5 fastest growing FinTech companies in San Francisco
By Pavithra R
San Francisco is undoubtedly a large FinTech hub with a lot of fast-growing companies and startups. Below is a list of 5 fast-growing FinTech companies in the region.
Figure Technologies (Figure) is a FinTech company leveraging AI, blockchain, and analytics to deliver innovative home equity release solutions and various other products that help improve the financial lives of customers. It is a web-based platform that manages digital assets and can be used for completing financial and investment transactions. Its mission is to build products that offer unprecedented speed and ease, powered by blockchain technology.
Figure has developed the ability to dramatically dwindle the time it takes to originate a loan through blockchain, and has significantly reduced costs in origination, servicing, financing, and capital markets execution. The FinTech is developing a suite of accessible and innovative payment and point of sale (POS) financing services built on blockchain that will bring economical & accessible financial services to underserved customers. The firm combines real-time data with macroeconomic insights to provide best-in-class investment opportunities.
Human Interest (2015)
Human Interest makes it easy and affordable to help employees save for retirement. Previously, only large companies offered employee retirement plans, leaving more than half of all working Americans without a path to a secure financial future. Human Interest is changing that by offering affordable, accessible retirement plans to businesses of all sizes.
Traditional retirement plans are costly and difficult to administer. Human Interest offer affordable 401(k) plans that can be set up easily. The platform takes the hassle out of managing by automating payroll deductions and taking care of compliance testing, recordkeeping, and all of the paperwork. It recommends a contribution rate and risk setting based on each employee’s circumstances and offer nudges that drive better decisions.
Chime, found by veterans Chris Britt and Ryan King, aims to change the way people feel about banking. The FinTech is leading the U.S. challenger banking segment, helping members avoid bank fees, save money automatically, and lead healthier financial lives. Chime members receive a Chime Visa debit card, a Spending Account, a Savings Account, and a mobile banking app that keeps members in control. The firm does not take profit from people but earns a profit amount from Visa (paid by the merchant).
Chime offers a modern, mobile, and connected approach to banking that gives members complete control of their finances. Banking services provided by The Bancorp Bank or Stride Bank, N.A.; Members FDIC. The Chime mobile app is available for iPhone and Android devices.
Founded by Henrique Dubugras and Pedro Franceschi, Brex is reimagining financial systems so every growing company can realize their full potential. Since its inception, has focused on reimagining business financial services, combining payment products with best in class financial software. The company, in doing so, has become the operating system for many businesses while saving them time and money.
Brex is transforming B2B payments by creating corporate cards, rewards, and travel programs that are tailored to specific industries. It helps startups of all sizes to get a card that has 20x higher limits instantly, completely automates expense management, kills receipt tracking, and integrates with their accounting systems. It also offers approved customers with virtual cards enabling them to get started quickly. The FinTech is backed by the co-founders of PayPal (Max Levchin and Peter Thiel), Y Combinator, Ribbit Capital, Yuri Milner, and Carl Pascarella (former CEO of Visa). Recently, the firm applied for Industrial Bank Charter with FDIC and UDFI.
Upgrade aims to deliver frictionless mobile banking and value to its customers. It offers personal loans and cards, together with credit monitoring and education tools, helping consumers to have greater control over their money.
Upgrade aims to offer an online and mobile banking experience that delivers exceptional value, including affordable loans and cards and helps customers make good financial decisions so they can build the future they want. Upgrade Card combines the payment convenience and flexibility of a credit card with the low cost and responsible credit of an installment loan. The Upgrade Card is issued by Sutton Bank, Member FDIC, under license from Visa U.S.A.
Also read: US Financial Services Technology Market Overview
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