FinTech is a term when two words “finance” and “technology” are merged. The word FinTech applies to any type of business which uses technological tools or equipments to enhance their financial services, or processes. The current rise of AI, the emergence of cryptocurrency and blockchain, etc is revamping the FinTech ecosystem. Financial Institutions like banks are also opting for AI-powered services to better their customer services. But financial instituitions like banks, aren’t the only sector who have made tech-driven changes. Entire markets — from digital loans and mobile stock services to e-commerce payment platforms and digital currency exchanges — are rooted in digital financial access.
Currently, the FinTech industry is thriving, and is everyday watched by everyone, specifically investors. Just in the first quarter of 2021, US FinTechs raised around $13.4 billion, according to CB Insights. U.S. FinTechs valuations are jumping. More than double than last year’s average, this year $19.5 billion is the average valuation of the 11 US FinTechs that are still-private.
Below, the article reveals 2021’s top 3 US FinTech players in the market.
Headquartered in San Francisco, and known as USA’S largest digital quasi bank, Chime, is founded by a Visa alum, CEO Chris Britt, whose net worth is $1.3 billion, and CTO Ryan King.
Chime offers a zero-fee checking accounts, an overdraft protection, and a debit card. Last year, Chime…