FinTech Startups Defining the New York FinTech Industry

September 13, 2017     By : LTP Team

New York is one of the hottest FinTech hubs globally and is known to be a notable hub of innovation. For talented entrepreneurs looking to explore New York as the base to disrupt the industry, it’s important to understand the landscape and know the players. The New York FinTech industry has companies working in a variety of sectors. In this overview, we will look at some of the most interesting FinTech companies firing up the financial sector in New York.

Banking/Banking Technology

Moven, formerly known as MovenBank Corp. Ltd., is a mobile-based banking service platform. It provides a real-time mobile money tool that lets users spend money on their mobile device and provides instant feedback on transactions and spending patterns. It also allows users to deposit money in their Moven Account and make payments and withdrawals by using their debit/credit cards.

The Appway Platform allows organizations to develop and operate scalable business applications. The comprehensive platform coordinates processes in a unified digital workspace, promoting collective intelligence and inspiring companies to turn their visions into running solutions.

Axoni provides a distributed ledger blockchain solution for optimization of post-trade data management for credit default swaps, equity swaps and foreign exchange derivatives, implemented in partnership with more than a dozen global banks and financial infrastructure providers. Its service portfolio includes a distributed ledger technology deployments, bespoke smart contract development, and analytics tools.

OpenFin provides runtime technology solutions for financial desktops. It is an open-source software that meets the security and performance needs of real-time financial applications.

Security/Fraud/Authentication

BillGuard is a personal finance security company. BillGuard scans card activity daily and alerts users about hidden charges, billing errors, misleading subscriptions and scams found by others.

Payfone provides businesses Identity Certainty to create easy, secure and frictionless experience across PCs, mobile phones, and tablets. It is a mobile security platform that extends to businesses the same security used by mobile network operators to authenticate and identify subscribers within their mobile networks.

Personetics offers a predictive interaction solution designed specifically for the financial services industry. The company is dedicated to helping all types of financial institutions deliver a more personalized customer experience across all service channels, especially online, mobile and tablet.

E-commerce

Zibby is a product of Cognical, offers the lease to own payment option platform that integrates with e-retailers’ storefront and checkout processes to provide the financing option for underbanked and nonprime consumers to acquire electronics, appliances, furniture and other durable goods online.

Piano is the digital content monetization & audience intelligence platform for the world’s most sophisticated media companies

Payments

CardFlight provides tools and technology to help merchants accept in-person credit card payments on iOS and Android devices. It enables app developers to easily incorporate card-present payment acceptance into mobile apps. CardFlight’s open platform connects mobile app developers with payment processors, focusing on the 90+% of credit card payments that happen in real life.

Zipmark is a mobile payments transaction platform enabling businesses to send and receive digital paychecks securely. Zipmark enables businesses to send and receive 100% digital checks without risk, at a reasonable and transparent cost.

Insurance Technology (InsurTech)

Bolt Insurance Agency is a digital insurance agency that helps small-business owners to choose and buy insurance by using the unique BOLT Insurance platform. It efficiently helps to determine if a particular insurance carrier is a good fit for a user’s needs.

Lemonade is a P2P insurance platform powered by artificial intelligence and behavioral economics to offer home, condo and renters insurance for residents of California, New York, and Illinois. Users interact with chatbots that provide information about their coverage needs, location, and property details, and Lemonade uses artificial intelligence to create a personalized policy for each user. Recently, the company received regulatory approval in California and is now available for homeowners to purchase insurance online.

PFM

Bottomline Technologies offers e-payment, invoice and document automation solutions to corporations, financial institutions, and banks.

Student Loan Hero is a web platform that provides support for organizing, managing and repaying student loans.

Tykoon is a social and personalized financial services platform enabling children to earn, save, give and spend money.

Spare is a cash-dispensing platform. Merchants dispense cash without an ATM and hold back the amount they are charging for the product. SPARE provides dispensaries with the ability to cut the cash they hold on hands and legalize the transactions. The Spare app uses the debit card cashback model.

Debitize is a financial tool and concept that makes it easy to use credit cards responsibly by combining the discipline of a debit card. Debitize makes it easy to use credit cards responsibly so customers can earn rewards and build credit without worrying about overspending or late fees. It is compatible with most major credit cards and works automatically every time the customer makes a purchase by setting aside funds from their checking account to cover the balance and then paying the bill each month.

