Last Updated on 9 months by Komolafe Bamidele
Fintech, or “financial technology,” is a new company that uses technology to make business and customer financial services more accessible and better.
As new financial services and apps change how we think about money, knowing what the future holds can help the growth last.
We chose the 15 best-growing fintech companies to write this piece because they are at the forefront of this revolution.
Let’s get started.
1. Kiva
CEO: Neville Crawley
Year founded: 2005
Location: San Francisco, California
What they do: Kiva is a fast-growing fintech company that facilitates micro-loans between individuals in impoverished nations who do not have access to conventional banking systems.
More than 3 million farmers, business owners, students, and educators in more than 90 countries—including Pakistan, Kenya, and Sierra Leone—have received loans totalling more than $1.3 billion from Kiva since its founding in 2005.
Through Kiva, anyone may borrow as little as $25 to launch or expand a company, attend school, or improve their living conditions. These include low-income workers, students, and those employed in underfunded health, agriculture, and education industries.
2. Brex
CEO: Henrique Dubugras
Year founded: 2017
Location: San Francisco, California
What they do: Brex is a financial technology company that assists more than 10,000 enterprises in one hundred different countries in controlling employee spending more effectively.
As a result of its value of $12.3 billion and the support it has received from top-tier investors like Tiger Global Management, Greenoaks, and DST Global, Brex has established itself as a frontrunner in the sector.
3. Stripe
CEO: Patrick Collison
Year founded: 2009
Location: San Francisco and Dublin, Ireland
What they do: Stripe provides payment processing software so that companies may take payments from clients.
Due to the rapid account approval procedure, Stripe is an excellent option for merchants who need a quick payment processing solution.
Stripe handled $817 billion in transactions in 2022 for customers big and small, including Shopify, Amazon, Google, and many more.
Stripe was valued at $50 billion in 2023 when it raised $6.5 billion. Stripe is now the most respected U.S. fintech business, although this is a significant drop from where it was previously.
4. Chime
CEO: Chris Britt
Year founded: 2012
Location: San Francisco, California
What they do: Chime is a game-changing fintech startup that has made banking more accessible and inexpensive.
Chime has amassed $2.3 billion in fundraising thus far, with Sequoia Capital Global Equities leading the most recent $750 million round.
The goal of Chime, which is to offer free and accessible financial services, has been recognized. Chime’s status as an industry game-changer was cemented in 2021 when CNBC listed the business as one of the top 10 technical disruptors.
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5. Rapyd
CEO: Arik Shtilman
Year founded: 2016
Location: London, U.K.
What they do: Regarding international money transfers, Israeli fintech firm Rapyd is your best bet. Customers can use various payment methods to move payments across international boundaries, including digital wallets, cash, bank transfers, debit/credit cards, and the Rapyd platform.
Rapyd has grown in recent years by purchasing businesses in Europe and Asia. Its market cap increased sixfold in a year after investors valued it at $15 billion in early 2022.
Compared to more conventional banking systems, Rapyd aims to reduce transaction and foreign currency (FX) expenses while processing payouts in more than 190 countries.
6. Ellevest
CEO: Sallie Krawcheck
Year founded: 2014
Location: New York
What they do: Fintech business Ellevest aims to help women achieve financial success and close the gender wealth gap.
Series B fundraising round headed by BMO and Contour Venture Partners saw Ellevest receive approximately $53 million in 2022.
The Ellevest platform has two pricing tiers: $5/month for the basic plan and $9/month for the executive plan.
With Ellevest, you may get individualized investment advice based on variables like the gender pay gap, career breaks, and longer lifespans, in addition to cheap professional financial counsellors and free educational materials.
7. Plaid
CEO: Zach Perret
Year founded: 2013
Location: San Francisco
What they do: Plaid acts as a go-between for your applications and bank accounts. This allows you to securely link your bank account to these applications without compromising the security of your data.
Betterment, Chime, and Venmo use Plaid to link their users’ other bank accounts. The startup claims that Plaid connects 12,000 financial institutions.
When Plaid raised capital for the first time in 2021, its market valuation was $13.4 billion.
Although it was thinking about merging with Visa then, it has since carried on as a stand-alone business, funding its operations with funds from investors.
8. Flutterwave
CEO: Olugbenga Agboola
Year founded: 2016
Location: San Francisco, California
What they do: Flutterwave, the largest fintech startup in Africa, has processed over 200 million transactions, worth over sixteen billion dollars, for 900,000 customers across 34 African nations. The company is valued at three billion dollars.
