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The 20 most innovative new Fintech companies

Some of the private financial technology companies included in this year’s Fintech 50 list have grown so much that they compete with public companies. Stripe is now worth $ 22,500 million and Credit Karma, $ 4,000 million. But the industry continues to attract new entrepreneurs and new ideas: there are 20 companies in our fourth edition of the Fintech 50 that had never appeared on our list.

That includes businesses like Nova Credit, which standardizes information from credit reporting agencies in India, Mexico and other countries so that US lenders and owners can serve immigrants who lack a US credit record. Roofstock facilitates investment in rental houses. Chime, the first “neobanco” for mobile devices, offers free checking accounts. Cross River, a bank that has become one of the main partners of the fintech industry, manages the payments and deposits of Stripe and Coinbase.

The category of payments is booming, as companies are making great technological advances in the processing of credit cards, corporate credit cards and point of sale card readers.

We present the 20 newcomers from our Fintech 50 list:

Axoni, New York

Use smart contracts based on blockchain to review the back office of the largest derivatives markets in the world. Its distributed registration technology will allow counterparts to see payments, calculations and other vital business information in real time, improving efficiency and reducing risk. It is already partnering with the largest banks and financial intermediaries in the world.

Financing: $ 59 million from Goldman Sachs, JPMorgan and others

Credentials: is currently introducing smart contracts to the $ 10 trillion credit derivatives market; works with the Depository Trust & Clearing Corporation (DTCC)

and a steering committee of 15 of the world’s largest banks. You are already setting exchange rates abroad using blockchain.

Co-founders: CEO Greg Schvey, 32, and CTO, Jeff Schvey, 33. The brothers also co-founded TradeBlock, which provides institutional trade tools for cryptocurrencies.

Behavox, New York

It is rapidly becoming the sole IA store for Wall Street, using algorithms to handle the surveillance of email, voice and text data and the data lakes that accompany it. Behavox also helps brokers locate asset inventories and hedge funds to discover hot and cold portfolio managers.

Financing: 15 million dollars from Index Ventures, Hoxton Ventures, Citigroup and others. Last valuation: about 300 million dollars.

Credentials: About 30 clients, including Balyasny Asset Management, Arrowgrass, Marshall Wace, TP ICAP, Citigroup, Anglo American

Founder and Executive Director: Erkin Adylov, 35, former analyst and fund manager of Goldman.

Bolt, San Francisco

Its mobile payment software for e-commerce sites incorporates sales analysis and fraud prevention, crowned by a guarantee to cover any loss due to fraud. Bolt states that integrated functions can reduce payment times from more than one minute to 30 seconds. In the year since its launch in early 2018, it has grown from 10 to 75 employees.

Financing: 20 million dollars from Founders Fund, Intuit and others.

Credentials: It already has hundreds of customers and processes around 500 million dollars in sales per year. Users include tempting targets for fraud, such as watch and diamond merchants.

Co-founder and CEO: Ryan Breslow, 24, who left the Stanford computer program in 2014 to start Bolt.

Brex, San Francisco

It offers a corporate credit card designed specifically for new businesses, with the approval of applicants and credit limits based largely on the amount of cash a company has, rather than the personal credit history of an entrepreneur. The points greatly reward software subscriptions, travel expenses and shared trips.

Financing: $ 215 million from Y Combinator, DST Global and Greenoaks Capital. Last assessment: 1,100 million dollars.

Credentials: reached a valuation of 1,100 million dollars in just 22 months

Co-founders: CEO Henrique Dubugras, 23, and Director of Operations, Pedro Franceschi, 22, both computer engineers born in Brazil and educated at Stanford.

Carta, Palo Alto, CA

It helps private companies, investors and employees to track and manage their property, acting as a transfer agent in capital grants. Already installed in about 100 unicorns, it aims to expand from new companies backed by venture companies to private capital and real estate, becoming a continuous secondary market for the sale of private assets.

Financing: $ 148 million from Spark Capital, Tribe Capital, Meritech and others. Last valuation: 800 mdd.

Credentials: Tracing more than 500,000 million dollars in company capital, including Robinhood, Slack, Coinbase, Casper, Tilray and Affirm. It has facilitated almost 1,000 million dollars in sales in the secondary market.

Co-founder and CEO: Henry Ward, 42, who launched the company in 2012 as eShares with entrepreneur and serial investor Manu Kumar, 43.

Chime, San Francisco

This digital or “neobanco” mobile bank offers current accounts, debit cards and services that round up purchases and deposit extra cents in savings. Members can access their deposits two days before at no additional charge. Recently acquired Pinch, an application to help users improve their credit scores.

