A report by KPMG dated 21 February 2017 revealed that fintech funding reached $24.7 Billion by the end of 2016. While this was a drop in funding precipitated by such factors as the UK Brexit vote, the U.S. elections and an economic slowdown in china, the amount is still substantial. In 2015, fintech funding stood at $47 Billion. This article brings you 10 Fintech Companies with Big Funding.
SoFi is an online finance company that recently raised $500 million bringing the total amount in equity funding to $1.9 Billion. This effectively makes SoFi the most funded fintech company in the world. It has 275,000 members.
Betterment was founded in 2010. The company enables investors to manage their portfolios in the process reducing costs. In 2016, Betterment raised $100 million in a single series of funding.
Previously known as ZenPayroll, Gusto was established in 2011. In 2016, Let’s Talk Payments reported that Gusto had raised $67 million in funding.
Connecture is a fintech startup that specializes in web-based solutions for the healthcare sector. In 2016, the company raised $52 million in funding.
Open Lending is based in Austin and has been providing automated lending since 2000. In 2016, the company raised $40 million in equity funding from a single investor.
Metromile is an insurtech company based in San Francisco. In September 2016, the company raised over $200 million in funding. The company enables motor vehicle owners to buy insurance and pay premiums online. Its main focus is short distance motor vehicle owners especially those who use their vehicles for movements within the city.
Stash is a wealth management startup that has managed to penetrate the market despite steep competition from established players like Betterment and Wealthfront. In December last year, the company raised $25 million. According to Fintechnews Switzerland, the company had received funding in excess of $38 million by mid-January 2017.
Cadre is a fintech startup that focuses on real estate. The company has a platform through which it connects investors with real estate investment opportunities. The company raises funds through such methods as crowdfunding and then uses the same to fund big commercial deals. So far the company has raised over $70 million.
AlphaSense is basically a financial search engine based in San Francisco. However, unlike other search engine companies, AlphaSense has a way of filtering financial and investment data making it an important asset for banks and investors. In 2016, the company managed to raise $33 million from just four investors.
Edgewater markets focuses on distribution and aggregation of foreign exchange for institutional investors. the company attracted $30 million in equity funding from a single investor.