10 Most Popular Fintech Companies for Banking

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As online banks and cash management accounts grow in popularity, the word “fintech” has become part of everyday conversation. The fintech category describes a wide range of financial technology companies and services, from person-to-person payments to cryptocurrency exchanges. Keep reading to learn more.

10 Most Popular Fintech Companies

Today, people may think of fintechs as online banks but they’re more than that. They may offer cash management accounts, P2P payment services and other technology that makes banking and money management easier for businesses and individuals. But what are the best fintech companies for your banking needs? Here’s a look at the 10 most popular:

1. Chime® — Best known for being one of the largest fintech companies in the U.S.
2. Cash App — Best known for P2P payments
3. Stripe — Best known for e-commerce payment processing
4. Square — Best known for being a freelancer and small business payment platform
5. SoFi — Best known for loans, credit cards and other financial services
6. Aspiration — Best known for eco-friendly banking
7. PayPal — Best known for P2P payments, crypto investing and more
8. Wealthfront — Best known for automated investment services
9. Varo Bank — Best known for being the first fintech to receive a national bank charter
10. JPMorgan Chase — Best known for traditional banking with a fintech focus

1. Chime

With a market valuation of $25 billion, Chime* holds its position as one of the largest and most popular fintech companies in the US. Chime offers free checking¹, no overdraft fees for eligible members up to $200² and access to your paycheck up to two days earlier³ with direct deposit.

What Are Fintech Companies?

Fintech is a combination of the words “financial” and “technology.” Any website, app or service that uses technology for money management, payments, banking, investing and more can be considered a fintech.

2. Cash App

Cash App began as a peer-to-peer payment service but has evolved into much more. The number one finance app in the App Store, Cash App is an easy-to-use cash management account, with an ATM card issued by FDIC-insured Sutton Bank. When you bank with Cash App, you can receive your direct deposit up to two days earlier than a traditional bank. You can also invest in stocks and crypto through the app.

3. Stripe

Stripe holds the spot as one of the top fintechs based on market valuation. Stripe is best known for its online payment platform for businesses but it also provides financial reporting and other services, including a uniformed dashboard to manage business operations. Businesses of any size can benefit from Stripe’s services.

4. Square

Like Stripe, Square is best known as a payment platform for businesses. You can open a Square Checking account to be able to access funds received through Square immediately. Ideal for entrepreneurs and small businesses, you can accept contactless payments, customize and send invoices digitally, or charge credit cards through a Web browser for over-the-phone payments.

5. SoFi

SoFi, short for “social finance,” was founded in 2011 by students at Stanford. It was the first company to provide refinancing for federal student loans. Today, it offers one of the top online checking accounts with no fees, competitive APYs and generous sign-on bonuses. It has funded $73 billion in loans, to date, and also offers investment products and a portal to buy insurance.

6. Aspiration

Aspiration is one of the most popular fintech companies in the U.S. With a focus on sustainability, the company provides an eco-friendly debit card and rewards members for shopping sustainably. When you round up a purchase to deposit into your Spend & Save account, Aspiration plants a tree. Its unique “Pay What Is Fair” service fee makes it one of the best free fintech accounts available.

7. PayPal

The original P2P payment platform and, arguably, the start of the modern fintech era, Paypal launched in 1998 as Confinity. At the end of 2022, the service had 435 million active consumer and merchant accounts and had processed 22.3 billion transactions totaling $1.36 trillion.

It provides peer-to-peer and merchant payment services, multiple credit products including a buy now, pay later program and crypto investing. Paypal Holdings, Inc. also owns the P2P payment platform Venmo.

8. Wealthfront

For those just getting started investing in stocks or bonds, Wealthfront makes it easy with automated investing. They also offer the ability to buy fractional shares starting at $1 all with no commissions.

Wealthfront also offers a high-yield cash management account. This allows you to earn interest on the money sitting in your account awaiting investment opportunities. The cash management account carries no fees, allows unlimited withdrawals and offers early direct deposit.

9. Varo Bank

While many fintechs are backed by FDIC-insured banks, fewer actually hold banking charters from the Office of the Comptroller of the Currency. In August 2020, Varo became the first. Today, it is joined by SoFi and others. Varo Bank offers accounts with no hidden fees, cash advances up to $250, high-yield savings accounts and more.

10. JPMorgan Chase

JPMorgan Chase is one of the largest traditional brick-and-mortar banks in the U.S. with a market capitalization of more than $433 billion. But it has also been at the cutting edge of fintech for decades. It was the first major U.S. bank to adopt EMV technology for chip-and-signature credit and debit cards. It has a robust mobile app and strong online presence, making it a leading fintech as it excels in traditional, relationship banking services and mobile banking.

Final Note

Whether you’re looking for digital payment processing or no-fee banking services, today’s fintechs and neobanks put it all at your fingertips.

Data is accurate as of Aug. 24, 2023, and is subject to change.

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.

*Chime is a financial technology company, not a bank. Banking services provided by, and debit card issued by, The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC.

¹There’s no fee for the Chime Savings Account. Cash withdrawal and Third-party fees may apply to Chime Checking Accounts. You must have a Chime Checking Account to open a Chime Savings Account.

²SpotMe® on Debit is an optional, no fee overdraft service attached to your Chime Checking Account. To qualify for the SpotMe on Debit service, you must receive $200 or more in qualifying direct deposits to your Chime Checking Account each month and have activated your physical Chime Visa® Debit Card or secured Chime Credit Builder Visa® Credit Card. Qualifying members will be allowed to overdraw their Chime Checking Account for up to $20 on debit card purchases and cash withdrawals initially but may later be eligible for a higher limit of up to $200 or more based on Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. The SpotMe on Debit limit will be displayed within the Chime mobile app and is subject to change at any time, at Chime’s sole discretion. Although Chime does not charge any overdraft fees for SpotMe on Debit, there may be out-of-network or third-party fees associated with ATM transactions. SpotMe on Debit will not cover any non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. SpotMe on Debit Terms and Conditions.

³Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. Chime generally makes these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.

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