Financing: $ 105 million from Menlo Ventures, Crosslink, Forerunner Ventures and others. Last valuation: around 500 million dollars.

In good faith: more than 2.6 million accounts, with 350,000 added per month

Co-founders: CEO Chris Britt, 45, and CTO Ryan King, 42.

Circle, Boston

Last year, cryptographic finance giant Circle entered the exchange business with the purchase of Poloniex and now offers services for the cryptocurrency trade, investments and payments. Last October, it partnered with Coinbase to launch a stable USDC currency, a cryptographic asset that uses the Ethereum blockchain and is backed by US dollars.

Financing: 246 million dollars from IDG Capital, Bitmain, Breyer Capital, Goldman Sachs and others. Last valuation: 3,000 million dollars.

Credentials: 8 million customers from more than 100 countries; USDC has $ 335 million in recent market value, which places it among the 20 most valuable crypts

Co-founder and CEO: Jeremy Allaire, 47, previously founded the Brightcove online video platform.

Cross River, Fort Lee, NJ

Cross River, born in a small community bank in New Jersey, used his insured status by the FDIC to become the banker of the world’s most valuable fintechs. Create the notes behind the loan companies such as Quicken, RocketLoans, Affirm and Best Egg. It also handles payments and deposits for companies such as Stripe, TransferWise, Visa and Coinbase, among others.

Financing: 128 million dollars from KKR, Andreessen Horowitz, CreditEase, LionTree Partners and others. Last valuation: around 1,000 million dollars.

Credentials: $ 130 million in annual revenues, originated $ 20,000 million in loans and grew 30% more.

Founder and CEO: Gilles Gade, 52. Before founding Cross River in 2008, Gade, of French origin, was a banker and investment analyst in technology and CFO of a mortgage company.

Even, Oakland, CA

Mobile application of budget and savings that is linked to users’ bank accounts, asks about upcoming bills and calculates how much they have left to spend. Employees can pay $ 8 a month to get interest-free access to the money they have already earned before the payday. Soon it will offer automatic saving function.

Financing: $ 51 million from Khosla Ventures, Valar Ventures and others. Last valuation: 102 million dollars

Credentials: more than 400,000 users from more than 10 companies, including Walmart and Kronos

Co-founders: CEO Jon Schlossberg, 31; COO Quinten Farmer, 28; Product Manager Ryan Gomba, 27

Flywire, Boston

It helps universities, hospitals and companies to accelerate the reception of tuition and other payments made in foreign currencies at a rate of 2% to 3%, approximately half of what banks charge. Its software handles the routing of complex currencies and resolves transactions in two days.

Financing: $ 142 million from Bain Capital Ventures, F-Prime Capital from Fidelity, Spark Capital and others. Last valuation: 700 million dollars

Credentials: processed $ 4,000 million in 2018 and has 900 higher education clients, including seven of the eight Ivy League colleges.

Founder: Iker Marcaide.

CEO: Mike Massaro, 40, who joined Flywire in 2012 to lead sales and marketing and was named CEO one year later

Gemini, New York

Founded by twin brothers Tyler and Cameron Winklevoss, the Gemini cryptocurrency exchange is authorized as a New York trust company, which makes it a qualified and fiduciary custodian under New York Law. With a license to do business in 49 states, Gemini is leading the fight for a bitcoin-listed investment fund (ETF) approved by the SEC and launched the Virtual Commodities Association to promote self-regulation by the industry. cryptocurrencies.

Financing: Winklevoss Capital Management, owned by Tyler and Cameron.

Credentials: employs 200 people and has just moved to a new office of 4,645 square meters.

Co-founder and CEO: Tyler Winklevoss, 37, former Olympic rower

Marqeta, Oakland, CA

Debit card processor that facilitates companies that issue worker cards to manage authorized transactions. For example, the start of delivery of groceries Instacart uses Marqeta to control what items their delivery employees can buy, which reduces fraud.

Financing: 116 million dollars from Visa, Iconiq, 83 North (formerly Greylock Israel) and others. Last evaluation: 545 million dollars

Credentials: Counts Square and Fintech 50 2019 members Kabbage, Affirm and Brex as clients.

Founder and CEO: Jason Gardner, 49, a serial entrepreneur who founded a rental payment company in 2004, which was later acquired by MoneyGram for $ 28 million dollars.

Nova Credit, San Francisco

Integrate and standardize information from credit reporting agencies in India, Mexico, the US US, Canada and other countries so that US lenders and lessees can provide services to immigrants who lack a US credit record. UU In addition to reporting your payment history abroad, Nova creates a “Passport Credit” number for newcomers, similar to a FICO credit score.

