Fintech startups have been popping up all over the world. However, New York has been an especially welcoming place for tech companies that want to disrupt financial services. Below you can find our selection of the twelve Big Apple-based startups that have been doing outstanding work in the fintech industry.
It’s not all about Silicon Valley. In 2019, New York took over San Francisco on Savills Tech Cities index, emerging as a top hotspot for venture capital investment.
One reason the city has been outperforming other centers is the abundance of talent, another – the presence and influence of Wall Street.
New York fintech startups empower businesses and individuals
Big Apple is teeming with fintech startups. Young companies are on a mission to predict emerging trends and drive technological innovation.
Backed by VC, they deliver superb solutions empowering businesses to harness technology trends and individual users to manage their personal finances in a way that yields profits.
Fintech companies propel the financial industry
From small business loans, through customized funding methods, to software enabling an average Joe to trade bonds, fintech startups offer plenty of options for companies and individuals to take advantage of the financial market and the digital economy as a whole.
Check out these 12 fintech startups and how they drive change in the market
Alloy – a fraudtech facilitating identity and risk decisions
Alloy is a New York-headquartered identity decisioning platform connecting banks and fintechs to compliance data sources. It streamlines onboarding new customers with a robust fraud prevention system allowing to automate identity and risk decisions.
With Alloy, companies can identify future clients and get an evolving view of customer profiles, updated and adapted in accordance with changing information.
The platform provides simple tools for customizing workflow and adding data sources without writing a single line of code.
Yieldstreet – a direct-to-consumer platform for investing in private markets
Yieldstreet is a New York-based fintech providing access to alternative investments.
It allows individual investors to grow their wealth outside the traditional public market, in areas such as real estate, art, private credit, legal, and private equity that were previously available mainly to institutional investors.
Offerings supported by Yieldstreet go through a meticulous screening process and are backed by assets for protection against default.
Chainalysis – investigation tools for crypto businesses
Headquartered in New York, Chainalysis is a blockchain analysis company, famous for having been the official investigator of the Mt. Gox hacking case.
Apart from collaborating with government agencies in the field of financial crime investigations, Chainalysis provides a range of data analysis and business intelligence services for tech startups and other companies, especially in the crypto sector.
It also offers risk prevention and compliance solutions for DeFi and NFTs industries.
IEX – a stock exchange with a focus on transparency
IEX is a New York-based stock exchange approved by SEC in 2017.
It was founded in reaction to questionable high-frequency trading practices as an attempt to enhance transparency within the financial industry.
IEX advocates fair play and applies technology designed to level the field for traders, such as a… 38-mile cable imposing “a 350-microsecond delay on all orders and other messages entering the exchange”.
Ocrolus – a document automation platform for financial institutions
Ocrolus is a New York fintech company providing document automation tools for the digital lending industry.
It enables its bank and fintech customers to thoroughly analyze relevant financial documents and efficiently scrutinize the financial health of borrowers.
The platform combines big data analytics, machine learning, artificial intelligence, and optical character recognition (OCR) to provide over 99% accuracy in document analysis.
Teampay – a spend-management tool for private companies
Teampay, a New York-based fintech company, provides a platform for managing expenditures in real time.
It allows businesses to keep all spending under control in one place and simplify the reporting and accounting processes.
Teampay enforces policy whenever an employee requests funds for digital payments.
Spend data is provided upfront before a team member gets approval, which prevents unsubstantiated purchases and facilitates financial planning.
The platform allows easy integration with team collaboration and business management software, such as Slack, Microsoft Teams, NetSuite, or Microsoft Dynamics 365.
NYDIG – a crypto financial solutions provider
NYGID, a New York-based subsidiary of Stone Ridge asset management group, delivers crypto products across industries, including investment banks, insurance, fintech, and nonprofits.
The startup aims to connect banks, credit unions, and other finance market players to the crypto sector to provide Bitcoin access to their customers.
NYDIG also offers support for venture capital firms looking for new growth opportunities.
OnDeck – loan solutions for small business owners
OnDeck is a financial technology company rooted in New York.
The startup provides flexible financing solutions for medium and small businesses.
OnDeck empowers businesses that find it hard to get financing due to low credit score or failure to meet other requirements.
The platform aggregates and analyzes a wide range of data points to estimate the creditworthiness of a customer and – upon successful verification – provide a fast loan.
OnDeck prides itself on “exceptional customer service.”
Trumid – an investment platform with a personalized experience
Located in New York, Trumid is a trading platform leveraging data science to provide comprehensive market analytics and detailed insights for investment firms and individual users.
With Trumid, traders can customize data feeds, personalize watchlists, and receive smart notifications and suggestions regarding the selected assets.
Trumid’s solutions streamline decision-making and help to achieve better results in the bond market.
Stash – a beginner-friendly personal finance app
Founded in New York, Stash is a fintech company providing a personal finance app.
The platform basically serves as a digital wealth manager simplifying investments for unprofessional users. For example, Stash offers accounts for people looking to start saving for the retirement or buy assets on behalf of their children to secure their transition to adulthood.
All in all, the platform promotes better financial habits and enables millions of users to achieve their financial goals.
SmartAsset – an online service for connecting users to financial experts
Headquartered in New York, SmartAsset is an online platform connecting customers to financial advisors.
The company enables users to find vetted experts in various fields of financial services, such as banking, investing, taxes, credit cards, loans, or retirement.
On the other hand, it allows skilled professionals to find consulting jobs.
SmartAsset also provides customers with financial education resources, reviews, and recommendations, for example regarding home buying, student loans, or opening a bank account.
R3 – a distributed ledger for improving workflows
R3 is a New York-based enterprise trust technology provider and a fintech innovation lab.
The company, which began its operations as a consortium of nine major banks, is known for developing Corda – a blockchain platform allowing businesses to transact directly in a secure environment without any leakage risk.
Later, the company launched Conclave, a computing platform for multi-party data sharing.
Overall, R3’s solutions enable banks and other financial institutions to collaborate with each other and their customers more seamlessly and efficiently.
NG Logic – professionals with vast experience in helping fintechs achieve their goals
At NG Logic, we have long-term experience in supporting fintechs at every stage of the development process. Check out our case studies page for details. If you want more details on how we can help you design and deliver your product to the market, feel free to reach out!
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