FinTech is the new driving engine to the world of finance. It is the way of including technology in finance and delivering more efficient, secure and fast financial services that dramatically change the way we have been dealing with the traditional financial services. It is only a matter of time that everything related to finance will in one way or another would have to be a part of FinTech in future. Here we will get to know the top fintech companies or firms which are providing great financial services and changing the lives of people.
Ant Financial is the company founded in 2014. It is basically an affiliated company of popular Chinese group called Alibaba. Ant Financial runs world’s top mobile and online payment platform or application called as Alipay, along with other financial services such as Yu’e Bao (world’s biggest money-market fund) and Sesame Credit which is a credit rating system. Collectively, Ant Financial provides services for wealth management, private bank, online payments, cloud computing and credit reporting. Its business value was up to $75 billion as of 2016.
Stripe is the platform for individuals or entrepreneurs who want to develop their own online payment systems (sending or receiving money over the internet), and e-commerce businesses. Stripe provides APIs and technical and banking infrastructure with fraud prevention and other security tools to build online or mobile payment systems, e-commerce stores and crowdfunding platforms etc.
SoFi (or Social Finance) founded in 2011, is an online self-finance company that provides students Personal Loans, Mortgage Loans, Student Loan Refinancing, Wealth Management, SoFi Money (which is a platform’s own debit card for online or mobile payments).
It is a global payment platform which enables businesses to receive e-commerce, point-of-sale, and mobile payments. Adyen provides multiple payment options including bank-based payments using debit cards, credit cards, bank transfers, and real-time bank transfer using online banking. Adyen operates as payment service provider or a global payment gateway.
ZhonGan was co-founded by Alibaba Executive Chairman Jack Ma and Tencent Chairman Pony Ma in 2013, offers mobile payment, e-commerce, and other financial services to individuals and businesses. It uses technologies like data analytics and big data to determine the price of product and perform risk management.
Lufax is another popular Peer-To-Peer (P2P) lending platform (second largest in China). Founded in 2011, the company started with only product of peer-to-peer lending, but it has expanded its business gradually and now it aims to work together with funds, financial license holders, and insurance companies.
Avant is online Peer-To-Peer (P2P) lending platform which provides loans to the people, and it lowers the costs and barriers of borrowing for consumers. It provides personal loans to consumers which range from $2000 to $35000. Avant uses the technologies like machine learning algorithms and big data to streamline the process of borrowing at customized rate and amount of money.
Oscar is the health insurance based company founded in 2012 in the US. It is an online platform that provides its customers with the health plans. Oscar works as an insurer, and it aims to improve healthcare systems and making them more efficient, simple and less-expensive for its customers.