FinTech, the short form for Financial Technology, is any new technology intended to improve access to financial services. The industry has been growing for the last few years, and in 2020, there are a couple of companies you should watch out.

In this article, we mention some of the fastest-growing companies in this industry. Continue reading if you are looking for the best banking software development company in your region.

1. Acorns

If you are having trouble saving your money, Acorns is here to help you out. After realizing that most people, especially those on a salaried job, have problems saving money and meeting long-term financial obligations, Acorn came up with a solution. 

It is a personal finance management service that seeks to help low and middle-income individuals to save money.

The platform mainly focuses on individuals who have never had the chance to save and invest their money. It offers money management tips and useful content on saving, investing, and retirement. Since it seems to focus more on wellbeing, it has become one of the fastest-growing FinTech companies to watch.

2. Opendoor

Real estate is a vast industry, and most FinTech companies have been looking for the best way to venture into it. Opendoor is one of those first companies to do so. It has come up with a platform that makes it hassle-free for people to buy and sell homes.

While on this platform, every user can list their homes for sale and buy any of the listed homes. You can also exchange your home with another willing homeowner on the platform. 

With Opendoor at your reach, you can identify all associated fees when selling a home, and most importantly, establish an ideal price for your home. It sounds like the best option for those intending to sell their homes through FSBO.

It is available in over 20 cities in the US. As an award-winning company, it remains one of the top information hubs for those in real estate.

3. Venmo

Venmo is another FinTech company in the payment industry. It has its headquarters in New York, Chicago. This company has majored in making it more comfortable and transparent for people to exchange money between friends and family. For example, if you live in the same apartment with a roommate and want to share the house rent, this platform can help you out.

You can use the app to transfer money from your bank account to your friend’s account and pay the rent. It also makes it easier to track your transactions in real-time, making it more preferable if you like to live on a budget.

4. Fundrise

Fundrise is one of the growing platforms in the real estate industry. With headquarters in Washington DC, this FinTech company has stretched its wings to become the most sought-after in real estate.

It features a variety of real estate projects for anyone intending to invest their money. While most of the projects listed on the platform are ideal for experienced investors, you only need as little as $500 to spend in one of the projects listed on this platform. 

Fundrise is becoming more popular amongst individuals intending to invest in real estate for the first time.

5. Personal Capital

Personal Capital is a California based FinTech startup you should expect to grow in years to come. The company has invested in the software industry to offer personal financial tools that can help you manage all your accounts on one platform.

The platform features a unique dashboard you can use to access your account transactions and portfolio balances. It also provides useful information on your spending, investment returns, and net worth. Also, with this company, you get unrestricted access to finical advisors, just in case you need some tips to manage your money.

6. Wagestream

If you are an employer, this is the app you want all your employees to have. With Wagestream, employees can easily stream their wages into different accounts at any time. It seeks to build financial reliance amongst employees and giving them the chance to access tools to improve financial knowledge. 

Because financial resilience can be distracting at times, the company seeks to help employers retain their workers and make them more productive.

Established in 2018, the company has grown fast to raise at least £44.5 million, an apparent show of how fast it is growing.

Final Thoughts 

The FinTech sector is booming at an unprecedented rate. If you are looking for a place to invest your hard-earned money, these six companies should give you an insight into where to look.