5 start-ups redefining the world of WealthTech in Americas

By Gloria Methri

WealthTech is a portmanteau word combining wealth and technology and is one of the subsections of FinTech. The technology unites wealth and technology to provide digital solutions to enhance personal wealth management, investment, and asset management industry.

The increasing adoption of big data, AI, methods to identify and quantify risk, algorithm-based investments, and platforms for users to analyse and optimize their portfolios have revolutionized the asset and wealth management industry. Here is a list of 5 companies redefining the world of WealthTech.

• Fundrise

Fundrise is one of America’s largest direct-to-investor real estate investment platforms.  Typically, commercial real estate was one of the most exclusive asset classes to invest in. Fundrise solves this problem by providing a platform where users can invest in commercial real estate projects. Since its launch, Fundrise has transacted over $5.7 billion worth of real estate and currently manages approximately $1.5 billion in equity for 150,000 investors.

• Stash

Stash is a personal finance app that operates as a subscription service ranging from $1 to $5 per month. It provides comprehensive financial advice and enables the purchase of a wide range of equities and custom-diversified funds in a simple format. Stash’s fluid, seamless user experience and quality descriptions of equities and ETFs help amateur investors get started.

• Upgrade

Upgrade is a FinTech unicorn that provides clarity around personal loans and a streamlined approval process. Established in 2017, the start-up helps users access consumer credit, personal loans, Rewards Checking and High-Yield Savings accounts. Their Upgrade card provides users with 1.5% cashback on all purchases while also allowing customers to pay the monthly balance at a fixed rate with standard monthly payments.

• Root

Root is credited with being one of the first “InsurTech” companies to offer personalized, smart insurance coverage based on user behaviour and data. Root uses smartphones to understand how a customer is driving and offers extremely competitive auto insurance rates that are often far cheaper than traditional competitors.

• Moneylion

WealthTech MoneyLion offers a wide range of personal finance features, from allowing customers to get their paycheck two days early to buying crypto. Its all-in-one digital financial solution gives people access to a comprehensive suite of products and personalized advice that makes it more engaging to bank, borrow, save, invest, and grow—all in one app.