Digital banking startups have secured more than $10.3B in funding since 2010, as they disrupt the banking value chain, providing consumers with new alternatives for services traditionally dominated by consumer banks, including lending, bill pay, personal finance, and investment management.
We used CB Insights data to identify 102 private companies in digital banking and mapped them according to seven categories where they are operating. See the full graphic below.
Click on the image below to enlarge.
The breakdown of the categories is as follows:
- Marketplace Lending: Tech startups primarily providing platforms for consumer borrowers to connect with willing lenders. These are often referred to as peer-to-peer (P2P) lenders, though institutions also provide capital on many of these marketplaces.
- Direct Lending & Underwriting: Companies primarily lending directly online and/or facilitating consumer access to credit scoring, often using machine learning technologies and other nontraditional methods to assess creditworthiness.
- Online/Mobile Banking: Startups providing digital-native banking deposit and account solutions, either online or through various mobile platforms.
- Personal Finance: Tech startups offering tools and advice to manage personal accounts, expenses, budgeting, and personal financial planning.
- Bill Pay / Money Transfer: Startups enabling individuals to transfer money to peers and pay bills, often across international borders.
- Investment Management: A broad category encompassing companies serving retail investors with automated, social, or other novel investment vehicles and advice. These startups may also offer retail investors alternative ways to access securities beyond large traditional brokerages. Some, like Personal Capital, pair algorithmically-driven advice and portfolio management with human advice.
- Robo-advisor: Investment management startups that focus exclusively on providing fully automated, algorithm-driven investments.
For more details on these startups, see the full list:
| Company | Select Investors | Category |
|---|---|---|
| Social Finance | Baseline Ventures, DCM Ventures, Institutional Venture Partners, Third Point | Marketplace Lending |
| Upstart Network | Collaborative Fund, First Round Capital, Khosla Ventures, Kleiner Perkins Caufield & Byers | Marketplace Lending |
| Lu.com | Bank of China, Ping An Ventures, CDH Investments | Marketplace Lending |
| Prosper Marketplace | Accel Partners, Benchmark Capital, Omidyar Network, Volition Capital | Marketplace Lending |
| Jiuxin Finance | JD Capital Management | Marketplace Lending |
| Harmoney | P2P Global Investments, Trade Me Group | Marketplace Lending |
| DianRong | Bohai Leasing Co., Northern Light Venture Capital | Marketplace Lending |
| Auxmoney | Index Ventures, Union Square Ventures | Marketplace Lending |
| eLoancn | Legend Holdings | Marketplace Lending |
| CommonBond | Social Capital, Tribeca Venture Partners, Vikram Pandit | Marketplace Lending |
| JimuBox | Ventech China, Xiaomi Ventures | Marketplace Lending |
| Renrendai | Tencent, Trustbridge Partners | Marketplace Lending |
| Meili Jirong | Bertelsmann Asia Investments | Marketplace Lending |
| Wanglibao | Hongli Opto-Electronic Co., IDG Capital Partners | Marketplace Lending |
| Pret d’Union | Credit Mutuel ARKEA, Kima Ventures, Weber Investissements | Marketplace Lending |
| RateSetter | British Business Bank Investments, Woodford Investment Managment | Marketplace Lending |
| Zopa | Bessemer Venture Partners, Wellington Partners | Marketplace Lending |
| China Rapid Finance | Broadline Capital, UBS | Marketplace Lending |
| LendInvest | Kunlun Worldwide | Marketplace Lending |
| Smava | Earlybird Venture Capital, Neuhaus Partners | Marketplace Lending |
| Payoff | Anthemis Group, FirstMark Capital | Marketplace Lending |
| CircleBack Lending | Undisclosed | Marketplace Lending |
| SocietyOne | Global Founders Capital, News Corp, Reinventure, Rocket Internet | Marketplace Lending |
| Fruitful Finance | Undisclosed | Marketplace Lending |
| Bondora | Valinor Management | Marketplace Lending |
| Lending Works | David Kyte, Keith Saldanha, Max Ashton | Marketplace Lending |
| Borrowell | Equitable Bank, Oakwest Corporation | Marketplace Lending |
| EVEN Financial | Canaan Partners | Marketplace Lending |
| Landbay | Omni Partners | Marketplace Lending |
| Lendify | Undisclosed | Marketplace Lending |
| Peerform | Looking Glass Investments, Wescott Capital | Marketplace Lending |
| Avant | August Capital, RRE Ventures, Tiger Global Management | Direct Lending & Underwriting |
| Credit Karma | Felicis Ventures, Susquehanna Growth Equity, Tiger Global Management | Direct Lending & Underwriting |
| Kreditech | Blumberg Capital, Peter Thiel, Point Nine Capital | Direct Lending & Underwriting |
| Earnest | Andreessen Horowitz, First Round Capital, Maveron | Direct Lending & Underwriting |
| Borro | Augmentum Capital, Eden Ventures, Rockridge Investments | Direct Lending & Underwriting |
| Wonga | 83North, Accel Partners, Balderton Capital | Direct Lending & Underwriting |
| LendUp | Data Collective, Google Ventures, QED Investors | Direct Lending & Underwriting |
| MiMoni | Bay Partners, Ignia Fund, Omidyar Network, Storm Ventures | Direct Lending & Underwriting |
