Are you well-versed in finance and financial management? Do you keep up with the latest technology in the financial industry? If so, a job in fintech may be the right fit for you. Fintech is a fast-growing industry so it’s no wonder that the hottest and best fintech startups are being sought by institutional investors.
Big financial organizations may often get credit for the fintech industry’s success, but the real movers and shakers are fintech startup companies. Continue reading for all you need to know about 10 of the best fintech startup companies and how they can help your career growth in the field.
What Are Fintech Startup Companies?
Fintech startup companies use technology to provide digitized financial services and products to consumers, such as a mobile app for digital banking. Fintech startup companies are newer, small companies that use technology to fulfill their clients’ financial management needs. Typically, the companies are in their initial stages and rely on investor funding to run operations.
Fintech startups compete with traditional finance companies by integrating modern technologies, such as data science, artificial intelligence, and blockchain. They also develop apps for digital banking, cryptocurrency, blockchain, personal finance, stock trading, and more.
Top Fintech Companies That Began As Startups
Fintech companies that began as startups include Venmo and Stripe. Fintech companies may saturate the financial industry, but not all financial technology companies are startups. There are plenty of successful financial service companies that use technology and have been in business for years. Below you’ll find five of the largest fintech companies that also started as startups.
Big Fintech Companies
- Green Dot
- Apple Inc.
The Best Fintech Startup Companies
|Company Name||Location||Funding||Number of Employees|
|BlockFi||Jersey City, New Jersey||$1B||800 (2022)|
|Chipper Cash||San Francisco, California||$302.2M||299 (2022)|
|Ledn||Toronto, Canada||$103.9M||56 (2022)|
|Monzo||London, United Kingdom||$1.1B||1,332 (2021)|
|Next Insurance||Palo Alto, California||$881M||773 (2022)|
|Razorpay||Bangalore, India||$741.6M||1,889 (2022)|
|Robinhood||Menlo Park, California||$5.6B||3,400 (2021)|
|Spring Labs||Marina Del Rey, California||$68.8M||61 (2022)|
|Vivid Money||Berlin, Germany||$190.8M||298 (2022)|
|Wise||London, United Kingdom||$1.3B||3,000 (2021)|
The Top Fintech Startups: A Closer Look
- Founded: 2017
- Funding: $1B
BlockFi is a cryptocurrency exchange and digital wallet under the Gemini Trust Company. In the past, its main product offerings focused on crypto collateralized personal loans. The startup has since grown into an exchange platform, allowing users and institutions to buy and sell cryptocurrency while earning interest on their crypto investments.
- Founded: 2018
- Funding: $302.2M
San Francisco-based startup Chipper Cash offers a money-transfer mobile application that primarily operates in Africa, the UK, and the United States. The financial service makes transferring funds across borders easy and efficient and has raised millions in funding from Amazon founder Jeff Bezos and other fintech startups investors. It has over four million users.
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- Founded: 2018
- Funding: $103.9M
Ledn is a Toronto-based asset management firm that provides financial services to people with digital assets. Ledn focuses on the crypto economy with a diverse product suite, including savings and credit products that help you increase your Bitcoin investments and more. Bitcoin Mortgage is the newest product, allowing borrowers to use Bitcoin savings and their house as collateral for loans. The Ledn app is available for download on iOS and Android mobile devices.
- Founded: 2015
- Funding: $1.1B
Monzo offers a broad range of product offerings that allow you to track your bills, make online payments, receive funds, set up debit cards and corporate credit cards, and make contactless withdrawals, all from the convenience of one mobile app. The company’s biggest investor is Tencent Holdings, a Chinese fintech giant.
- Founded: 2016
- Funding: $881M
Next Insurance is a Silicon Valley-based online insurance company. The online platform offers a broad range of accessible policies, such as general liability, professional liability, commercial auto, workers’ insurance, and error and omissions insurance. Small business owners who can’t afford big insurance companies can work with Next Insurance to insure their businesses.
- Founded: 2014
- Funding: $741.6M
Razorpay is a leading fintech startup in India that offers an online payment and transfer platform to businesses. The platform has a unique product suite, accommodating automated vendor solutions, virtual accounts payable to consumers, and impressive checkout page tools. Users can use various payment modes, including corporate credit card payments, debit cards, and mobile wallets.
- Founded: 2013
- Funding: $5.6B
Robinhood is an American financial services company and one of the best-performing fintech startups worldwide. Robinhood’s mission is to make finance and trading of stocks and crypto accessible to all, with zero commission fees for users. The highly-funded company receives cash flow support from several fintech startup investors, like ARK Investment Management, Iconiq Capital, and Nikko Asset Management.
- Founded: 2017
- Funding: $68.8M
Spring Labs is a financial services company that uses blockchain technology to offer credit and identity data solutions. The financial platform develops anonymous and decentralized data networks for consumers and financial institutions, protecting user data from fraud. Credit unions, traditional banks, and data providers are among those who can benefit from Spring Labs.
- Founded: 2020
- Funding: $190.8M
Vivid Money is a financial services platform that offers mobile banking and digital investing services from a single mobile application. Users can access different services through the app, including online payments, multi-currency accounts, money transfers, cash back options, and spending reports. You can also invest in EFTs, local and international stocks, crypto, and more.
Vivid Money is one of the most successful private companies in Germany and has diversified to other countries, including the United Kingdom, France, Spain, and Italy.
