On February 4th, 2019, Forbes released a list of the 2019 largest Fintech companies in America 2019. Yes, Financial Technology (FinTech) gets its momentum in 2019, as more and more industries are heading to it. What is more interesting is the rise of some FinTech startups that attract increasing amount of attention and capital.
A report by CB Insights in 2018 showed that US Fintech companies raised at least $12.4 billion in 2018, or more than 43% compared to it did in 2017. It was even faster than the growth of the entire US market in the same year, namely 30%. An analysis by Brex noted that regulatory problem was probably one of the main reasons behind the faster growth of Fintechs.
List of the 2019 Largest Fintech Companies in America
The following is list of the 2019 Largest Fintech Companies in the US according to Forbes:
#1 Stripe
The Fintech startup served small online sellers to process their payments. Now, Stripe has a total asset of $522.5 billion. Its service is not limited to small online business anymore. Instead, it serves tech giants such as Amazon and Microsoft.
Co-founded by two brothers – Patrick Collison and John Collison – in 2011, Stripe launched 3 new products last year, namely credit card-issuing technology, a billing platform for subscription-based businesses, and a point-of-sale software app.
#2 Coinbase
Fintech startup is based upon Bitcoin wallet and retail exchange. With a total asset of $8 billion, Coinbase grows fast as a Fintech that offers cryptocurrency custody and trading platforms for institutional clients. It bought Earn.com in 2017. The success of Coinbase makes the founder – Brian Armstrong – who also serves as the CEO – a billionaire now.
#3 Robinhood
This sounds like the name of Superhero character, right? No, it is not. Robinhood is a broker platform for stock trading, cryptocurrency, ETFs, and options by means of a mobile app. It also offers paid subscription services for investors that want to access margin trading.
Co-founded by Baiju Bhatt and Vlad Tenev, Robinhood is going to take checking and savings market by means of a new program for cash management. Robinhood ranks the third largest Fintech companies in America in 2019 with a total asset of $5,6 billion.
#4 Ripple
The blockchain-based Fintech startup has set its mission to replace SWIFT – messaging platform that connects almost every bank in the world. Ripple has its own cryptocurrency, named XRP. Co-founded by Jed McCaleb, Chris Larsen, and Arthur Britton, Ripple offers a platform that allows the clients to make cross-border payments using its cryptocurrency. Now, its asset is worthy $5 billion.
#5 SoFi
The Fintech startup began as an online refinancing service for student loan. Under the leadership of the CEO Anthony Noto, SoFi now offers other services for millennial. They include robo-investing advice, mortgages, and life insurances. SoFi nows has an asset of $4.4 billion.
The above-mentioned list of the largest Fintech companies was based upon the 2018 valuation. Actually, there some other Fintech startups in the list. They include Credit Karma, Circle, Plaid, Avant, Gusto, and Zenefits.