May 31, 2019
For many years, FinTech and banks were assessed from the perspective of the zero-sum game. While FinTech firms were pegged as disruptors, banks were driven to make a move towards agility or face serious market challenges driven by innovative players. However, in the last two years, things have become amicable between FinTechs and banks. While some FinTech players still believe that it is important to challenge banking at large and find their niche with exceptional service offerings, a considerable number of FinTech players have found clients in the banking community.
Automated invoices, accounting services for business banking clients, data, analytics, white-label software solutions, cloud-based communications, and other such offerings from FinTech players are being welcomed with open arms. Here is a list of 20 FinTech firms that have found friends in the banking business:
AvidXchange is a United States-based company founded in 2000, which has raised $545.3 million in total funding. AvidXchange provides automated invoice and payment processes for midmarket companies spanning multiple industries, including real estate, financial services, energy, and construction. Its main clients include Bank Atlantic, Branch Properties LLC, Canderel, CDS Monarch, Colliers International, Community Trust Bank, Duke Realty, and others.
Kabbage is a United States-based company founded in 2009, which has raised $488.7 million in total funding. Kabbage provides SMBs with a line of credit by evaluating various alternative data parameters. It leverages data generated through business activity such as accounting data, online sales, shipping, and dozens of other sources to understand performance and deliver fast, flexible funding in real time. It also provides white label platforms to companies looking to start their own lending platforms. Recently, Kabbage was selected for the 2019 Forbes FinTech 50 startups list. Its client base includes companies from the banking and electronic payments industry.
Klarna is a Sweden-based company founded in 2005, which has raised $356 million in total funding. Klarna provides payment solutions for e-commerce customers and offers integrated mobile payment & checkout platforms that allow customers to pay after they receive the goods instead of when they order them. Recently, the company received a full banking license by the Swedish Financial Supervisory Authority and is planning to launch P2P payments services. Its client base includes retail banking players and merchants. Its main clients include Aargauische Kantonalbank, Baloise Bank, BancaStato, Banco Alcala, Cler, Safra Sarasin, VP Bank, and others.
Avaloq is a Swaziland-based company founded in 1991. Avaloq is a financial services provider for wealth management, the financial industry, and universal & retail banks. It offers business & IT outsourcing and application management services. Its main clients include Aargauische Kantonalbank, Baloise Bank, BancaStato, Banco Alcala, Cler, Safra Sarasin, VP Bank, and others.
ThoughtSpot is a United States-based company founded in 2012, which has raised $306 million in total funding. ThoughtSpot offers an AI-powered search and analytics platform for enterprises. The platform analyzes complex, large-scale enterprise data and provides insights with a single click. It provides analytics solutions to retail, communication, healthcare & life science, financial service, and manufacturing sectors. Its main clients include Batteries Plus Bulbs, Scotiabank, PC Connection, Amway, Chevron, Capital One, and others.
Symphony is a United States-based company founded in 2014. Symphony provides a secured cloud-based communication & content-sharing platform which connects markets, organizations, and individuals. It helps them to improve workflow productivity while maintaining global security and regulatory compliance. Recently, Symphony was selected for the 2019 Forbes FinTech 50 startups list. Its main clients include Citi, CLSA, Jefferies, J.P Morgan, Morgan Stanley, and others.
Mu Sigma is a United States-based company founded in 2004, which has raised $211 million in total funding. Mu Sigma is a decision science & analytics firm that helps companies institutionalize data-driven decision making and harness big data. Its main clients include commercial banks, US healthcare companies, global pharmaceutical companies, and others.
UiPath is a Romania-based company founded in 2012, which has raised $1 billion in total funding. UiPath provides a robotic process automation software platform to help organizations to efficiently automate their business processes such as HR, finance, accounting, and operations, etc., by leveraging computer vision technology. It has over 200 customers globally in industries ranging from banking, financial services, and insurance.
OneSource Virtual is a United States-based company founded in 2008, which has raised $165 million in total funding. OneSource Virtual (OSV) is a leading Business Process-as-a-Service (BPaaS) provider, which offers deployment, consulting, training, and in-application payroll, benefits, and application management services (AMS). Its main clients include HKS, Primerica, First United Bank, GoPro, ASI, Genband, Uber, and others.
Blend is a United States-based company founded in 2012, which has raised $160 million in total funding. Blend offers a digital lending platform for loan officers, mortgage lenders, mortgage servicers, portfolio analysts, and mortgage investors, enabling them to manage their loan origination and customer experience. It is based on analytics and cloud security, which in turn helps them to elevate their business digitally. Recently, Blend was selected for the 2019 Forbes FinTech 50 list. Its main clients include LendUS, Blue Hills Bank, Mountain America Credit Union, Camden National Bank, and others.
