By Edlyn Cardoza
September 01, 2022
- Cash Back Rewards
after the global financial crisis in 2008; there was great public distrust of traditional financial institutions. This, along with the 2009 release of Bitcoin v0.1 and the continued rise of various cryptocurrencies, shaped the financial world as we know it today.
Moreover, even the market-wide use of smartphones that have provided internet access to millions of people in various parts of the world has led to the emergence of FinTech. The financial services industry has consistently attracted startups that strive to change the way businesses and individuals borrow, spend, invest, and save money.
From digital banking and insurance to wealth management and lending, FinTech companies and FinTech startups are growing rapidly. Additionally, the fastest growing US state, California, is home to many thriving FinTech spaces that have gained global acclaim.
Here are 3 California-based FinTechs that are revolutionizing the financial industry:
Plaid is a data network that powers the tools millions rely on to lead healthier financial lives. Plaid is focused on democratizing financial services through technology. With their developer-friendly infrastructure and smart tools, they empower everyone to create unique products that solve big problems.
Founded in 2013 by Zach Perret and William Hockey, Plaid works with thousands of companies like Venmo, SoFi, and Betterment, many of the Fortune 500, and many of the biggest banks to make it easy for people to connect their financial accounts to apps. and the services they want to use. Plaid’s network covers more than 12,000 financial institutions in the United States, Canada, United Kingdom and Europe.
Stripe is a financial infrastructure platform for businesses. Millions of businesses, from the world’s largest companies to the most ambitious startups, use Stripe to accept payments, increase revenue, and accelerate new business opportunities. Based in San Francisco and Dublin, the company aims to increase internet GDP.
Upgrade’s goal is to provide its users with more value and a better experience than what they receive from their traditional bank. They fulfill this goal with affordable, responsible loans and cards with no fees and high-paying checking accounts. Upgrade Card combines the flexibility of a credit card with the low cost of an installment loan. Their latest offering, Rewards Checking, gives customers access to no-fee checking accounts with 2% cash back on everyday everyday spending.
The founding team of Upgrade pioneered FinTech more than a decade ago. In 2017, they launched Upgrade to create an online and mobile banking experience that delivers exceptional value to their customers by eliminating fees on daily transactions and providing affordable, responsible credit through cards and loans.
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