LearnVest was acquired by Northwestern Mutual on March 26, 2015. It is an online platform that provides financial planning services that help people to make progress on their money.

Investment/Wealth management

Artivest is an online investing platform that provides a curated investment experience that includes expert insights and exclusive access to exceptional investing opportunities. Artivest creates investment funds that it manages, pooling the assets of the individual investors into a single, special-purpose vehicle that will invest in a private-equity or hedge fund.

Betterment is an online investment company delivering smart, personalized financial advice. Betterment’s automated platform eliminates the typical complexities of a traditional investment account.

OpenFin provides runtime technology solutions for financial desktops. It is an open-source software that meets the security and performance needs of real-time financial applications.

Estimize is an open financial estimates platform which facilitates the aggregation of fundamental estimates from 20,000+ independent analysts. The estimates were initially around companies & stocks but it is now expanding into economic estimates.

Pellucid is designed for people who provide timely, data-driven analysis and expert advice to clients or internal stakeholders to guide and accelerate decision-making. Pellucid delivers key capabilities for professionals such as content management and fulfillment, sharing of best practices and exceptional data visualization in a smart, integrated solution.

Hedgeable automates sophisticated investing for busy professionals in less than five minutes with no minimum investment required. It has developed several proprietary systems to offer services that were previously only available to the ultra-high net worth, like risk management, hedging, bitcoin investing, impact investing and private equity. There is no minimum investment to access the Hedgeable platform. Recently, Hedgeable is offering in its robo platform is a feature called ‘Tax Samurai,’ run by an AI bot called Katana.

Thinknum allows investors to get data-driven investment ideas by monitoring companies’ websites. Thinknum aggregates data from the web that provides unique insights into business drivers. Investors can understand general trends or track a company down to its basic building blocks such as individual products or specific locations.

Openfolio is a community-powered, portfolio sharing network. Users join and share their portfolios and allocations – stocks, bonds, mutual funds and other assets.

FolioDynamix provides web-based wealth management technology solutions, research, and open architecture programs.

Ellevest is an automated platform that provides personalized investment plans for women. The company also provides goal-based risk budgeting, trade-off tools and customized portfolio construction for its clients, and invests across ETFs.

Stash is a mobile-based investments platform that helps investors to make investments based on their interests, beliefs, and goals, start with least $5 as an investment. Investors can make additional investments whenever they like or make automatic recurring investments by setting up Auto-Stash.

Cadre is designed to give accredited investors direct access to slices of individual commercial real estate investments, allowing deal-by-deal discretion.

Educational & Personal Investing Platforms

SmartAsset is a financial technology platform that uses data to provide free, actionable advice for financial decisions on issues including home buying, retirement, life insurance, student loans, refinance, credit cards and checking accounts. SmartAsset platform empowers people with highly personalized information and recommendations around major financial decisions.

LearnVest was acquired by Northwestern Mutual on March 26, 2015. It is an online platform providing financial planning services that help people to make progress on their money.

PayPerks has been helping the country’s largest banks and government programs improve financial health outcomes for their most vulnerable constituents. Now, PayPerks is extending its technology and expertise to allow institutions across the public and private sector to improve nutrition and healthcare outcomes.

Crowdability is the source for data, research and education on the emerging equity crowdfunding industry. They provide original content, data and education as well as access to a panel of early-stage investing experts (VCs, professional angels, etc.).

Cloud Services

Xignite, Inc. provides cloud-based financial market data APIs to help emerging companies and enterprises deliver real-time and reference market data to their digital assets, such as websites and mobile apps.

Crowdfunding/Lending/Financing

Gust connects angel investors with startups through its platform.

CommonBond is based on a model of “social lending.” Student borrowers gain access to fixed rate loans provided by investors who earn a financial return. The platform makes it possible for students to save money on their student loans while allowing investors to earn a competitive financial return.

Bond Street is a startup focused on transforming small-business lending through technology, data, and design.

OnDeck is an online platform providing loan financing to the small- and medium-sized businesses. The company uses data aggregation and electronic payment technology to evaluate the financial health of small and medium-sized businesses and efficiently deliver capital to a market underserved by banks. The company was opened IPO in December 2014.

Bread, incorporated as Lon Inc., powers a pay-over-time button on retailer websites. It pays the full amount of a purchase to a merchant and then collects monthly payments with interest from the consumer. Its current offer is a 24-month loan.

