Fintech startups across 35 US states are transforming payments, investing, insurance, and more.
The fintech space is gaining momentum.
Last year saw a double record of $46B invested across over 2,800 deals to fintech startups — a 92% uptick in funding year-over-year.
As the median deal size in the space has ticked up, 2019 has seen 70+ $100M+ fintech mega-rounds including:
- Personal finance app SoFi ($500M Series G)
- Payments startup Klarna ($460M VC round)
- Investing platform Robinhood ($323M Series E)
- Home & rental insurer Lemonade ($300M Series D)
Using the CB Insights database, we mapped out the top-funded fintech startup in every US state.
Collectively, these startups have raised over $9.5B, with leading companies including lending startup Avant (Illinois, $655M in total disclosed equity funding), next-gen auto insurer Root Insurance (Ohio, $509M), restaurant finances management system Toast (Massachusetts, $503M), and small business lending startup Kabbage (Georgia, $490M).
See the full map below.
We define fintech broadly to include technology companies that provide services to the financial services industry as well as technology companies that create, distribute, and administer financial products themselves. Our analysis looks at equity funding to private fintech startups that have raised at least $5M in equity funding and have had an equity deal in since 2014. We exclude funding from debt, loans, and lines of credit.
Please click to enlarge.
- The most well-funded US fintech startup is SoFi, with $2.5B in disclosed equity funding. The San Francisco-based personal finance platform offers an array of financial products, from an investment platform to home loans to student loan refinancing.
- SoFi is followed by New York-based health insurance upstart Oscar Health ($1.3B in equity funding) and North Carolina-based bill pay platform AvidXchange ($724M).
- There are 8 unicorn startups on our map: SoFi ($4.8B valuation), Root Insurance ($3.6B), Oscar Health ($3.2B), Toast ($2.7B), Avant ($1.9B), AvidXchange ($1.2B), Kabbage ($1B), and C2FO ($1B).
- 17 startups on the map have raised over $100M in disclosed equity funding, including Utah-based expense management platform Divvy ($253M), and Missouri-based PayIt ($133M), which facilitates payments between citizens and government services.
- Only 3 startups on this list have raised less than $10M in equity funding. The startup with the least funding on this list is Indiana’s Allied Payment Network, with $6.6M.
|State||Company||Total Equity Funding ($M)|
|New York||Oscar Health||1268|
|New Jersey||Cross River Bank||129|
|Tennessee||Digital Reasoning Systems||116|
|Delaware||College Ave Student Loans||50|
|Indiana||Allied Payment Network||6.6|