These 11 startups are re-inventing how money works and they're worth more than $1 billion
Everyone likes money.
But technology that handles money is what's really popular these days.The rise of "fintech," or, financial technology, has unleashed a new breed of apps, sites and services designed to help consumers pay for goods, get loans and manage their retirement accounts.
Fintech is a multi-billion dollar industry, with startups in the US raising around $18 billion since 2015, according to PitchBook and nearly 1,400 venture capitalist-backed deals. Two of the most valuable startups in the country - Stripe and SoFi - are in the fintech sector. And there are 11 fintech startups valued at more than $1 billion.
To get a sense of why fintech is so hot right now, we took a look at the 11 most valuable VC-funded US fintech startups, as compiled by PitchBook.
Like any fast-growing industry, fintech hasn't been without its bumps. Some companies on the list have had layoffs and scaled back from their initial success. One in particular - SoFi - forced out its CEO over summer following allegations of sexual harassment at the company.
But all 11 startups have made a dent in the space and give credence to venture capital's multi-billion dollar bet that fintech isn't going away anytime soon. Here's why: