From early-stage companies to heavyweights like SoFi and Avant, startups are reshaping the consumer banking experience.

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.

The Future of Fintech
A 123-page report covering VC funding trends for fintech and the developments in large categories such as wealth management, blockchain, remittance tech, and insurance tech.

 

Click on the image below to enlarge.

digital-banking-market-map

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:

The Rise of Digital Banking
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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  • https://twitter.com/aleravanetti Alessandro Ravanetti

    Great content as usual, but I was just thinking, it would not make the infographic even better and more complete to add also the infrastructure / digital back office providers for these services? Just to be transparent I have a clear personal interest to say that, since it’s what we do with Crowd Valley.