There was a time when financial technology or fintech was the new disruptive force in the world of finance. Now, it’s cemented itself as ‘standard practice’ in the industry. Proof of this is the billions of dollars in funding that companies in this sector have received. Here are some of the hottest up-and-comers that got the most funding.
WeFox is a Germany-based insurance technology company that primarily connects insurance providers with brokers. It has reportedly raised $158.5 million and is working with the Japan-based SBI Group to launch in the Asian continent. SBI Group was an organization under the larger SoftBank Group umbrella. The company is led by CEO and co-founder Julian Teicke, who claims that WeFox is the leading insurtech in Europe.
Another German startup makes the list with Raisin, an online marketplace for European investments. In total, the company has raised $178 million, with $114 million already being secured by January of 2019. It currently works with the United Kingdom-based fintech Clearscore and the major German bank Commerzbank.
Earlier, Raisin secured a partnership with Starling Bank to launch accounts in the UK. According to the Raisin website, its services are currently available in over 30 countries, with the company having formed partnerships with 91 banks.
Brex is a United States-based corporate credit card provider that has raised a whopping $282 million. It formerly focused on providing their services to other startup companies but has since shifted its attention towards larger enterprises. The company helps others get cards with 20 times higher limits and automate their expense management system.
Ahead of everybody else in terms of money raised is SoFi (Social Finance, Inc.), another United States-based company this time specializing in personal money management.
The startup has reportedly pooled $2 billion. It provides refinancing for a variety of debts from personal loans to mortgages to student loans. SoFi was founded in the early 2010s by four students at the Stanford Graduate School of Business.