- Forbes released today the February 28, 2018 issue of Forbes magazine, featuring the third FinTech 50 (p.85), a list of 50 innovators who are changing how people save, spend and invest.
The $8.5 trillion (market cap) U.S. financial services industry is being fundamentally reordered as technology disrupts not only individual behaviors, but also how big banks control risk and hedge funds place their bets. Worldwide, $27.4 billion poured into fintech startups in 2017, up 18% from 2016. With so much action in this industry, it is no surprise that 22 companies are new on this year’s FinTech 50 list. Notable newcomers include: Blend, Chainalysis, Remitly, The Bitfury Group and Enigma. We excluded public companies from our list and candidates had to have operations, customers or impact in the U.S., but did not have to be headquartered there.
“Chainalysis, one of the most intriguing new companies on our list, is also the one with the smallest amount invested in it—just $1.6 million,’’ said Forbes’ Washington Bureau Chief and Personal Finance Editor Janet Novack. “Chainalysis’ tools allow law enforcement to trace specific Bitcoin transactions and are already in use by the FBI, IRS, DEA and Europol. At the other end of the investment spectrum is newcomer GreenSky. With $560 million in investments, it was recently valued at $4.5 billion, making Cofounder & CEO David Zalik a billionaire. GreenSky’s business touches average consumers – through an app, it arranges on-the-spot financing for home improvement projects. Those two additions to our list give you a good sense of how broad the fintech revolution is.”