What are the most interesting fintech startups
Top 30 best financed fintech startups in the world 2020
Fintech startups are looking to revolutionize finance and the way people and companies use and manage their money. By addressing financial problems and needs, fintech startups are challenging banks and other financial firms by innovating in various financial segments and industries.
Financial technology companies, better known as fintech companies, generally focus on disrupting certain business models through financial innovation. When they rely on technology to simplify business processes, reach a wider audience, or focus on specific customers, they often compete with more traditional financial players who employ less efficient business methods.
And since they develop in an industry in which money is a commodity, fintech startups that implement successful new business models often benefit from major advantages very quickly. As a result, many of the companies in the list below have raised large funds to develop promising models in a very short space of time when they have not yet achieved a large market and profitable operating margins.
In terms of the actual markets and financial segments that fintech companies are successfully addressing, we can see that a number of startups are digital banks, also known as "virtual banks" or "neobanks". The success of this new type of bank seems to prove that the business model of banking without physical branches is gaining traction around the world.
A number of other financial services and industries are disrupted, including insurance (with insurance technology startups often referred to as "InsurTech"), payments, stockbroking, transaction processing, mortgages, and more.
In many cases, innovation in financial technologies relies on the creation of cryptocurrencies like Bitcoin and Ethereum, and even more so on the underlying blockchain technology that enables their decentralization and security. A number of startups are using these new technologies to create more efficient business methods by managing decentralized and secured financial books at a fraction of the cost of previous technologies.
Of course, since the American market is much larger and more solvable than other markets, it's no surprise that American startups make up a large portion of the top 30 best-funded fintech startups in the world. However, UK startups are also well represented as the UK economy has traditionally been focused on the financial industry and the City of London is one of the world's leading financial centers.
Two Chinese peer-to-peer credit startups also made it onto this list, although it's important to note that it only includes startups. China has a number of other companies involved in payments and other financial services that are already publicly traded companies or part of some of the largest tech companies in the country, such as the giant Chinese fintech company Ant Financial, which is part of the Alibaba Group.
The same goes for the whole world, as many fintech startups succeed quickly, quickly reach multinational corporation status, and listed companies become or are acquired, which in turn can no longer consider them startups. A number of successful fintech companies find themselves in this situation, including PayPal, the digital payments pioneer that has become one of the largest US technology companies.
Many of the 30 startups listed here are already known in their country and have reached a broad customer base for their products and services. And all of them have already achieved unicorn status, that is, a valuation of more than a billion dollars. Another proof that fintech companies are among the most successful and fastest growing startups in the world.
For the full list of unicorn startups around the world, download our Excel file of 580 unicorn startups, which includes reviews, funds raised, known investors, links to websites, descriptions and much more information about each company contains.
List of the 30 best financed fintech startups in the world
Without further ado, here is the list of the 30 best funded fintech startups with details on each company, the total amount of funding the company has received in US dollars to British Chinese yuan as of October 2020, according to Crunchbase (at conversion rates of £ 1.3043 each $ and 6.7444 CN ¥ / $) along with a direct link to the company's website.
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To make browsing this long list easier for you, here are quick links that will take you straight to the details of the top 30 fintech startups worldwide. Also, check out the top 10 fintech startups roundup for the list!
Card Issuing & Processing industry - Total funding: $ 528 million
Marqeta offers companies a card issuing platform with which they can develop and manage their payment programs. Thanks to its payment processing infrastructure, a range of dedicated tools and an open API, Marqeta enables companies to create bespoke payment innovations, experiences and commercial applications with their own card systems.
Country: USA - Headquarters: Oakland, CA - Founded: 2010
Industry: Cryptocurrency - Total funding: $ 547 million
Coinbase is a digital currency exchange. Users, consumers, merchants and merchants can use it to buy and sell digital currencies, including Bitcoin, Ethereum, Litecoin, Tezos and many others. Coinbase enables users to create bitcoin wallets and buy and sell bitcoins and other digital currencies by linking them to their bank accounts. Thanks to its API, Coinbase also enables developers and merchants to create their own applications and accept payments in digital currencies.
Country: USA - Headquarters: San Francisco, CA - Founded: 2012
Industry: P2P Lending - Total Funding: $ 549M
Dianrong is an online marketplace for peer-to-peer lending. It provides individuals and small and medium-sized businesses with financial information and transaction matching technology and services to make lending and borrowing easy. Thanks to its technological infrastructure, Dianrong enables the design and customization of a wide variety of credit and credit products and strategies.
Country: China - Headquarters: Shanghai - Established: 2013
27. Atom Bank
Industry: Digital Banking - Total funding: £ 429 million
Atom Bank is a mobile bank. The company works entirely through a mobile application, so its customers can take advantage of its low-cost model and offer 24/7 online support. Atom Bank also offers a range of retail and commercial banking products.