- Founded: 2011
- Funding: $1.3B
Wise, formerly TransferWise, is a money transfer service based in the United Kingdom. The platform is used by millions of users to exchange money of any currency without having to worry about conversion rates and high fees. Wise receives funding from venture firms like Index Venture and individual fintech startup investors like Errol Damelin and Max Levchin of PayPal.
Benefits of Working at a Fintech Startup
There are several benefits of working at a fintech startup. You may be skeptical about working at a startup because the company is still new, and its future is undetermined. However, working for a startup can put you at the front of the race toward new and exciting innovations in the industry. These startup companies are revolutionizing digital financial management, and many are evolving into world-renowned fintech companies.
Top 5 Reasons to Work at a Fintech Startup
- Join a thriving industry. The fintech industry is experiencing a lot of success. More people are beginning startups, increasing job opportunities and demand for fintech platform professionals. Working at a startup can guarantee job security and an opportunity for you to grow with the company.
- Improve your skills. Working at a fintech startup allows you to improve your financial management skills and explore different tech trends in the field. Fintech companies use major technology trends like machine learning, artificial intelligence, big data, and blockchain. You will gain valuable experience you can use to boost your resume.
- Acces lucrative salaries. Generally, tech professionals earn great salaries compared to other careers. Working at a fintech startup can often grant you access to better pay, benefits, and perks. ZipRecruiter places the average annual salary for a fintech startup employee at $112,013 per year.
- Combine two careers. You will get the best of both worlds while working at a fintech startup. If you have a degree in finance and want to explore technology, or vice versa, working at a fintech company allows you to combine both passions. You’ll use modern technology to provide quality financial services.
- Create something new. Working at a fintech startup gives you a front-row seat to innovation and creative ideas. You will be part of a startup team that grows from humble beginnings to complete success. You have the chance to collaborate with innovative colleagues, learn team spirit, and witness the industry’s growth in real time.
Can a Coding Bootcamp Help Me Get a Job at a Fintech Startup?
Yes, coding bootcamps can help you get a job at a fintech startup. Bootcamps offer courses that focus on AI, cyber security, mobile app development, data science, machine learning, UI/UX design, and analytics, all of which can play a significant role in the fintech industry. Most coding bootcamps can connect you to startups through their career services department, increasing your chances of securing a job.
Top Bootcamps with Fintech Programs
- Berkeley. A 24-week bootcamp at Berkeley will help you gain marketable skills as a fintech professional and teach you financial fundamentals, blockchain and cryptocurrency, machine learning applications for finance, and programming and financial libraries. This bootcamp has a project-based curriculum that prioritizes a personalized learning experience.
- Columbia Engineering. This school also offers a 24-week bootcamp that provides flexibility and an interactive learning experience. You will receive weekly assignments and learn to model financial performances using Python, build an Ethereum blockchain, and more.
- Rutgers. The bootcamp at Rutgers offers data science, coding, and fintech courses. Some topics include financial modeling, transactions, deep learning, linear regression, and programming languages for finance.
- Northwestern. Northwestern Boot Camps offer a project-based curriculum to help you understand programming, big data, machine learning, and blockchain for business. This bootcamp prepares you for careers in insurance agencies, investment banks, or financial service companies.
- University of Washington. Like the bootcamps above, you’ll gain skills in programming, blockchain technology, financial libraries, and machine learning. You can apply for the part-time classes, which offer a blend of instructor-led and self-paced courses.
Common Jobs in Fintech
- Financial analyst. This role involves researching and analyzing company expenses, budgeting, and creating financial models. Financial analysts work with the accounting team to ensure the startup meets its financial objectives.
- Cyber security expert. Cyber security is a crucial part of financial technology. Cyber security experts protect data by providing security services to the consumers, and duties include building, testing, and maintaining financial management systems. You’ll have a competitive edge if you have blockchain and cloud-based platform skills.
- blockchain developer. blockchain developers combine application development with blockchain technology. They develop secure systems for digital transactions, design application interfaces and features, and maintain the financial platform for financial service companies.
- App developer. App developers, or web designers, create applications that uphold client and server-side security. They develop applications for mobile phones, tablets, computers, and other electronic devices.
- Product manager. Generally, product managers oversee a product’s lifecycle from conception to the end. They develop product ideas, budget plans, and marketing strategies with the team. Understanding blockchain technology, crypto, Web3 basics, and other financial technologies is especially beneficial with this role in the fintech industry.
Should I Work for a Fintech Startup Company?
Yes, you should work for a fintech startup company because they are the future of asset and cash management. Financial organizations and institutional investors are investing millions into fintech startups, creating job opportunities in the financial industry. You’ll be a key part of revolutionizing the industry and bringing convenience to the digital platform of finance.
Best Fintech Startups FAQ
Yes, getting a job at a fintech startup company can be hard for beginners. However, it isn’t impossible to land a job at a fintech startup. You can pursue a degree in finance, financial technology, or a related field. In addition, a coding bootcamp education can equip you with the right skills for a fintech career.
Yes, the fintech industry has a very promising future. Millions of companies are upgrading their financial services by accommodating financial technology systems. There are millions of job opportunities globally, and the industry value is set to grow by the billions in the next few years. Pursuing a career in the fintech industry can give you access to some of the best-paying jobs in finance.
To pursue a career in fintech, you should have good skills in coding, blockchain technology, cyber security, data science, artificial intelligence, machine learning, test automation, or financial management knowledge.
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