5 Notable Firms From This Year's Fintech 50 List

Forbes

Our team evaluated hundreds of fintech companies, looking at everything from product novelty to customer and revenue growth to leadership team diversity. We interviewed both CEOs and industry insiders. To be considered, startups need to have their headquarters or substantial operations in the U.S. and can’t be part of a public company.  Three categories that primarily serve other businesses—Payments, Wall Street & Enterprise and Business to Business Banking–made the strongest showing, accounting for 27 of our 50 picks and seven of the 13 first-time honorees. That’s not so surprising at a time when there’s no longer unlimited VC funds to lavish on big consumer marketing campaigns. The Real Estate category, hard hit by interest rates, had only two companies on the list. Blockchain and Crypto, recovering from big scandals and bankruptcies, had only three–and those were startups dedicated to building a sounder, more secure infrastructure for the future.  Here are 5 of the hottest fin tech firms in the U.S.  Read the full story on Forbes: https://www.forbes.com/lists/fintech50/?sh=5061b40f18d3  Subscribe to FORBES: https://www.youtube.com/user/Forbes?sub_confirmation=1  Fuel your success with Forbes. Gain unlimited access to premium journalism, including breaking news, groundbreaking in-depth reported stories, daily digests and more. Plus, members get a front-row seat at members-only events with leading thinkers and doers, access to premium video that can help you get ahead, an ad-light experience, early access to select products including NFT drops and more:  https://account.forbes.com/membership/?utm_source=youtube&utm_medium=display&utm_campaign=growth_non-sub_paid_subscribe_ytdescript  Stay Connected Forbes newsletters: https://newsletters.editorial.forbes.com Forbes on Facebook: http://fb.com/forbes Forbes Video on Twitter: http://www.twitter.com/forbes Forbes Video on Instagram: http://instagram.com/forbes More From Forbes:  http://forbes.com  Forbes covers the intersection of entrepreneurship, wealth, technology, business and lifestyle with a focus on people and success.

Transcript

00:00 This year's ninth annual FinTech 50 list features firms that continue to innovate,

00:06 grow and adapt even as the industry suffers layoffs, lower valuations and a collapse in

00:11 venture capital support.

00:13 Funding for FinTech startups worldwide fell from a record $141 billion in 2021 to $39

00:21 billion in 2023, according to CB Insights.

00:25 Yet the competition was still strong for this year's list.

00:29 Groups evaluated hundreds of FinTech companies looking at everything from product novelty

00:34 to consumer and revenue growth.

00:36 To be considered, startups need to have their headquarters or a substantial operation in

00:40 the United States and can't be a part of a public company.

00:44 Here are five notable FinTech companies from the 2024 FinTech 50.

00:50 Data Snipper.

00:51 AI is helping transform work for America's largest auditing firms thanks to a first-timer

00:56 on the list, Netherlands-based startup Data Snipper.

01:00 The company's technology snips data on receipts or bank statements to match them with records

01:04 of expenses, saving auditors long nights of manual labor.

01:08 The big four accounting giants are all among Data Snipper's 1,400 customers, and Data

01:13 Snipper raised $100 million at a $1 billion valuation in January to fund global expansion.

01:22 Candex.

01:23 Acting as a sort of master vendor, Candex moves invoices and payments through its system,

01:28 eliminating the need for clients such as Dell, Danone, and L'Oreal to onboard each supplier

01:34 individually.

01:36 The company charges a 3% fee on each transaction in the process.

01:40 In the past year, Candex has expanded into eight new countries, including Japan, Taiwan,

01:45 and South Korea.

01:46 Today, vendors in 45 countries can be paid within minutes.

01:51 First-timer to the list, Kudos Technologies, headed by Teek Anezoto, offers a browser-based

01:56 smart assistant that helps shoppers identify the best rewards card to use for online purchases.

02:02 The Nigerian-born Anezoto came to the U.S. in 2009 to study computer science at Columbia

02:07 University and previously worked at a firm, Microsoft and Google, before launching Kudos

02:12 in 2022.

02:14 In 2023, Kudos grew to 150,000 registered users, up from 5,000 users at the end of 2022.

02:23 Kudos' net worth is currently $45 million.

02:27 Found

02:28 Found, formerly known as Indy Technologies, launched in 2020 as a banking platform geared

02:33 toward self-employed workers, owner-operators, and small business owners.

02:39 CEO and co-founder Lauren Myrick started her work life as an accountant and spent eight

02:44 years at Square.

02:45 The company is designed with Etsy sellers, gig workers, and independent business consultants

02:50 in mind and counted 122,000 active users by the end of 2023.

02:56 Pulley

02:57 Pulley helps startups issue and keep track of who owns equity in their companies.

03:02 The company was quick to capitalize when larger competitor Carta landed in hot water early

03:07 this year for sharing some of its clients' sensitive information with investors.

03:12 Pulley promised to cover the remaining cost of defectors' contracts if they switched

03:16 by the end of the month and added hundreds of customers in January.

03:20 Its robust fundraising model tells founders exactly how much their stakes will be diluted

03:25 in complex early-stage rounds, and an offer letter tool automatically updates the cap

03:31 table when a new employee accepts.

03:34 Last year, Pulley began tracking token distribution for Web3 and blockchain firms.

03:39 Thanks for watching.

03:40 If you enjoyed this video, please subscribe for more.

03:41 Also, check out the latest videos on this channel.

03:42 See you next time.

03:42 [music]

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