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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