Yesterday, we talked about what’s making the FinTech market tick (and ticking it is, with a projected growth rate of more than 50% from 2015-2020).
As promised, today we want to highlight a few organizations contributing to the market’s success. This is hardly an exhaustive list of market players, but these are certainly vendors to keep an eye on.
So, without further ado, here are seven of the top companies in the global FinTech market:
Atom Bank
Founded a year ago and based in the City of Durham, Atom has a growing team of 100 people drawn from across the country, working with partners to bring pioneering technology to Europe. Atom is building the UK’s first bank designed specifically for digital, offering easy and convenient banking, along with unique and engaging ways to manage money. The Atom executive team is highly experienced, having built and run some of the most well-respected banks in the UK. CEO Mark Mullen has 25 years experience in the sector and was previously CEO at the multi-award winning telephone and internet bank first direct.
Avant
Avant is a fast-growing marketplace lending platform that is lowering the costs and barriers of borrowing for consumers. Through the use of big data and machine-learning algorithms, the company offers a unique and highly customized approach to streamlined credit options. At its core, Avant is a tech company that is dedicated to creating innovative and practical financial products for all consumers. To date, Avant has secured more than $1.7 billion in funding and another $1.8 billion through its institutional marketplace. More than 310,000 loans have been issued worldwide through the Avant website.
Funding Circle
Launched in 2010, Funding Circle is sparking a global revolution in the way small businesses access finance. By bringing together industry leading risk management policies and cutting edge technology, Funding Circle’s proven model strips out the need for inefficient bank processes, enabling businesses to access finance in a matter of days directly from investors.
Funding Circle is the world’s leading marketplace for business loans, with operations in the UK, US and Continental Europe. Globally investors have lent $1.8 billion to 15,000 businesses.
Klarna
Klarna is one of Europe’s fastest growing companies, and offers safe and easy-to-use payment solutions to e-stores in Europe and North America. At the core of Klarna’s services is the concept of after-delivery payment, which lets buyers receive ordered goods before any payment is due. At the same time, Klarna assumes the credit and fraud risk for e-retailers so that sellers can rest assured that they will always receive their money. Klarna Group has more than 1,200 employees and is active on 18 markets. It works with more than 50,000 merchants.
Kreditech
Kreditech Group is a technology company that delivers a range of custom-tailored financial services with a focus on underbanked consumers across the globe. Kreditech uses big data, proprietary algorithms and automated workflows to acquire, identify and underwrite customers within seconds. Automated processes combined with self-learning algorithms ensure fast and convenient customer service, minimizing cost and human error while continually improving by incorporating new customer data. Since its founding, Kreditech has scored more than two million individual loan applications, using up to 20,000 data points per application. Kreditech’s global subsidiaries offer products from individually tailored installment loans and microloans to payment and other financial services.
Oscar
We believe that health insurance should be simple, smart, and friendly. Founded in 2012, Oscar was the first health insurance company created for consumers in the new world of the Affordable Care Act. That means plans and benefits you understand, tools that save you time and money, and people who want to help you along the way.
Wealthfront
Wealthfront is the largest and fastest-growing automated investment service managing over $1.5 billion in client assets. The service combines world-class financial expertise and leading edge technology to provide sophisticated investment management at prices affordable for everyone. Wealthfront is free for clients with accounts under $10,000, and charges just 0.25% on assets above $10,000. Launched in December 2011, the company has raised over $129 million in funding to date from Spark Capital, Dragoneer Investment Group, Index Ventures, Greylock Partners, Benchmark Capital, Ribbit Capital, Social + Capital and DAG Ventures and is based in Palo Alto, CA.