Country: United Kingdom - HQ: Durham - Established: 2014
Digital Banking Industry - Total Funding: $ 581 million
WeLab is a full-service digital bank. It enables individuals to open a bank account and manage their money from their mobile phones, along with a range of innovative financial services related to it. In particular, solutions for consumer finance and virtual credit cards for private individuals as well as credit solutions for companies are proposed. WeLab operates under various brands in Hong Kong, China and Indonesia.
Country: Hong Kong - Headquarters: Hong Kong - Established: 2013
Industry: Insurance - Total funding: $ 627 million
PolicyBazaar is an insurance aggregator. Users can compare health insurance, auto insurance, motorcycle insurance, travel insurance based on price, quality and key benefits with solutions for financial security and competitive returns.
Country: India - Headquarters: Gurgaon - Established: 2008
Stock management industry - Total funding: $ 628 million
Carta is a company that specializes in software for managing and evaluating capitalization tables. Intended for pre-IPO startups and companies, Carta enables them and their founders, employees and investors to manage stocks, be it stocks, stock options, warrants or derivatives, through a single platform that keeps track of them. Time to see who owns what in the company.
Country: USA - Headquarters: Palo Alto, CA - Founded: 2012
23. Next Insurance
Business Insurance industry - Total funding: $ 631 million
Next Insurance is an online insurer for small businesses and entrepreneurs. Thanks to its technology, Next Insurance offers attractive prices by eliminating agents and extras as well as rapid claims management. It offers tailored insurance policies for professionals in a wide variety of fields including contractors, construction, fitness, cleaning, beauty, entertainment, education and many more.
Country: USA - Headquarters: Palo Alto, CA - Founded: 2016
Transaction Processing Industry - Total Funding: $ 661 million
Tradeshift offers a business-to-business platform for supply chain management and payments. Businesses of all sizes can connect with their suppliers faster, issue electronic invoices, manage payments, and purchase products faster. Thanks to Tradeshift, companies can work more easily and effectively in their supply chains and suppliers can better manage their orders, invoices and cash flows.
Country: USA - HQ: San Francisco, CA - Founded: 2009
Industry: P2P Lending - Total Funding: CNY 4.5 billion
Jiedaibao is a peer-to-peer lending marketplace. Through its online platform, individuals and companies can borrow and borrow money from one another to define interest rates, create legal contracts, and report repayments and expiration. Thanks to Jiedaibao, borrowers can easily repay, extend, or write off their debts, or conduct mediation and litigation.
Country: China - Headquarters: Beijing - Established: 2014
20. BGL Group
Industry: Personal Insurance - Total funding: £ 585m
The BGL Group is a provider of insurance and household finance products. BGL has traced its origins back to 1992 and redesigned its business through technology. The company has grown into a leading digital distributor of insurance and financial products. The company also operates price comparison websites including compareethemarket.com in the UK and LesFurets.com in France.
Country: UK - Headquarters: Peterborough - Founded: 1992
Corporate Credit Cards Industry - Total Funding: $ 732 million
Brex is a company that provides business credit cards and cash management accounts for technology companies. Thanks to its financial platform, Brex enables companies to manage their finances as they start, scale and develop, while separating the company's finances from the personal credit scores and founders' assets.
Country: USA - Headquarters: San Francisco, CA - Founded: 2017
Digital Banking Industry - Total Funding: $ 783 million
N26 a mobile banking platform. It offers checking accounts, fixed accounts, and other banking services including cash withdrawals and deposits, international money transfer, investment, and credit. Thanks to a practical mobile application, N26 serves customers in the European Union directly or through its subsidiaries.
Country: Germany - Headquarters: Berlin - Foundation: 2013
Industry: Point of Sale Management - Total funding: $ 902 million
Toast is a company that specializes in point-of-sale and cloud-based restaurant management. With an online platform specially developed for restaurants, Toast offers a complete solution for table and online orders and payments, kitchen and personnel management, back office administration and reporting, and payroll accounting.
Country: USA - Headquarters: Boston, MA - Founded: 2012
Digital Banking Industry - Total Funding: $ 917 million
Revolut is a digital bank. The company offers a range of banking and financial services through its digital platform, including prepaid debit cards, currency exchange, and peer-to-peer payments. Customers can use it to pay and withdraw money in more than 120 currencies, 26 of them directly via the mobile app.
Country: United Kingdom - HQ: London - Established: 2015
15. Oak North
Credit analysis, digital banking industry - Total funding: $ 1 billion
OakNorth provides credit analysis and monitoring solutions for small and medium-sized business lending institutions. Built on machine learning, credit literacy and big data, OakNorth enables banks and other financial institutions to work more efficiently and reduce risk. OakNorth is also the parent company of OakNorth Bank, a leading digital bank in the UK.
Country: United Kingdom - HQ: London - Established: 2015
Transaction Processing Industry - Total Funding: $ 1.1 billion
AvidXchange is an accounts payable company. The company specializes in supporting medium-sized companies and works via invoice automation and a payment processing platform. It helps them manage their accounts payable and supplier relationship and pay for their expenses.
