Fintech is a rapidly growing business that has everyone's attention, particularly investors. According to CB Insights, in the first quarter of 2021, the space raised $13.4 billion. Meanwhile, stock trading app Robinhood, located in San Francisco, has filed for an IPO, with some speculating that the company's valuation may surpass $40 billion due to high demand for shares.
It's hardly surprising that the number of fintech firms and startups is increasing. As the tech-savvy millennial population has grown older, banking and financial alternatives have evolved as well, with once-rare advantages like mobile banking becoming normal, driving traditional financial institutions to become more tech-savvy.
Banks aren't the only financial entities that have changed as a result of technological advancements. Digital financial access underpins whole markets, from digital loans and mobile stock services to e-commerce payment networks and digital currency exchanges.
Check out some of these fintech organisations and startups to keep an eye on to learn more about the current landscape.
HUDSON RIVER TRADING
Location: Austin, TX
What they do: Hudson River Trading is a quantitative trading organisation that maximises the strength of its products using a scientific method. A group of mathematicians, computer scientists, statisticians, physicists, and engineers collaborate to develop new automated trading algorithms that allow Hudson River Trading to move millions of stocks across global financial markets every day, resulting in constant innovation in how trades are executed.
Location: New York, NY
What they do: Riskified is an AI-powered platform that helps e-commerce firms safeguard themselves by allowing them to simply distinguish between genuine and fraudulent requests. With tools like dynamic checkouts, alternative payment processing, and chargeback guarantees included with Riskified's ATO prevention and pre-authorization solutions, the platform makes it easier for legitimate shoppers to convert into customers, repairing leaks in the e-commerce purchase funnel while also strengthening customer relationships.
Location: Marina Del Rey, CA
What they do: Spring Labs uses powerfully transparent blockchain and real-time data ledger technology to enable safe information movement between enterprises. By confirming identities using a variety of goods and income stability indicators, preserving customer data, and expediting the credit transaction approval process, the platform helps companies decrease fraud.
Location: Los Angeles, CA
What they do: Compliance consulting, investment, and financial advising services are provided by BLX Group to charities and government entities. The firm, which is based in Los Angeles and has offices in New York, Dallas, Phoenix, and Tampa, provides a wide variety of financial and regulatory advice to help firms use their time and money more wisely.
Location: Chicago, IL
What they do: With operations in more than 100 countries and origins dating back to 1799, JPMorgan Chase is one of the world's major banking firms. The firm is on target to deploy $1.75 billion in charitable money to areas throughout the world by 2023, demonstrating its commitment to honesty, justice, and accountability in its operations.
Industry: Financial Management, Software, Machine Learning
What it does: Machine learning is used by Suplari to assist users better control their spending. The company's platform may be used by the finance, procurement, and operations departments to monitor expenditure trends, achieve savings objectives, and even identify places where money is being wasted inefficiently. Suplari's technology is used by firms such as Wayfair, Nordstrom, and Spending Tree to evaluate, anticipate, and minimise expenditures.
Industry: Mortgage, Lending
What it does: Personal loans are simple to apply for with Opploans. The application procedure takes only a few minutes, and the lower-interest loans are provided within days. Applicants can apply for loans to cover a wide range of expenses, including house and auto maintenance, family costs, medical crises, and large purchases.
Location: Lawrenceville, New Jersey
What it does: Billtrust helps firms in the business services, manufacturing, transportation, distribution, and equipment industries manage their payment cycles. Billtrust strives to improve organisational and operational efficiency by speeding up the invoice-to-cash process, automating cash flow, giving customers more freedom, and accelerating the invoice-to-cash process.