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5 Boston based FinTechs disrupting the US financial sector

By Edlyn Cardoza

November 08, 2021

  • Algorand
  • Boston
  • Circle
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FinTech, Circle, Flywire, Corvus Insurance, Algorand, Hometap, Boston, USAFinTech is the cross-culmination of traditional methods often associated with accounting, banking, finance industries, and of innovative technologies. This is how business is done in the 21st century and how customers connect with businesses intuitively. Usually using AI to identify any opportunities that businesses may have to mitigate and missed potential risks long before problems ever arise, FinTechs provide accuracy and clarity.

As Boston progresses to hold its reputation as a hub for tech and innovation, the city has also given birth to major FinTech companies, causing a boom in the US FinTech space. Below is a list of 5 FinTech companies disrupting the financial sector in the country.

Algorand: Algorand is building the technology to power the Future of Finance (FutureFi), the convergence of traditional and decentralized models into a unified system that is inclusive, frictionless, and secure. Founded by Silvio Micali, Algorand developed a blockchain infrastructure that offers the interoperability and capacity to handle the volume of transactions needed for decentralized finance (DeFi), financial institutions, and governments to smoothly transition into FutureFi. The technology of choice for more than 500 global organizations, Algorand enables the simple creation of next-generation financial products, protocols, and value exchange.

Circle: Circle is a global financial technology firm that enables businesses of all sizes to harness the power of stable coins and public blockchains for payments, commerce, and financial applications worldwide. Circle’s platform has supported over 100 million transactions worth tens of billions of dollars, with nearly 10 million retail customers, over a thousand businesses, while storing and securing more than $5 billion in digital currency assets. Circle is also the creator of USD Coin (USDC), the fastest-growing, regulated, fully reserved stable coin, which now stands at a 3+ billion market cap and is adding more than 100 million net new digital dollars in circulation every week. Today, Circle’s transactional services, business accounts, and platform APIs are giving rise to a new generation of financial services and commerce applications that hold the promise of raising global economic prosperity for all through programmable internet commerce.

Corvus Insurance: Corvus Insurance is a leading provider of commercial insurance products built on advanced data science, with an AI-driven approach to empowering brokers and policyholders to better predict and prevent loss. With each Smart Commercial Insurance® policy, Corvus supplies proprietary Dynamic Loss Prevention® reports to inform policyholders of critical risk areas and provide actionable security recommendations. Founded in 2017, Corvus is comprised of a team of veteran entrepreneurs from the insurance and technology industries.

Flywire: Flywire Corporation is a global payments-enablement and software company. Unlike other companies, Flywire is proven to solve high-stakes vertical-specific payment and receivables problems for organizations that deliver high-value services. Whether in education, healthcare, travel or technology, Flywire has vertical-specific insight and technology that allows organizations to optimize the payment experience for their customers while eliminating operational challenges—from invoicing to payment reconciliation. Around the clock, multilingual support via phone, email, chat, and online tracking ensures that both the client and customer have complete control over their payments. Flywire supports over 2,400 clients worldwide with diverse payment methods in more than 140 currencies across 240 countries and territories.

Hometap: No interest, no monthly payment Hometap provides near-immediate access to funds so homeowners can pay for needs or pursue goals and opportunities. Tap into the equity of your home to fund life without any interest or monthly payment. If they think an investment might be possible, Hometap will send you an Investment Estimate, which includes estimated terms specific to your property. They invest alongside you, the homeowner, providing cash today and participating in the proceeds at the time of sale. You can either sell your house during the effective period, buy out their investment with savings, or take out a home equity (or other) loan.

Also read: Islamic Banking Systems and Suppliers Report Q4 2022

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