For many years, FinTech and banks were assessed from the perspective of the zero-sum game. While FinTech firms were pegged as disruptors, banks were driven to make a move towards agility or face serious market challenges driven by innovative players. However, in the last two years, things have become amicable between FinTechs and banks. While some FinTech players still believe that it is important to challenge banking at large and find their niche with exceptional service offerings, a considerable number of FinTech players have found clients in the banking community.
Automated invoices, accounting services for business banking clients, data, analytics, white-label software solutions, cloud-based communications, and other such offerings from FinTech players are being welcomed with open arms. Here is a list of 20 FinTech firms that have found friends in the banking business:
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AvidXchange[1] is a United States-based company founded in 2000, which has raised $545.3 million in total funding. AvidXchange provides automated invoice and payment processes for midmarket companies spanning multiple industries, including real estate, financial services, energy, and construction. Its main clients include Bank Atlantic, Branch Properties LLC, Canderel, CDS Monarch, Colliers International, Community Trust Bank, Duke Realty, and others.
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Kabbage[2] is a United States-based company founded in 2009, which has raised $488.7 million in total funding. Kabbage provides SMBs with a line of credit by evaluating various alternative data parameters. It leverages data generated through business activity such as accounting data, online sales, shipping, and dozens of other sources to understand performance and deliver fast, flexible funding in real time. It also provides white label platforms to companies looking to start their own lending
