THE FORBES FINTECH 50
ROOT INSURANCE COLUMBUS, OHIO INSURANCE
Auto insurer sets customers’ rates by first monitoring their driving with a smartphone app measuring 200 variables (e.g., braking, miles driven).
FUNDING: $528 million; latest valuation of $3.7 billion
BONA FIDES: $307 million in direct premiums in the first three quarters of 2019
COFOUNDERS: CEO Alex Timm, 31; CTO Dan Manges, 34
STASH NEW YORK CITY INVESTING
For a flat fee of $1 to $9 a month, app offers fractional purchases of stocks and ETFs, no-fee checking account and a debit card with stock rewards.
FUNDING: $192 million; latest valuation of $585 million1
BONA FIDES: More than 4 million customers
COFOUNDERS: CEO Brandon Krieg, 45; president Ed Robinson, 36
STATES TITLE SAN FRANCISCO REAL ESTATE
Using online ownership data and predictive analytics, clears 80% of homes for title insurance in less than a minute.
FUNDING: $107 million
BONA FIDES: 2019 revenue of $185 million, after taking over part of Lennar’s title business
COFOUNDER AND CEO: Max Simkoff, 38
STRIPE SAN FRANCISCO PAYMENTS
Its platform lets businesses ranging from small websites to Amazon and Facebook accept online payments. Last year, Stripe launched a corporate credit card and small business loans, which are automatically repaid from payments it processes for borrowers.
FUNDING: $1 billion; latest valuation of $35 billion, making Stripe the most valuable private fintech in the U.S.
BONA FIDES: Processes hundreds of billions of dollars a year in transactions
COFOUNDERS: CEO Patrick Collison, 31, and president John Collison, 29
TALA SANTA MONICA, CALIFORNIA PERSONAL FINANCE
Makes loans ranging from $10 to $500 to developing-world customers with little or no formal borrowing history, using their smartphone data to judge risk. (Applicants who pay utility bills on time and phone their mother regularly are more reliable.)
FUNDING: $200 million; latest valuation of $800 million
BONA FIDES: Made more than $1 billion in loans to 4 million customers; profitable in Kenya and the Philippines; growing fast in Tanzania, Mexico and India
FOUNDER & CEO: Shivani Siroya, 38, started Tala after having studied the impact of microcredit in sub-Saharan Africa for the U.N.
TALLY SAN FRANCISCO PERSONAL FINANCE
Credit card debt consolidation and payoff app extends a line of credit (at a lower-than-credit-card interest rate) to customers and applies their monthly payment to their existing credit card debts, avoiding late fees and paying off highest interestrate balances first.
FUNDING: $92 million; latest valuation of $285 million1
BONA FIDES: Increased revenue fourfold in the past year
COFOUNDERS: CEO Jason Brown, 40; Jasper Platz, 40
TOAST BOSTON PAYMENTS
Its restaurant point-of-sale software can handle payments, reservations, online orders and payroll. Now makes loans to restaurants, too.
FUNDING: $498 million; latest valuation of $2.7 billion
BONA FIDES: Processes tens of billions in sales a year
COFOUNDERS: Co-presidents Aman Narang, 37, and Steve Fredette, 36; CTO Jonathan Grimm, 34 CEO: Chris Comparato, 52
TRANSFERWISE LONDON PAYMENTS
Executes international money transfers for consumers at an average cost of 0.7%, compared with 4% to 5% at U.S. banks, by matching currency orders within a country. Its new debit card allows fee-free purchases and ATM withdrawals around the world.
FUNDING: $689 million; latest valuation of $3.5 billion
BONA FIDES: 6 million customers in 71 countries transfer $5.5 billion a month
COFOUNDERS: CEO Kristo Käärmann, 40, and chairman Taavet Hinrikus, 39, both originally from Estonia
TRUMID NEW YORK CITY WALL STREET & ENTERPRISE
Electronic bond-trading platform for investment-grade and junk bonds. Started with anonymous block trades, but now also allows traders to post bids and asks anonymously and then negotiate privately.
FUNDING: $200 million
BONA FIDES: Trading volume has surged to $17 billion a month
FOUNDER & CEO: Ronnie Mateo, 46
UNISON SAN FRANCISCO REAL ESTATE
Offers homebuyers and owners in 30 states and Washington, D.C., the option of selling some of the future appreciation in their houses. If Unison and its investors put down 10% of a home’s purchase price, they take 33% of appreciation when the house is sold.
FUNDING: $40 million
BONA FIDES: Has bought stakes in $4.4 billion worth of housing
FOUNDER AND CEO: Thomas Sponholtz, 53
UPSTART SAN MATEO, CALIFORNIA PERSONAL FINANCE
Online lending platform uses AI and alternative data such as education and employment history, as well as conventional credit score and income info, to underwrite personal loans. Upstart says 70% of its originations are fully automated.
FUNDING: $165 million; latest valuation $750 million1
BONA FIDES: Has generated $6 billion–plus in loans to more than 400,000 borrowers; loans are funded by five partner banks
COFOUNDERS: CEO Dave Girouard, 54, previously president at Google Enterprise; product head Paul Gu, 29; operations head Anna M. Counselman, 39