brief plan for its business customers that will help them choose from a wide range of networks. Not only this, but Clyde also extends its offers to provide insurance and accident protection covers. This increases the trust between the business and its customers.
Located in San Francisco, CA, Digit has a mission to make financial health easier for its customers with the help of a digital solution. It has an app that moves small chunks of money into a savings account. Digit takes control of the spending patterns, which helps users always have a portion of money reserved for emergencies.
MANTL works with banks and credit unions to optimize back-office tasks and duties and grow deposits by integrating various account platforms within their core. The company also provides them with some vital tools to help customize the user experience, offer data visualization, and automate the KYC process.
6. Hudson River Trading
Hudson River Trading is located in Austin, Tx. It is a quantitative trading firm that uses a scientific approach to maximize the power of its products. They have a team of mathematicians, computer scientists, physicists, engineers, and computer scientists. This team is always available to develop new automated trading algorithms that will allow companies to move millions of stocks across global financial markets every day.
Riskified is a startup that provides an AI-powered platform and helps e-commerce sites by easily separating legitimate shoppers from fraudulent requests. Located in New York, Riskified provides its customers with efficient tools like dynamic checkouts, chargeback guarantees, and alternative payment processing that makes it easier for the shoppers to convert into customers.
Chime is a pioneering mobile bank in the banking industry. It offers no-fee and automatic savings account and early payday via direct deposit. It may be considered to be one of the fastest-growing banks in the United States as it has opened around one million accounts worldwide.
TrueAccord is a San Francisco-based fintech startup. It helps thousands of companies in collecting debts by using machine learning. TrueAccord uses texts and push notifications to boost customer engagement and payback rates.
Coinbase has become one of the most popular startups located in San Francisco, California. It is a popular platform that lets customers buy, sell and manage their digital currencies. Coinbase, to date, supports around 32 countries and is said to have exchanged more than $150 billion in various forms of digital currencies that include Bitcoins, Ethereum, Ripple, Bitcoin Cash, and Litecoin.
Fintech startups have brought a significant change in the economy and have changed the way payments are made. There are so many new startups coming up in the US. Above are the best startups that have come up in the USA.
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