Annual fintech revenues are forecasted to hit $1.5 trillion by 2030, representing a sixfold growth, with banking-related fintech accounting for a quarter of all banking valuations.
With almost 80% of the world's adult population either underbanked or unbanked, according to research by the Boston Consulting Group, there is both an enormous opportunity and an urgency for fintech solutions across all segments.
Company valuations have been in freefall since mid-2022, and despite unprecedented challenges, fintech companies successfully raised $128 billion in investments last year. There are now more than 500 fintech unicorns globally, and the industry has been buoyed by slow and steady revenue growth.
According to Pitch Book's Enterprise Fintech Report, fintech funding demonstrated a rebound in deal value and activity this year.
Digital payments company Stripe kicked off the first quarter of 2023 by raising $6.5 billion, the largest private fundraise in US history. This landmark deal bolstered the $11.8 billion in investments executed during the quarter, however, even without it, there was an encouraging 7.6% increase in deal value versus the last quarter of 2022.
9 Exciting Fintechs To Watch
The future of fintech looks bright. Here are nine more U.S. fintech companies making an impact.
1. Coinflip
In the Web3 space, Chicago-based Coinflip owns and operates the world's largest cryptocurrency ATMs, where anyone can buy crypto with cash across the US. It has recently launched CoinFlip Ventures, a new initiative that will support Web3-based start-up companies.
2. Ava Labs
Brooklyn headquartered Ava Labs is the creator of the blockchain platform Avalanche, and has simplified the launch of finance applications using blockchain technology, providing one of the highest transaction speeds available in the market. Since 2022 more than 500 decentralized finance apps have been built on Avalanche.
3. Stax
Stax made history in 2022 becoming Orlando's first homegrown unicorn, raising $254 million. The company has processed over $23 billion in payments for 22,000 companies across the US in just three years.
4. Melio
An online payment platform for businesses to pay their bills, Melio is built with small businesses in mind as a way to digitally manage business-to-business payments and receivables. The company raised $250 million in 2021, securing a $4 billion valuation.
5. Brex
This banking fintech startup is located in San Francisco, and is on track to surpass revenues of $500 million in the next 12 months. The credit-card startup has seen a surge in usage of its products following this year's regional banking turmoil.
6. Chime
Founded in 2013, Chime's business model offers free mobile banking services to its customers. The San Francisco-based fintech is estimated to have over 21.6 million account holders, more than any other neobank in the US.
7. Propel
According to CEO Jimmy Chen, the function of Propel is to "Create financial software for low-income Americans". The EBT mobile app enables the user to keep track of their food stamps, clip coupons, and view government benefits and entitlements without the need to call a 1800 number or visit a government website. The startup raised $50 million in a Series B round last year.
8. Lev
Online lending fintech Lev was founded in 2019 and provides a technology platform for digitizing commercial real estate transactions. Lev secured $170 million in funding in May 2022 and since launching the CRE transaction platform has grown to become one of the industry's top 100 loan originators, having facilitated over $1.5 billion to date.
9. NEXT Insurance
A leading digital insurtech providing coverage to help transform small businesses, NEXT's technologically advanced, in-house pay-as-you-go offering for workers' compensation enables better cash flow management for small businesses, and ensures they only pay for the coverage they need.
If you're looking to align your skill set with an exciting role in a fledgling fintech company, or work at an established tech business, the Tech Times Job Board has a wealth of excellent prospects for the right candidates. Below are three roles to consider.
Senior Product Manager, App ads, App Platforms, Apple, New York.
Are you a talented technical product manager with outstanding product intuition and a keen understanding of what makes for an extraordinary customer experience?
Apple is recruiting a Senior Product Manager with experience building high-performing visual ad formats or similar UI optimizations. You'll work closely with cross-functional teams to define and drive product strategy. For more details, see the full job description here.
ServiceNow Developer, Senior, Booz Allen Hamilton, Boston.
As a ServiceNow Developer at Booz Allen Hamilton, you'll use your passion to master new tools and techniques and identify needed system improvements. Based in Boston MA, this role is more than just coding; if you're looking for the chance to not just develop software, but to create a system that will make a difference, this might be the role for you.
Software Engineer, Product - Monetization, Meta, Bellevue.
If you are ready to transform the way people and businesses connect and communicate and want to develop industry-leading solutions that will power next-generation, large-scale platforms, then this Software Engineer, Product - Monetization job at Meta could be a fit. You'll also develop AI services to help connect billions of people around the world. Further details are available here.
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