For financial technology industry, 2016 was a horror show. The industry was ravaged by layoffs and scandals. Deal acitivities went down. The United States provided regulatory uncertainty, and Brexit pushed the pain even more deep. The environment pushed many financial companies to ink partnerships with large banks and these came with potential implications. In the middle of all these doldrums, however, many companies took a look back, and refocused themselves.
To those who did the latter, 2017 will be much better. A few US fintech companies have showed excellent traction and have the potential to shape the industry itself.
This San Francisco based company is not new. It is now on its fifth year of operations. The first four years were quiet. The company surprised the industry in November with news that it has stumped up almost $200 million through a series of investments. The company has at the same time repositioned itself to be a major player in the independent auto-insurer market in America. The company's ace product, Pay-per-mile insurance, is all ready to go nationwide. For drivers of low mileage cars, Metromile's fees of $35 every month, plus five cents for every mile, could lead to considerable savings. When it came to higher mileage drivers, Metromile is presently experimenting with partnerships. It has roped in Uber to provide a specialized plan which include commercial and personal coverage.
This fintech company, by its own admission, is not much interested in crowdfunding. It is more keen to collect the huge quantities of capital needed to fund the major commercial deals. The management is impressive, starting with the dynamic 28 year old CEO Ryan Williams, followed by ex-Apple employee Andrew Borovsky and Mike Fascitelli, the real estate tycoon. The office is located in Soho, courtesy of Kushner Properties. The company until now have closed in excess of $500 million as inventory.
There is now no shortage of choices when it comes to managing investments vis smartphone. Even though. Stash, the New York headquartered company, has managed to get its name known in this extremely crowded market and has in excess of 300,000 users. There are doubts,however, whether the high engagement by the company leads to asset growth. The strength of this concern lies in its start small but you should always think big ethos. Minimum invesment can be as small as $5. The name list of portfolio options include catchy names lik Social Media Mania.