Flutterwave powers businesses of all kinds, from minor to corporate. The firm’s ability to support businesses on all three levels is unique and sets it apart from the competition.
9. GoodLeap
CEO: Hayes Barnard
Year founded: 2003
Location: Roseville, California
What they do: GoodLeap finances environmentally-friendly house upgrades. Customers may contact lenders and businesses installing solar panels and other home upgrades through its app.
Initially providing funding for solar panels, GoodLeap has recently extended its network to include upgrades such as energy-efficient windows and battery storage.
Before Tesla purchased the business, the startup’s creators were employed by SolarCity. A $12 billion value for GoodLeap was given during a funding round in 2021.
It may be worth much more in subsequent rounds, given the rising demand for green energy and the significant investments made in the industry under the Inflation Reduction Act 2022.
10. SoFi
CEO: Anthony Noto
Year founded: 2011
Location: San Francisco, California
What they do: The financial technology company SoFi has firmly established itself as one of the most successful corporations in the United States.
SoFi is a one-stop solution for people looking to achieve financial independence. The company focuses on delivering a wide variety of financial products, including personal loans, mortgages, and refinancing of student loans.
Up to this point, the company has facilitated over fifty billion dollars worth of financed loans for more than five million people.
11. Bolt
CEO: Maju Kuruvilla
Year founded: San Francisco
Location: 2014
What they do: Bolt offers a one-click checkout option as part of their e-commerce platform. Customers must give their address and payment info once they create an account.
They will need to input a PIN going forward to complete future purchases. This saves time and reduces the likelihood that a consumer would cancel their purchase in the middle of processing.
After its most recent round of funding, which raised $355 million, Bolt was valued at $11 billion. But since then, it has struggled and laid off about half of its personnel. Market capitalization for Bolt can be significantly lower than the previously stated number.
12. Upstart
CEO: Dave Girouard
Year founded: 2012
Location: San Mateo, California
What they do: Upstart is an AI-driven lending platform that automates credit pricing and borrowing using machine learning. The platform aims to provide borrowers with automated loans by estimating their likelihood of repaying a loan.
Upstart has advanced the sector significantly in less than a decade. Over 600,000 personal loans have been handled by the firm, which has assisted partner banks in lowering default rates by almost 75%.
Upstart’s success and expansion were further evidenced in 2020 when the firm went public through an IPO.
13. Checkout.com
CEO: Guillaume Pousaz
Year founded: London, U.K.
Location: 2012
What they do: Checkout.com is an organization that processes payments. The company’s APIs let customers integrate payment processing into their apps and websites.
Customers also have the option to use the payment pages and links provided by Checkout.com to complete their payments directly.
It processes payments in more than 150 different currencies thanks to its global network. Further features of the platform include data insights on received amounts and fraud control.
Checkout.com’s value has dropped, as it has for many other fintech businesses. After an internal reevaluation, it was found that its current valuation is $11 billion, a substantial decrease from the $40 billion previously projected for it in 2021.
14. Marqeta
CEO: Simon Khalaf
Year founded: 2010
Location: Oakland, California
What they do: Marqeta is an industry-leading payment technology provider that helps companies set up and run their payment systems efficiently.
The infrastructure of Marqeta is relied upon by Square, Instacart, and J.P. Morgan to offer its clients first-rate card services.
Marqeta was named one of the 50 Most Innovative Companies by Fast Company in 2021 and one of CNBC’s Disruptor 50. Also, from 2019 to 2021, it was named one of Forbes’ 50 Fintech Awards.
Revolut
CEO: Nik Storonsky
Year founded: 2015
Location: London, U.K.
What they do: Among European fintech companies, Revolut is the most valued. It offers investment opportunities, mobile banking, debit cards, foreign transfers, and currency exchange.
The investing app from Revolut allows users to trade cryptocurrencies and equities without paying a fee. Initially targeting the European market, Revolut has branched out to other parts of the globe, including Japan and the United States.
During its most recent round of funding in July 2021, Revolut was valued at $33 billion. This would place it third in value among UK banks, after Lloyd’s of London and HSBC.
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Wrapping Up Fast-Growing Fintech Companies
Each day, new fintech startups enter the market with innovative technologies that change how money is handled.
Their web platforms address all customer concerns, creating digital solutions to broaden access to banking for individuals and companies.
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