SpringCM is a United States-based company founded in 2005, which has raised $123.6 million in total funding. SpringCM is a secure cloud platform that optimizes the generation, workflow, and archiving of business documents across an organization. It manages contracts and all types of documents across desktop, mobile, and partner applications like Salesforce. Its suite of workflow automation tools eliminate manual & repetitive tasks and includes document management, sales contract lifecycle management (CLM), and sales content management, thereby providing a holistic view of customer relationships and enabling users to respond to stakeholder needs. Its main clients include Valvoline, Qlik, IKEA, ING Bank, Addepar, and others.
Ionic Security is a United States-based company founded in 2011, which has raised $162.4 million in total funding. Ionic Security was formerly known as Social Fortress. The company provides a distributed data protection platform to encrypt, control, and protect data across devices, cloud applications, and the network. Ionic Security takes a comprehensive approach to protect distributed data in today’s borderless enterprise without proxies or gateways or changes in user behavior. Its main clients include banking, insurance, government, retail, services, and manufacturing companies.
Dynamics is a United States-based company founded in 2008, which has raised $110.7 million in total funding. Dynamics produces next-generation interactive payment cards that utilize programmable magnetic stripes to communicate dynamic information to magnetic stripe readers that are used in day-to-day payment card transactions. Its main clients include banks, merchants, and retail consumers.
Kony, Inc. is a United States-based company founded in 2007, which has raised $109.4 million in total funding. Kony empowers you to compete in mobile time by rapidly delivering multi-edge mobile apps across the broadest array of devices and systems. Its main clients include Warburtons, ESB Networks, Atena, Medical Mutual, CIBC, QRS, Scotiabank, and others.
Digital Asset Holdings is a United States-based company founded in 2014, which has raised $107.2 million in total funding. Digital Asset Holdings is a technology company that provides tools that use distributed ledgers to track & settle both digital and mainstream financial assets in a cryptographically secure environment, where counterparty risk is minimized and settlement times are drastically reduced. It offers software for various market segments, such as loans, securities, derivatives, and foreign exchange. The company has offices in New York, London, Zurich, Budapest, Sydney, and Hong Kong. Its main clients include banks, dealers, exchanges, central securities depositories, and others.
Attivio is a United States-based company founded in 2007, which has raised $102.1 million in total funding. Attivio is a cognitive search and insights platform for enterprises which helps in making better decisions from the data information. Attivio offers the Active Intelligence Engine that connects all types of data and delivers it in a single view, revealing the hidden relationships, insights, and intelligence that allows customers to take business decisions. Its main clients include UBS, HSBC, Citi, Cisco, GE Aviation, and others.
CompareAsiaGroup is a Hong Kong-based company founded in 2015, which has raised $95 million in total funding. The CompareAsiaGroup is an online comparison platform for banking and insurance products in the Asia-Pacific region. It helps people across Asia to compare and select the most suitable financial product as per their needs. Its main clients include Allianz, American Express, ANZ, AXA, BNI, CIMB Group, Citibank, DBS, and others.
Ripple is a United States-based company founded in 2012, which has raised $93.6 million in total funding. Ripple provides infrastructure and transaction protocols that enable banks to offer financial settlements at lower costs via a distributed network – this is done by allowing banks to transact directly, instantly, and with the certainty of settlement. The Ripple settlement infrastructure or the Ripple protocol enables two critical functions: a common ledger to connect banks & payment networks and a real-time funds-exchange to settle transactions. Recently, Ripple was selected for the 2019 Forbes FinTech 50 startups list. Its main clients include Standard Chartered, UniCredit, Bank of America Merrill Lynch, RBC, Westpac, and others.
ThreatMetrix is a United States-based company founded in 2005, which was acquired by Relx in January 2018. The company secures businesses and end-users against account takeover, payment fraud, and fraudulent account registrations resulting from malware and data breaches. Its main clients include Rabobank, Trip Advisor, Yandex, paysafecard, and Skrill.
Tandem is a United Kingdom-based company founded in 2013, which has raised $75.7 million in total funding. Tandem is a banking tech platform that provides consumers with digital banking services like current accounts, credit cards, loans, etc. It received its banking license in 2016 and launched its services in beta version for more than 10,000 customers. Currently, the company is in the product development stage and is planning to roll out its service in early 2017. Its main clients are bankers.