LendKey develops a cloud-based lending platform that enables lenders and asset managers to quickly, securely, and profitably lend to anyone. It provides a Lending-as-a-Service platform enabling financial institutions of all sizes with the ability to attract new business, grow relationships, manage liquidity, and mitigate risk.

MoneyLion is a technology-enabled lending institution focused on helping all consumers gain access to credit. The company uses machine learning-based algorithms and big-data analytics to provide better loans at affordable rates.

Pave is a lending platform for millennials who want access to funding. Borrowers on Pave receive loans up to $25,000 with personalized rates starting at 6%, payable over 2 or 3-year terms.

Octane Lending offers a point-of-sales financing and insurance platform for niche consumer markets.

Venmo offers an app that allows users to share and make payments with friends for a variety of services. Venmo’s iPhone and Android apps allow you to make and share payments with friends for rent, utilities, dinner, drinks, movies, concert tickets, birthdays, laughs and anything else.

Bond Street Marketplace is a startup focused on transforming small business lending through technology, data and design.

Bizfi is an online platform that provides financing services to small businesses in various industries. It offers short-term funding, medium-term loans, government-backed low-interest loans, equipment financing, and financing based on outstanding invoices or receivables and medical financing, franchise financing, and line of credit. The company serves various clients that include franchises, retailers, health service providers, automotive service shops, and others.

Behalf offers up to $50,000 of instant funding for small businesses to pay their vendors. It offers access to short-term financing for businesses of all size, with flexible repayment terms.

Trading

TradeBlock is a venture-backed company serving institutional financial firms with products that help optimize trading using blockchain technology.

Coinsetter is a NYC-based Forex trading platform for Bitcoin. It is a high-performance Bitcoin exchange that offers fast and reliable trading in addition to liquidity sourced from other global exchanges. Acquired by Kraken Bitcoin Exchange on January 17, 2016.

SprinkleBit is a social investing platform that connects people to the information, tools, and community support they need to invest wisely.

Trading Screen is a private, financial technology provider that builds cloud software for hedge funds, mutual funds, and brokers to trade electronically.

Droit Financial Technologies provides solutions for dealing with the massive new market structure and regulatory requirements affecting the OTC Derivatives space.

Marketplace

EquityZen is a marketplace for private secondary investments in companies worth $50M+.

SecondMarket was acquired by NASDAQ OMX on October 22, 2015, it enables private companies and investment funds to customize, control and seamlessly execute primary and secondary transactions.

SeedInvest is an equity crowdfunding platform that connects investors with startups.

ACE Portal is an online platform to provide access to private capital markets for investors, broker dealers, private companies and funds. ACE allows qualified investors to proactively identify, review, and confidentially engage in private transactions across different industries, placement agents, and securities.

Onevest provides an investing platform that connects early-stage tech companies with accredited investors.

Orchard is a technology and infrastructure provider for marketplace lending.

Digital Asset Holdings is a technology company that provides tools that use distributed ledgers to track and settle both digital and mainstream financial assets in a cryptographically secure environment, where counterparty risk is minimized, and settlement times are drastically reduced. The company offers its software for various market segments, such as loans, securities, derivatives, and foreign exchange.

Fundera is an online marketplace that connects small business owners with the best funding provider for their businesses. Fundera works with hand-picked, prescreened lenders to assemble the highest-quality funding sources for small-business owners and ensures borrowers receive fair terms and rates on each loan.

Trumid is an all-to-all electronic credit trading platform designed to unlock liquidity and make bond and CDS trading easier.

Other

Axial is the network on the internet for professionals who run, advise, and finance private companies.

Better Mortgage is digital mortgage origination platform for investors and borrowers. It offers both fixed and adjustable rates for conventional and jumbo loans to finance properties like Single-family homes, Townhouses, Condominiums and Planned Unit Development (PUD).Users can apply online and get pre-approved without affecting their credit score.


Please note that listed companies do not represent an exhaustive overview of FinTech firms operating in New York. If you’d like to suggest a company, please send us a note at follow@letstalkpayments.com.

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LTP Team

LTP Team

A group of content writers, bloggers, journalists and editors from the Let's Talk Payments team.

If you have any suggestions or questions, please email us at follow@letstalkpayments.com
LTP Team