Fintech, or the intersection of technology and the financial sector, has seen incredible growth in the past few years. Modern advancements in this space are helping businesses and consumers find ways to save money, increase revenues, and make the payments process more efficient. The financial industry is finally being set free and becoming more accessible to more people across the globe.
The most prominent players in the industry are the ones most quickly adapting to changing markets and offering solutions that solve real problems. And it’s working. Valuations in the sector are taking off, with both domestic and foreign investments flooding in.
Here is a list of top 10 emerging fintech companies to watch this year:
Expanding beyond the core functionality of a payment processing platform, Due has found its niche in user experience. It understands the use case of its customers. Providing features such as invoicing tools and time-tracking of payments and contracts has allowed this platform to grow into a major player especially with entrepreneurs.
Offering secure processing with only a 2.7 percent fee, international transactions within 2 business days, and a digital wallet only help Due fill out a selection of features tailored toward the modern businessperson.
Stripe makes it easy for businesses, large and small, to set up fast and secure online payment processing. Tons of big-time companies are leveraging Stripe’s tech to build out there online stores. They handle billions of dollars each and every year, run through their easy to implement API.
As we move closer and closer to a completely digital world, we can expect companies like Stripe to continue to gain prominence and importance as their tech becomes more relevant for more companies.
3. Lending Club
Lending club is an online marketplace that connects borrowers and investors from around the globe. It’s America’s biggest consumer-grade, peer to peer lending platforms that has transformed the banking system.
Their mission is to make credit more affordable and available for an increasingly large group of people who need it. They also hope to provide attractive options for investors who are looking to make a return on their investments. Because of their low cost structure, lending club can differentiate and offer lower rates than their bank counterparts do.
4. Oscar Health
Oscar health provides digital health insurance that just works, easier and more efficiently than ever before. The fast growing startup is founded upon the idea that rising health insurance costs are not being met with better care. So the team decided to build a solution that not only provides more complete care, but also does so at an affordable price.
Subscriber to one of Oscar’s plan get access to the Oscar App. With the app installed, patients can “request a call from a doctor, and receive a call back in about 10 minutes.” The pain of sitting miserably in the waiting room is over. Oscar provides 24/7 support, as they guide you every step of the way.
Housing.com is quickly becomign one of the most convenient and trusted places to find a home in India. The platform provides an incredibly comprehensive directory developments across many major cities in India. Through their portal, home buyers and sellers can find events, landmarks, upcoming projects, and more.
The platform also offers home loans for people looking to purchase new property. We’ve seen this startup grow tremendously, as they’ve managed to use technology to tap into the once inaccessible Indian real estate market.
We all know that student debt is becoming a real problem in our country. SoFI, a marketplace for student loan refinancing, aims to redefine typical financing. And they are starting with Student Loans. They offer extremely competitive fixed rates that help “make your student debt go away faster.”
They also offer mortgage and personal loans. On the other side of their marketplace, they offer wealth management and investor services that is powered by technology, and guided by their expert team. Their simple, low fee structure makes terms clear and transparent, making investing just that much easier.
7. Credit Karma
Credit Karma makes it easy for users to view their scores and reports at anytime from anywhere. With over 25 million users, and an easy to understand product market fit, the company is exploding.
Their platform leverages advertisements of targeted financial products to offset the costs that generally come with trying to retrieve your credit score. With Credit Karma, you get more than just your reports and scores, but also credit monitoring as well as tools & tips that help you better understand your standing.
The subscription economy is here to stay. Subscribers are becoming an increasingly valuable customer for businesses, as there is nothing more sustainable than a recurring revenue structure. Zuora makes it easy for companies to turn their customers into these so coveted subscribers.
Using their cloud-based, subscription management software, businesses are able to launch subscription models quickly and manage their entire lifecycle of their subscribers. They are already working with huge companies, like Box and ZenDesk, as their business only looks to scale.
Online payments are becoming more and more common across the globe. Klarna, an online payment processing system, processed over $9 Billion in online transactions. They simplify the online shopping experience through a few key features.
The first is that they allow their users to pay over time and enjoy the flexibility of spreading their costs. In addition, they let you pay after delivery, so you can make sure you are happy with the quality of your product. Easily manage your account and make purchases at tons of different stores, all without having to worrying about logging in to an account.
Accounting has always been a point of friction and disadvantage for small businesses. Xero makes cloud-based accountancy software targeted specifically to help small businesses manage their accounts and scale quickly.
On their beautiful platform, business owners get access to a real-time view of their cash flows. You can login from anywhere, at any time, and run your business on the go. From a few clicks, you can do once cumbersome things like process invoices and quotes and send a purchase order. With hundreds of thousands of subscribers loving how Xero works, you can expect this startup to take off in the coming months.
This post is part of our contributor series. It is written and published independently of TNW.
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