These Companies Are Changing The Way People Get Loans, Buy Goods and Invest their Money.
Valuable Fintech Startups Worth Over $1Billion
Everyone likes Money.
But Technology That Handles Money is what's Really Popular These Days.
The Rise of "Fintech," or, Financial Technology, has Unleashed a New Breed of Apps, sites ' Services Designed to Help Consumers Pay for goods, get loans and Manage their Retirement Accounts.
1 Clover Health -- $1.2 Billion
Clover Co-Founders Kris Gale and Vivek Garipalli. Clover Health The Health insurance company is backed by Alphabet Inc.'s investment arm GV and Focuses on Customers with Medicare Advantage.
For Customers, it's just Another Insurance Company. But Clover also Aims to use Data to improve its users' Health. The company Analyzes patient Data to Identify
Gaps in Care and potential Medical Issues,In order to Prevent Emergencies which Might be Costly to the Insurance provider.
The company has raised a Total of $425 million since it launched in 2013.
2 Kabbage -- $1.3 billion
Kabbage is valued at $1.3 billion, According to PitchBook Estimates, Thanks to a
$250 million Investment Round in August 2017.
Founded in 2009, Kabbage is an Automated lending Platform for small businesses. It's since raised $1.35 billion in investments and debt financing --
making it the most well-funded startup in the state of Georgia.
The company currently has more than 100,000 clients, and has lent more than $3.5 billion to small and medium sized businesses since it launched.
3 Robinhood -- $1.3 billion
Robinhood co-founder and CEO Vlad TenevRobinhood
Who said Robinhood only gives to the poor ?
The zero-commission, US-focused stock brokerage is valued at $1.3 billion following a $110 million funding round in April 2017.
In total, Robinhood has raised $176 million, which is quite a lot considering the founders were initially rejected by 75 different venture capitalists.
Robinhood, which was founded in 2012, is popular with Millennials who appreciate the $0 commission fee on its trades. Despite rejecting the common revenue model of its legacy competitors like Charles Schwab and E*Trade, the company makes money on interest from dollars and cents left in its customer's accounts, and it also offers a premium product called Robinhood Gold, which has additional perks, like extended trading hours, in exchange for a $6 monthly subscription fee.
4 Stripe -- $9.2 Billion Stripe cofounders Patrick and John CollisonStripe Stripe was valued at $9.2 billion in its Most recent $150 Million Funding round in
November 2016. The company has Raised a total of $440 million since its Founding in 2010.
Stripe is a Payments Processing startup that lets any Business Accept credit cards, Apple Pay, And other Similar Services. Some of its Biggest Customers
Include Lyft, Salesforce And Amazon.
It's quickly become the standard for online payments, though the company still faces some competition from startups like Braintree and longtime power players