It its latest issue, Forbes magazine released its list of the 10 biggest fintech firms in the United States. With valuations in the billions of dollars, the rundown of unicorns highlights just how far the industry has come — and why traditional banks should be paying close attention.
While the payments sector of the fintech world tends to get the most press, the list shows that digital loans and credit services are making a major splash. Four of the top 10 — SoFi, Credit Karma, Avant, and Prosper — have soared to their high valuations by providing new ways to find, secure, and monitor credit, highlighting how fintech is changing all aspects of financial services.
However, Stripe, with a valuation of $9.2 billion USD despite only being founded in 2010, according to Forbes research, proves that the payments game still has the most power thus far. It leads the list of biggest fintech firms — and is worth more than twice as much as second-place finisher SoFi.
The following is the full Forbes list of the biggest fintech firms, including company descriptions and valuations as published by the publication.
Value: $9.2 billion USD
Allows merchants to accept online and mobile payments
$4.3 billion USD
Offers student loan refinancing and other services to Millennials
Value: $3.6 billion USD
Provides on-the-spot financing for home-improvement projects via its network of contractors.
4. Credit Karma
$3.5 billion USD
Offers free credit scores and recommendations for credit cards and loans
$2.7 billion USD
Makes it simpler to buy and use health insurance under Obamacare
$2 billion USD
Makes quick online loans to consumers with lower credit scores
$2 billion USD
Sells a cloud-based human resources platform for businesses
$1.9 billion USD
Connects borrowers and investors for unsecured personal loans
$1.4 billion USD
Automates invoicing and bill payments for businesses
$1.3 billion USD
Offers free trades of stocks and ETFs via mobile app