Financial technology, otherwise known as “FinTech,” is a new-ish phenomenon that is changing the way we deal with and utilize our money. Square (SQ), one of the most successful FinTech startups in recent years, just recently made its market debut; it’s known for its tiny square-shaped hardware that processes credit card payments. Most importantly, FinTech has made it easier than ever to conduct transactions between two persons or entities. FinTech is a growing industry that, in addition to easing payment processes, reduces fraud, saves users money, and promotes financial stability. 

Let’s take a look at 7 influential FinTech startup companies that you should know about:

1. BillGuard

Named the Best Finance App of 2014 in the Google Play Store, Bill Guard offers users a smart way to track your spending and protect yourself against fraud. The app, available for download on both iOS and Android devices, lets you see how and where you spend your money, and searches for and alerts you to coupons for items you purchase often. It also sends push notifications to your device warning you when something appears amiss. BillGuard was founded in 2010.

2. Credit Karma

Launched almost 10 years ago, Credit Karma is a useful tool that lets users view their credit scores—arguably one of the most important financial factors in your life—and also understand their ranking. The platform gives tips on how to work towards a higher score so you can receive not only receive better interest rates but also keep more of your money. Back in April, the Wall Street Journal reported that Credit Karma has raised $75 million in growth funding from major late-stage investors, putting its valuation at more than $1 billion.

3. OnDeck

OnDeck is a company that prides itself on being an alternative small business lender; the company to date has delivered over $3 billion in small business loans worldwide. The company’s platform reduces the typical amount of paperwork associated with getting financing, and provides their clients with cash in as little as one business day (banks can take weeks to make a decision). Unlike a personal credit check, OnDeck uses a proprietary method in order to evaluate creditworthiness.

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