Country: USA - Headquarters: Charlotte, NC - Founded: 2000
Money Transfer Industry - Total Funding: $ 1.1 billion
TransferWise is an international money transfer service. It offers customers, individuals and businesses an alternative to traditional means of international money transfers at a lower cost than standard bank charges thanks to its digital platform and fee structure.
Country: Great Britain - Headquarters: London - Established: 2011
Mortgage industry - Total funding: $ 1.3 billion
LendInvest offers an online marketplace for real estate loans and investments. It gives any investor access to a variety of asset classes, subscription and pre-financing investments, as well as services such as real estate finance loans.
Country: United Kingdom - Headquarters: London - Established: 2008
11. Prodigy Finance
Personal Loans Industry - Total Financing: $ 1.3 billion
Prodigy Finance is a digital platform specializing in loans to international PhD students and refinancing. Prodigy Finance provides loans to students of more than 150 nationalities, funded by a community of alumni, institutional and private investors.
Country: Great Britain - Headquarters: London - Established: 2007
Mortgage industry - Total funding: $ 1.4 billion
Figure offers homeowners financial solutions. Figure draws on blockchain technology and proposes a range of financial products including home equity lines, mortgage refinancing and investment opportunities. Thanks to its technology, Figure can deliver low interest rates and customized products through a simple and intuitive online application.
Country: USA - Headquarters: San Francisco, CA - Founded: 2018
Industry: Digital Banking - Total funding: $ 1.4 billion
Nubank is a financial services company providing payment solutions, free credit cards, and equity investments to Brazilian customers. Thanks to Nubank, users can access their accounts on their mobile phones and manage their payments and money transfers directly.
Country: Brazil - Headquarters: São Paulo - Established: 2013
Consumer Credit Industry - Total Financing: $ 1.5 billion
Affirm is a company that specializes in providing installment loans to consumers at the point of sale. It helps customers pay for their purchases over several months while increasing conversion and shopping cart size for online merchants. In this way, Affirm also makes financial services more accessible to consumers.
Country: USA - Headquarters: San Francisco, CA - Founded: 2012
Industry: Digital Banking - Total funding: $ 1.5 billion
Chime is a digital bank that provides financial services with no overdraft or maintenance bank fees. Working through a mobile app or website, Chime offers a range of spending, savings and credit accounts, as well as mobile banking and digital payment solutions for individuals. Since there are no service fees, Chime relies on merchant transaction fees for its business model.
Country: USA - Headquarters: San Francisco, CA - Founded: 2013
6. Judo bench
Industry: Business Banking - Total funding: $ 1.5 billion
Judo Bank is a bank and lender focused on small and medium-sized businesses. Based on its online platform and a team of dedicated client advisors, Judo Bank strives to provide bespoke financial solutions and business loans that are precisely tailored to the needs of every SME.
Country: Australia - Headquarters: Melbourne - Established: 2016
Personal Loan Industry - Total Funding: $ 1.6 billion
Avant specializes in providing personal loans. Powered by big data and machine learning algorithms, Avant's financial services market offers a tailored and simplified approach to lending that users can use to find solutions to consolidate their debts, pay for their expenses or vacations.
Country: USA - HQ: Chicago, IL - Founded: 2012
Payments Processing Industry - Total Funding: $ 1.6 billion
Stripe is an online payment processing system. It provides a developer platform for businesses to accept online payments and infrastructures for applications such as crowdfunding and marketplaces, fraud prevention, analytics to start, run and scale their businesses online.
Country: USA - Headquarters: San Francisco, CA - Founded: 2010
Payments Processing Industry - Total Funding: $ 2.1 billion
Klarna is a platform that offers e-commerce payment solutions. As a bank for merchants and buyers, Klarna offers a range of payment solutions, including direct payments, post-delivery options, and installment payment plans that offer customers interest-free financing options. Klarna is from Sweden and has expanded to a number of European countries and the USA.
Country: Sweden - Headquarters: Stockholm - Established: 2005
Stockbroker industry - Total funding: $ 2.2 billion
Robinhood is a stockbroker offering commission-free investments. Operated through a website and mobile app, Robinhood enables individuals to buy and sell stocks, ETFs, options and cryptocurrencies with no fee. Robinhood's business model also offers cash management accounts and is based on interest on customer balances and margin loans.
Country: USA - HQ: Menlo Park, CA - Founded: 2013
Personal Loans & Investment Industry - Total Financing: $ 2.5 billion
SoFi - Social Finance - is a financial company that provides a range of credit and wealth management services. SoFi is particularly aimed at younger professionals, helping them save, spend, borrow and invest, whether they are buying a home, saving money on student loans, growing in their careers or investing in the future.
Country: USA - Headquarters: San Francisco, CA - Founded: 2011
Summary: Top 10 Fintech Startups 2020
To give you a quick overview of the world's largest fintech startups in 2020, here is a synthetic image that regroups the top 10 information. Note that you can use this image to embed in your website and other digital properties using the code below.
Here are the 30 best financed fintech startups in the world. Have we forgotten any? Have you bought a product or service from them? Which do you think offers the most useful product or service? Let us know in the comments below!
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