Financing: $ 20 million from General Catalyst, Index Ventures and First Round

Credentials: Recently it has partnered with Yardi, an important property management software platform, to help assess immigrants who apply for housing.

Co-founders: CEO Misha Esipov, 30; COO Nicky Goulimis, 30; and CTO Loek Janssen, 29, conceived Nova as a graduate project at Stanford

Opendoor, San Francisco

It uses data and algorithms to value and buy homes (without seeing them) in 20 cities, delivering cash to the seller in a matter of days, minus a service charge with an average of 7%. Make the necessary arrangements and resell the houses.

Financing: 1,000 million dollars, including a recent 400 million dollars from the SoftBank Vision Fund. Last valuation: 2,000 million dollars or more

Credentials: buy houses at an execution rate of around 3,800 million dollars per year.

Co-founders: CEO Keith Rabois, 49, a senior partner at Khosla Ventures who came up with the idea of Opendoor; CEO Eric Wu, 36; CTO Ian Wong, 32; and JD Ross, 28

Poynt, Palo Alto, CA

Its point-of-sale software and hardware converts credit card readers into smart devices that allow third-party developers to create complementary applications, for example, loyalty reward programs that do not require buyers to present a card or enter a number .

Financing: $ 132 million from the Matrix partners, Oak HC / FT, GV and others. Last valuation: 450 mdd.

Credentials: He has sent and deployed 100,000 devices and is on track to process 20,000 million dollars in transactions during the next year.

Founder and CEO: Osama Bedier, 43, founder of Google Wallet.

Roofstock, Oakland, CA

Platform provides tools for investors to evaluate, buy and sell single-family homes in 41 markets. Guarantees up to 12 months of rent in a vacant property purchased through the platform.

Financing: $ 75 million from Lightspeed Venture Partners, Khosla Ventures and others. Last evaluation: 275 million dollars.

Credentials: more than 1,000 million dollars in transactions completed on the Roofstock platform

Co-founders: CEO Gary Beasley, 53; President Gregor Watson, 38; and Development Director Rich Ford, 49

Root Insurance, Columbus, OH

This car insurance sale app calculates the price based largely on the user’s way of driving. Potential customers download the Root application, activate a test drive for two to three weeks and then get a quote (if they qualify as a good driver). Through the app, users can pay, file a claim and get roadside assistance.

Financing: $ 171 million from Tiger Global Management, Redpoint Ventures, Ribbit Capital and others.

Last valuation: 1,000 mdd

Credentials: According to your data, good drivers can save approximately $ 1,187 per year in auto insurance.

Co-founders: CEO Alex Timm, 30, former Nationwide consultant; CTO Dan Manges, 33, is former CTO of Braintree before it was acquired by PayPal.

Stash, New York

The mobile investment app offers ordinary consumers a complete set of investment tools that include non-commission operations and fractional purchases of shares and ETFs, thematic investment portfolios, individual retirement accounts and even custody accounts for children. Users with accounts below $ 5,000 pay $ 1 per month; Larger accounts are charged 0.25% of assets per year. Coming soon: banking services with cash return debit cards and early access to directly deposited payment checks.

Financing: $ 117 million from Union Square Ventures, Breyer Capital, Coat Management, Entree Capital and others. Last valuation: 350 mdd

Credentials: 3 million customers.

Co-founders: CEO Brandon Krieg, 44, and President Ed Robinson, 35. They met at a securities firm where Krieg led the electronic transactions.

Toast, Boston

This venture, started in 2011 by three graduates of MIT, manufactures point-of-sale devices for restaurants that can also handle tasks as complex as food inventory management.

Financing: 248 million dollars from Bessemer Venture Partners, T. Rowe Price, Tiger Global Management and others. Last evaluation: 1,400 million dollars.

Credentials: tens of thousands of customers, including Jamba Juice and Pieology, a chain of pizzas with 150 locations.

Founders: co-presidents Aman Narang, 36, and Steve Fredette, 35; CTO Jonathan Grimm, 33. The CEO: Chris Comparato, a veteran of business software.

Tradeshift, San Francisco

Process payments from supply chain transactions, handle everything from the “know your customer” (KYC) regulatory checks to the execution of cash flow analysis and recommend how quickly you should pay a provider to a customer.

Financing: 400 million dollars from Goldman Sachs, the Pension Board of the Public Sector, HSBC and others. Last valuation: 1,200 million dollars.

Credentials: it processes 500,000 million dollars a year in supply chain payments and has 500 customers in 19 countries.

Co-founders: CEO Christian Lanng, 40; Senior vice president and head of the Asia Pacific region Mikkel Brun, 50; the general manager of Investigation and Development of Tradeshift and the arm of investment Gert Sylvest, of 47.


Also published on Medium.

Published inFintech

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