Financial services continue to attract tech companies. These companies are changing the way people and businesses save, borrow, and invest. This is also helping to attract funding that can help the companies grow. It can be difficult to identify the top players in the fintech industry as more companies enter the space.
It is not surprising to see the explosion in fintech startups. Many financial institutions, such as banks, have made tech-driven improvements. Markets are witnessing a shift away from mobile stock services and digital loans to eCommerce payment platforms, and digital modes for currency exchanges. These digital financial access options are rooted in the digital financial market. This article lists the 10 most innovative fintech startups in the fintech industry.
Meet the Top 10 Fintech Startups Making Waves in the Fintech Sector
1. Forward Financing
Forward Financing is a financial technology company based in Boston, that provides flexible working capital for small businesses across the country. Customers can spend more time growing their businesses thanks to dedicated account representatives and proprietary technology. Forward Financing is easy to use and secure. Business owners can apply online for approvals in minutes, funding within hours, as well as personalized support when they are most needed.
Forward Financing has provided funding of over $1.2 million to more than 33,000 small businesses since 2012, expanding Main Street’s credit access. The Better Business Bureau rates the company as A+ and it consistently gets top ratings on all major review platforms. In 2017, Forward Financing was named by both Inc. Magazine as well as the Boston Business Journal as one of the fastest-growing companies in Massachusetts. Forward Financing is dedicated to helping small business owners succeed, and reach their full potential.
Fyp is a prepaid card that empowers teenagers with financial literacy. You can use your Fyp Prepaid card to make offline and online payments without opening a bank account. Innovative technology is used by the company to simplify the learning process and manage expenses for young tech-savvy minds. The prepaid card allows parents and teenagers to manage both their online and offline transactions easily. It also features gamification features to help instill financial literacy among teenagers. The app allows them to view their spending history and can even check it.
3. Gravity Payments
Gravity Payments delivers friendly, world-class, in-house customer service. It is used by over 13,000 merchants in America. This saves them thousands of dollars and frustration. It aims to make credit card processing as easy as possible. The company’s specialties include mobile payment processing, POS solutions, electronic payment processing, Working Capital Funding, Integrated Payments, WeChat Pay, Alipay, Affordable Merchant Services, Best Credit Card Processor, Best Merchant Services, Accept Payments, Recurring Billing, and eCommerce.
Hyperface makes it easy for companies to launch their credit card programs in as little as 4-8 weeks instead of 18-24 months. Hyperface provides APIs and SDKs that can be customized to help customers design the credit card program they want. Its clients include eCommerce businesses, neobanks, and fintech that want to offer credit cards. The company’s revenue is generated through the pay-as-you-use pricing model. It believes in giving brands and fintech the ability to offer banking products to customers in context. Credit cards as a service is a platform that allows fintech to offer a great card experience.
Instamojo India’s easiest online selling platform. It empowers small businesses, MSMEs, and startups with online shops and online payment solutions that will help them manage an eCommerce business. Instamojo began with Payment Links. This is a simple URL you can copy and paste on the internet to receive payments online using any payment method. The company offers products and features that will give businesses the ultimate eCommerce experience.
6. Judo Bank
Judo Bank is a business bank that challenges the status quo and is determined to be a leader in its field. The company is creating a bank that delivers strong results. It strives for today to be better, more productive, and stronger than yesterday. Judo’s relationship model puts a premium on creative, skilled, knowledgeable, and imaginative relationship bankers who listen to business owners, understand their market and share their ambitions.
Khatabook is one of the fastest-growing Saas companies in the world. With 50M+ downloads, it has quickly become India’s most popular business management software for SME owners. Khatabook allows micro, small, and medium merchants secure and safe tracking of business transactions. It offers several features, including online payment collection via UPI and QR, periodic reminders to creditors via SMS, and report generation. It is used extensively by merchants, who add US$200M to their transactions each day. Due to the high engagement, more than 25% of active merchants have joined the platform via word-of-mouth or referrals.
Klarna is the world’s leading payments and shopping platform. It offers smarter, more flexible shopping experiences to more than 90 million consumers and 250,000 merchants across 17 countries. Klarna allows consumers to pay whenever and how they want.
It offers direct payments, installment plans, and pay-after delivery options. Klarna offers services and products to both consumers and retailers via payments, social shopping, and personal finances. The company employs over 4,000 people from more than 100 countries. They all share the same goal: to transform shopping by improving the shopping experience for avid shoppers.
KredX was founded with one mission: to solve working capital problems for businesses. KredX uses an asset that is lying on its balance sheet as accounts receivable. KredX’s suite of products evolved gradually from an Invoice Discounting Platform that addressed Working Capital needs to include solutions for larger problems such as early payments for corporate Treasurys in the form of Early Payments Technology or Growth Capital solutions.
It also fosters a vibrant community of partners. KredX, India’s largest integrated cash flow solution provider, is now helping businesses and suppliers with innovative offerings. Investors have the opportunity to make high returns while taking a risk-free alternative.
Lendingkart Technologies Private Limited is a fintech startup specializing in working capital, is Lendingkart Technologies Private Limited. This company developed technology tools that use big data analysis to help lenders assess borrowers’ creditworthiness. The company is a non-deposit-taking NBFC that provides SME loans in India.
It aims to make small business lending more accessible to SMEs by making it easier for them to get credit. The company employs technology and analytics tools to analyze thousands of data points from different data sources in order to quickly and accurately assess the creditworthiness of small businesses.