Congratulations! You’ve decided to embark on a career in the exploding world of Financial Technology (Fintech). You’ve become an expert in blockchain tech and cryptocurrency. Or maybe you read to make a mark on the machine learning and artificial intelligence world. Or perhaps, you’ve acquired the knowledge needed to dive into the wide world of mobile banking and personal investments. Now, you only need one thing: a job!
Luckily fintech, which encompasses everything from digital loans and currency exchanges, to mobile stock services and AI assistants, has been embraced by all facets of the financial services industry. No matter if your interest lies in the largest of legacy financial services firms, or you want to take a chance on the newest trendy startup, you’ll find fintech applications.
In this article, we’ve broken down the companies you might find yourself at after completing a fintech bootcamp. If you have any interest in fintech, be sure to add these to your list!
Top Fintech-Focused Organizations
These are our picks among the organizations leading the fintech boom. All of these firms put technology first, when it comes to their core competencies and have already made a disruptive splash to the traditional financial services industry.
This company remains the most valuable in the fintech space, with a whopping $95 billion valuation. The payment processor works with businesses of all sizes, from mom-and-pop shops, to tech giants like Microsoft. In 2019, they began to offer loans and credit cards in the United States and in 2020 they launched Stripe Climate, a service that allows businesses to fund research into the environmentally-friendly practice of Carbon Capture. Considering they have yet to go public, there’s no telling how big Stripe will grow.
Have you recently paid for an online purchase in installments? If so, you’ve likely already come across Klarna. The 16 year-old firm’s popularity skyrocketed as ecommerce boomed during the COVID-19 pandemic. Consumers are increasingly opting to “buy now, pay later” and major companies like IKEA, H&M and Etsy have partnered with Klarna to meet the demand.
Just like the mythical beat, Kraken (the company) is a dominant force. It’s the largest cryptocurrency exchange by volume in Europe and ranks number two in the U.S. The company has plans to release a banking product, following it becoming the first crypto firm to receive a banking charter in September 2020. Kraken is currently available to residents in 48 U.S. states and 176 countries and lists 72 different cryptocurrencies for trade.
This company is a fintech firm for other fintech firms. Its proprietary technology allows big companies, think Coinbase and Venmo, to connect their customers to their bank accounts. More than 4,500 companies around the world use Plaid.
While you might have heard the name in the news surrounding a controversy over a certain stock, Robinhood has been revolutionary in putting investing back in the hands of consumers. More than 13 million users of this app have experienced commission-free trades of stocks, cryptocurrencies and more.
Financial Institutions with Fintech Investments
With all the money in the fintech space, don’t count out the legacy financial institutions just yet. You’ve likely heard of all the companies in this section; many of them have been around for decades. But each of them have earned a spot on this list by proving themselves willing to adapt to market trends and consumer demands. Here, we’re spotlighting the innovations these companies have made in the fintech space.
As consumers become more used to communicating with technology in more informal ways, Capital one has taken full advantage with its virtual assistant, Eno. Using A.I. technology, Eno monitors consumers accounts for unusual charges, sends smart spending insights and prevents likely cases of fraud. Also, Capital One purchased digital services firm ING Direct more than a decade ago, which has led to them filing more than 500 patents in the AI and machine learning categories. It’s clear we have yet to see the full capabilities of what’s to come from this company.
Bank of America
Not to be outdone, Bank of America has introduced its own personal assistant, Erica (does she know Alexa?), who tracks FICO scores, weekly spending, past transactions and more. Users can text Erica directly for any financial answers they may need. In 2021, the bank announced it had been granted the most patents ever in the company’s history for a calendar year. The 227 patents cover areas like mobile banking, machine learning and augmented reality image and value authentication.
JPMorgan Chase has used an investment strategy to stay ahead of the fintech curve, purchasing three major firms in the past year alone. Their purchase of San-Francisco based startup OpenInvest allows its clients to create highly personalized values-based portfolios. It joins a roster that also includes 55ip, a company that automates the building of tax-efficient portfolios and Nutmeg, a “robo-advisor,” and the first and largest digital wealth manager in the UK.
Citi has committed to highlighting the next generation of fintech solutions and making them available to their massive customer base. In 2020, they unveiled plans to build a marketplace of third-party fintech apps that will connect to user’s accounts through API token-based technology. In addition, the firm hosts a Mega fintech accelerator program, allowing companies to present and receive investment in their ideas in the categories of Seamless Payments and Receivables, Future of Open Banking and Data Empowerment.
The combined powers of BB&T and SunTrust have created a fintech powerhouse. The firm has prioritized using artificial intelligence to provide insights into consumers spending habits and offer recommendations. Their stable of owned fintech brands include Finxact, a cloud native core banking system, Enigma, a data intelligence platform and Veem, a B2B payment processing platform.
There’s more innovation happening in fintech than we could ever hope to list in one article. So instead, here are five of the buzziest startups making big waves right now. If these interest you, we encourage you to use these as a starting point to see what else is out there in the wide world of fintech startups!
One of the very first apps to challenge those legacy institutions we listed above, Monzo is taking banking into the 21st century, with a customer base of more than five million strong. The UK based company puts full financial visibility into users hands with its mobile app, and its ability to manage multiple accounts from third-party banks and cards. Offering personal and business accounts, Monzo has announced forthcoming plants to enter the U.S. market.
This app wants you to “take the worry out of your money.” It improves users financial health by automatically moving incremental amounts of money into a savings account on a daily basis. The user decides exactly where they want those savings to go, towards retirement, a vacation fund or something else. Using machine learning, Digit uses users’ spending habits, income, goals and balances to determine the rate at which money is moved, making this a worry-free savings solution.
Building an ecommerce platform is easier than ever, but how is one able to prevent fraud without access to a well-staffed cybersecurity team? Enter Riskified. The company provides an AI-powered platform companies can use to separate legitimate shoppers from fraudulent requests. For legit shoppers, their tools make buying a breeze with dynamic checkouts, alternative payment processing options and chargeback guarantees.
The uniquely named firm offers a full stack of microservices, designed around each individual business’s unique rules and regulations. Customers can use a single integration to cover all payment flows, including must-haves like Pay In, Pay Out and Risk and Analytics. Their client base already includes international vendors like HomeAway and Evolve Vacation Rentals.
“Payments & treasury infrastructure for the internet,” is Circle’s tagline. The company is moving the world closer to a unified global payment platform through its use of blockchain infrastructure and USD Coin (USDC). Customers are easily, and more importantly securely, able to invest and transfer money and currencies from almost anywhere around the world.
Learn More about Fintech
We hope this list has inspired you to embark on your own search into the opportunities available in the fintech world. Below, we’ve compiled some additional resources if you’re interested in learning more!
- Browse our extensive selection of Fintech and Data Science bootcamps
- Learn everything you need to know about related career paths, such as Financial Analyst, Data Scientist, Artificial Intelligence Specialist and more.
- Check out our comprehensive guides to need-to-know Fintech topics, like learning Blockchain, Financial Modeling and Top Cryptocurrencies for 2022