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Friday, November 27, 2020

Shaking Up the Financial World: All About the Biggest Fintech Companies

 


The fintech industry has been booming and has exploded over the last decade. This is fueled by several factors, including the rise of mobile technology, fintech infrastructure innovations, the rise of challenger banks, and the increased level of fintech valuations.


Fintech has reported steady growth all over the globe with new trends and growth opportunities popping up every year. Several fintech companies are coming in all shapes and sizes, and all are witnessing growth.


Here is a list of the biggest fintech companies that have offered great products to their customers and earned huge revenue over a short period.


Transferwise As One of the Biggest Fintech Companies


Transferwise has risen over a couple of years and made a name for itself as one of the largest fintech companies based in Europe. The company has created a platform where people can easily send and receive money across the globe. This is made easy through its peer-to-peer money transfer service.


Transferwise is loved by many consumers thanks to its fast money transfer rate and also the fact that it supports up to 750 different currency pairs with multiple accounts. Due to its huge revenue, Transferwise has grown and managed to secure a place among the top five most valuable fintech companies in Europe.


Chime Fintech Company


Chime is a popular neobank based in the United States. The bank provides exclusively online banking services to its customers. They offer various services at no monthly charges or maintenance fees.


Chime generates its revenue from interchange collections which customers pay for their card transactions. It has managed to make a name for itself in the market thanks to the helpful services it offers to customers from different locations.


Chime is one of the Fintech companies that have recorded tremendous growth over a short period.


By 2018, the company had gained one million users, and the number jumped to a whopping 6.8 million the following year. By February 2020, the company boasted of more than 8 million users and is expected to get even more customers over the coming years.


Adyen Company


Adyen provides the most awaited solution to businesses that want a single platform for accepting payment on sales channels across the globe. This is a Netherlands based company which opened its doors in 2016 and has served more than 4500 businesses so far. They have provided online, mobile, and in-store payment solutions to their users.


Since its launch, the company has recorded an impressive growth rate with a massive list of customers, including big companies like Uber, Facebook, Netflix, Microsoft, and Spotify. Adyen has also benefited from a huge revenue growth over a short time and will still see massive profits over the coming years.


SoFi Fintech Firm


SoFi is another Fintech company that has adopted the non-traditional methods of lending and wealth management to its customers. SoFi is based in San Francisco and started its operations in 2011 through a collaboration of four students who met at Stanford Graduate School of Business.


Since it’s a student started company, it’s only natural that it will focus most of its services towards students. SoFi offers student loan refinancing, wealth management, personal loans, life insurance, and mortgage loans. It has grown over the years to get itself a reputation as a multi-billion dollar company.


LoanPal


Just like the name says, Loanpal is indeed a darling to many when it comes to offering financial solutions in times of need. The California based Fintech company mostly focuses its financial aid in the residential solar industry. Many users have greatly benefited from these services and are continuing to reap a lot.


Loanpal started in 2013 and was called Paramount Equity. It has experienced a lot of positive changes over the years with one of them being rebranding to Loanpal. The company has managed to provide over 30% home upgrades to prospective solar customers all over the US and takes credit as a top solar lender in the region.


The company is strictly focused on the financial part of solar purchase. Its success is greatly fueled by its proprietary fintech platform that offers a connective tissue between banks, homeowners, and solar installers. Their customers benefit from zero-down financing and first approval for solar and other home upgrades.


Dozens


Dozens is a financial technology company that was founded by an ex-HSBC employee called Aritra Chakravarty. The company has the idea that traditional banking doesn’t benefit the customer hence has taken a new way of banking using a more drastic approach.


Dozens want to build a combination of a digital current account which is more focused on saving and investing. This approach will enable the customer to get more from their money than they used to do with traditional lenders.


The company is all about helping the customer save, invest, and grow their savings. This approach seems to have yielded results for the company as they’ve been experiencing tremendous growth.


Credit Kudos


Credit Kudos opened its doors in 2015 as a challenger credit bureau. It has two founders behind it, Freddy Kelly and Matt Schofield. The idea of starting this company was fueled by Kelly’s struggle to get credit after returning to the UK after a stint working in the US.


Credit Kudos works with a credit scoring mechanism that looks at a person’s current data to give a fuller picture of the credit history. The company can link your bank accounts and see existing financial information commitment and determine what the borrower can afford the loan.


Through this approach, Credit Kudos has managed to help many of its customers get a loan in circumstances that most lenders would not. For this reason, they’ve managed to acquire a good number of customers and recorded a huge revenue growth over a short period.


Varo Money


This is another financial technology company based in San Francisco. The digital consumer bank has fully employed its digital app and fintech tools to provide its users with a complete look into their finances. Customers benefit from both the checking and savings account.


Varo Money works with a transparent app to provide consumers with all the financial services that they may need. Through the app, users can have more in-depth insights into their spending habits as well as make instant money transfers.


You don’t need any minimum requirements to receive a debit card. Customers pay nothing for overdrafts, transfers, or foreign transactions. This makes Varo Money a reliable fintech firm for several users that were otherwise, stuck with huge transaction fees through traditional banking.


Avant Fintech Firm


Avant provides a reliable loan service that targets middle-income customers. They enable their customers to access loans that range from $2,000 to $35,000. The company is based in Europe. Its services are focused on providing a resource for customers to be able to access loans that cover unexpected bills and debt consolidation.


Many customers leave to appreciate Avant for its quick loan processing and simple application process. There is no cumbersome paperwork, and customers get their loans processed as quickly as a day long. With the reliable application process and fast approval, Avant has managed to work with over 800,000 customers which is an impressive number.


Credit Karma


Credit Karma is one of the fastest-growing fintech lending companies that offer personal financing across the globe. With Credit Karma, customers have the chance to choose different loan offers and credit cards that suit their individual needs. The Fintech firm also gives its customers free credit checks and tax filing at no cost.


Thanks to its incredible services, the company continues to grow at a very first-rate. It even introduced the Unclaimed money tool in 2017. This has enabled its users to track their payouts and unclaimed funds under their name.


With this Unclaimed money tool, Credit Karma customers can work out a reliable financial management plan. There is no better way to get your finances in order than using the Credit Karma tool.


Klarna


Klarna is another big name as far as financial technology is concerned. This is a company based in Swedish and serves a massive number of customers in Europe as well. Like other Fintech companies, Klarna has also recorded tremendous growth since it started in 2005.


Unlike conventional lenders, Klarna doesn’t offer a line of credit. It uses its proprietary software to evaluate its customer information during purchase. It provides financial solutions such as debt collection and credit payment to businesses.


The company makes most of its revenue by charging a small transaction fee from merchants and charging users for their installment payment plan. The company has grown so much as a fintech company and was planning for an IPO by May 2020.


Fintech Companies Are the Future of Banking


With the huge growth that Fintech companies continue to attract, there is no doubt they’re going far. Some of the biggest fintech companies have a huge customer base behind them and have managed to garner huge revenue. They’re continuing to grow even further by inventing new ways to help customers.


Browse this page for more reliable financial information for personal development or business growth.

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