| Lenddo | Accel Partners, Blumberg Capital, iNovia Capital | Direct Lending & Underwriting |
| Sindeo | New Ground Ventures, Renren Lianhe Holdings | Direct Lending & Underwriting |
| InVenture Capital | Collaborative Fund, Lowercase Capital | Direct Lending & Underwriting |
| Progressa | Conconi Growth Partners, CypressHills Partners | Direct Lending & Underwriting |
| Grow Financial | Markus Frind | Direct Lending & Underwriting |
| Backed | Cyhawk Ventures, iAngels | Direct Lending & Underwriting |
| Early Salary | Ashok Agarwal | Direct Lending & Underwriting |
| Atom Bank | BBVA, Marathon Asset Management, Woodford Investment Managment | Online/Mobile Banking |
| Nubank | Kaszek Ventures, QED Investors, Sequoia Capital, Tiger Global Management | Online/Mobile Banking |
| Moven | Anthemis Group, New York Angels, Raptor Ventures, Route 66 Ventures | Online/Mobile Banking |
| Number26 | Earlybird Venture Capital, Redalpine Venture Partners | Online/Mobile Banking |
| Osper | Conversion Capital, Horizons Ventures, Index Ventures, TechStars | Online/Mobile Banking |
| One Financial Holdings | Blue Seed Capital, Blumberg Capital, FundersGuild, T5 Capital | Online/Mobile Banking |
| Mondo | Passion Capital | Online/Mobile Banking |
| RocketBank | Life.Sreda, Runa Capital | Online/Mobile Banking |
| Monese | Seedcamp, Shakil Khan | Online/Mobile Banking |
| Koho | Ferst Capital, Hedgewood, Highline, Stanley Park Ventures | Online/Mobile Banking |
| Monyq | Keadyn | Online/Mobile Banking |
| ZenBanx | DCM Ventures, Recruit Strategic Partners, Tencent | Online/Mobile Banking |
| Wacai | CDH Investments, IDG Capital Partners, QiMing Venture Partners | Personal Finance |
| Money Forward | JAFCO Asia, Mitsui & Co. Global Investment | Personal Finance |
| GuiaBolso | Ribbit Capital, QED Investors | Personal Finance |
| Tink | Sunstone Capital | Personal Finance |
| Perfios | A.G. Muralikrishan, Ashish Gupta, P.S. Pai, V. Chandrasekaran | Personal Finance |
| Levanto Financial | Commerce Ventures | Personal Finance |
| Qapital Insight | Northzone Ventures | Personal Finance |
| Planwise | Homeloans, Second Century Ventures | Personal Finance |
| Zaim | Cookpad | Personal Finance |
| WealthTank | Founder Institute | Personal Finance |
| WorldRemit | Accel Partners, Technology Crossover Ventures | Bill Pay / Money Transfer |
| TransferWise | IA Ventures, Index Ventures, Kima Ventures, The Accelerator Group, Valar Ventures | Bill Pay / Money Transfer |
| Azimo | e.ventures, Greycroft Partners | Bill Pay / Money Transfer |
| Boom Financial | RRE Ventures | Bill Pay / Money Transfer |
| Doxo | Bezos Expeditions, Mohr Davidow Ventures | Bill Pay / Money Transfer |
| Remitly | Founders Co-op, QED Investors, TomorrowVentures, Trilogy Equity Partners | Bill Pay / Money Transfer |
| ABRA | First Round Capital, RRE Ventures | Bill Pay / Money Transfer |
| Pangea Payments | Chicago Ventures, OCA Ventures | Bill Pay / Money Transfer |
| WeSwap | EC1 Capital, IW Capital | Bill Pay / Money Transfer |
| SureCash | The Osiris Group | Bill Pay / Money Transfer |
| Chime | Undisclosed | Bill Pay / Money Transfer |
| Regalii | FundersClub | Bill Pay / Money Transfer |
| Prism | Chase Franklin, John Keister, Mark Britto, Rudy Gadre | Bill Pay / Money Transfer |
| Paganza | Venture Hive | Bill Pay / Money Transfer |
| Motif Investing | Foundation Capital, Ignition Partners, Norwest Venture Partners | Investment Management |
| Personal Capital | Crosslink Capital, Institutional Venture Partners, Venrock | Investment Management |
| eToro | BRM Group, Spark Capital | Investment Management |
| Robinhood | Andreessen Horowitz, Google Ventures, Index Ventures, Social Leverage | Investment Management |
| Lantouzi | Source Code Capital, Xia Zuoquan | Investment Management |
| 8 Securities | Leitmotiv Private Equity, Velocity Capital Private Equity | Investment Management |
| Aspiration | GSV Capital, Renren Lianhe Holdings | Investment Management |
| Kapitall | Bendigo Partners, Linden Venture Fund | Investment Management |
| Stockpile | Arbor Ventures, Mayfield Fund, Sequoia Capital, Sound Ventures | Investment Management |
| DriveWealth | Route 66 Ventures | Investment Management |
| Blooom | QED Investors | Investment Management |
| Wealthfront | DAG Ventures, Greylock Partners, Index Ventures, Social Capital | Investment Management: Robo-advisor |
| Betterment | Anthemis Group, Bessemer Venture Partners, Menlo Ventures | Investment Management: Robo-advisor |
| Acorns Grow | e.ventures, Greycroft Partners, JAM Equity Partners | Investment Management: Robo-advisor |
| Wealthsimple | Power Financial Corporation | Investment Management: Robo-advisor |
| WiseBanyan | Sorenson Impact Foundation, VegasTech Fund, Village Capital | Investment Management: Robo-advisor |
| CashBoard | Earlybird Venture Capital, Redalpine Venture Partners | Investment Management: Robo-advisor |
| Nest Wealth Asset Management | Metroland Media | Investment Management: Robo-advisor |
| Hedgeable | SixThirty | Investment Management: Robo-advisor |
| SigFig | Bain Capital Ventures, DCM Ventures, Union Square Ventures | Investment Management: Robo-advisor |
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