The 9 Biggest Names in Fintech
The financial technology sector is booming and many companies are starting to leave their mark on the industry. Acquisitions are rampant in fintech, but there are many key players still operating independently. Although it’s difficult to reach the famed $1 billion valuation, many finch companies have already reached it.
Klarna is an online payment processing company with a valuation of $2.25 billion. This Swedish company has processed mobile and web payments in excess of $9 billion and has received funding from Paypal.
2.) Powa Technologies
Powa Technologies creates mobile payment tech for both online and brick-and-motor payments. The London based company completed a $76 million capital raising in 2013 and works with many name brand companies, such as Adidas, Universal Music and Carrefour.
3.) Credit Karma
Credit Karma provides free online credit scores and has a valuation of $3.5 billion. The company received attention during and after the financial crisis, as consumers became more aware of their credit scores. Among other practices, Credit Karma makes money through advertizements and credit card referrals.
Zenefits provides free software for businesses and has a valuation of $4.5 billion. The company helps small businesses with payroll, HR, health insurance and many other tedious tasks by using fintech software solutions. Last year, revenue for the company skyrocketed, jumping from $1 million to $20 million in a little over a year.
5.) Lending Club
Lending Club is an online consumer P2P platform with a valuation of $4.7 billion. Lending Club is one of the most popular names in the P2P lending scene. So far the company has provided $11.1 billion of loans through its platform. It also had one of the biggest IPOs in 2014, valued at $900 million.
Stripe is an online payment processer with a valuation of $5 billion. Stripe has quickly become one of the most well known names in the online payment industry. Stripe has many big names partners in tech that use its services, including Twitter, Reddit, The Guardian and Kickstarter.
Markit provides important financial information and data for companies and analysts across the globe and has a valuation of $5.1 billion. The London based company has become one of the most important names in finance, with analysts and economists relying on Markit’s data for up to date and accurate information. Investors include banking titans RBS, JPMorgan and Goldman Sachs.
Square is a diversified company that provides smartphone payment readers, business loans and online payments and has a valuation of $6 billion. The company was created by Twitter co-founder Jack Dorsey, which has helped it secure partnerships with name brands such as Starbucks and Whole Foods.
Lufax is a Chinese P2P loan and financing provider with a valuation of $10 billion. Based in Shanghai, the young company has grown meteorically. So far it has raised $485 million in funding and has help provide up to $2.5 billion of loans in China. It may be the largest fintech company to date.