5 fastest growing FinTech companies in the United States

By Pavithra R

Financial technology (FinTech) has been the great disruptor. The growth rate of the industry is exponential. With the help of diverse startups, United States has revolutionized the FinTech industry. The article list 5 fast-growing FinTech companies in the region.

BlockFi (2017)

BlockFi’s platform offers investors unparalleled capabilities in the digital asset ecosystem. The firm is dedicated to building a bridge between cryptocurrencies and traditional financial and wealth management products. The BlockFi Interest Account (BIA) enables users to earn compound interest in the asset-type they deposit. Clients using the BIA can earn compound interest in crypto, significantly increasing their Bitcoin, Ether, Litecoin, PAX Gold, USD Coin (USDC), Gemini Dollar (GUSD) and USDT (outside of U.S.) balances over time.

Recently, the FinTech completed its $350mn Series D funding round led by new investors, including Bain Capital Ventures, partners of DST Global, Pomp Investments, and Tiger Global. The funding values the company at $3bn.  BlockFi is a fast-growing company. Since the end of 2019, it has seen its client base grow from 10,000 to more than 225,000 today. Monthly revenue currently exceeds $50 mn, and the company now boasts more than $15 bn in assets on its platform, with a 0% loss rate across its lending portfolio since inception. 

Greenlight Financial Technology

Founded in 2014, Greenlight Financial Technology is a FinTech company that empowers parents to raise financially smart kids. In 2017, the company launched a parent-managed debit card and app for kids to teach money management skills. The Greenlight card and app were purpose-built for families. Parents get the tools they need to manage their kids’ money. Kids get real-life lessons in earning, spending, saving, giving and investing.

Greenlight is easier and more flexible than cash, with parental controls that allow families to manage exactly where, and how much their kids can spend. According to company data, the FinTech serves more than 2 mn parents and kids, who have collectively saved $90 mn. The firm recently launched Greenlight Max, an educational investing platform for kids. With the launch, the firm is now shining a light on the world of investing for parents and kids alike.

Figure (2018)

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 (2013)

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.

Also read: Applications of Artificial Intelligence In Banking 2020