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Top Emerging Banking Tech Startups | Tracxn
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Top Emerging Banking Tech Startups


Last Updated: December 12, 2019


The Banking Tech sector has over 3K+ startups contributing to the advancement of Banking and related Industries. These startups include the ones providing software, innovative hardware solutions & tech enabled services to banking institutions and neo banks! The United States of America, The United Kingdom, India, China and Canada are amongst the top countries leading the Banking Tech sector.

Banking Tech is also one of the active sectors for investors, with an overall funding of nearly USD 30 Bn in 1000+ companies. It is also interesting to note that nearly half of the funding has been raised in the recent 2 years (2018-2019).

Plug and Play Tech Centre, Techstars, FinTech Innovation Lab, Startupbootcamp and Village Capital are amongst the most active early stage investors in this sector, by number of investments. Other notable late stage investors include Insight Venture Partners, Citi Ventures and Visa.

Banking software suite, RegTech, Credit assessment, Open Banking and Card linked Marketing are the top business models attracting major funding.

The sector has also seen the rise of over 14 unicorns - recent ones being Deposit Solutions, Chime Bank, N26, Plaid, Monzo just to name a few; We also have nearly 50 public companies - with Cardlytics, Alfa Systems going public in the recent past.

We, at Tracxn, keep a track of the latest happenings in the world of startups and their associated ecosystems – including venture capital funds, private equity funds and investment banks amongst others.

In this edition, we have the ‘Top Banking Tech startups’ – a curated list of the most promising startups leading the banking revolution, from across the globe.

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Unicorns

Unicorns, with their valuations exceeding the billion dollar mark, and even multi-billion mark in a few cases, represent represent the top Banking tech startups globally.


OakNorth

2013, London
USD 1.00B

Nubank

2013, Sao Paulo
USD 820M

Chime Bank

2013, San Francisco
USD 805M

N26

2013, Berlin
USD 683M

OneConnect

2015, Shenzhen
USD 650M

Atom Bank

2014, Durham
USD 538M

WeBank

2014, Shenzhen
USD 450M

Monzo

2015, London
USD 422M

Revolut

2015, London
USD 361M

FraudMetrix

2013, Hangzhou
USD 246M

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Soonicorns

The Soonicorns - soon to be Unicorns - are the handful of highly valued startups which have successfully grown out of their nascency to attract valuations of over a few hundred millions. Watch out for these companies in the coming years as they take on the journey to becoming the elite Unicorns.


Kbank

2016, Seoul
USD 424M

Starling Bank

2014, London
USD 340M

Raisin

2013, Berlin
USD 228M

Varo

2015, San Francisco
USD 142M

solarisBank

2016, Berlin
USD 118M

Jumo.World

2015, Cape Town
USD 103M

10x banking

2016, London
USD 88M

Cloudvirga

2015, Irvine
USD 83M

Monese

2013, London
USD 79M

Built

2014, Nashville
USD 55M

CrossLend

2014, Berlin
USD 55M

IDnow

2014, Munich
USD 53M

Sensibill

2013, Toronto
USD 51M

SynapseFI

2014, San Francisco
USD 51M

Flybits

2013, Toronto
USD 50M

Niyo Solutions

2015, Bangalore
USD 49M

TrueLayer

2016, London
USD 47M

Complyadvantage

2014, London
USD 46M

Aire

2014, London
USD 33M

Amplero

2014, Seattle
USD 26M

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Minicorns

The Minicorns - are the high growth early stage ventures (Series A+). Watch out for these companies as they take the business to the next level, by scaling up for the accelerated growth.


Yoti

2014, London
USD 79M

Tide

2015, London
USD 72M

Kasisto

2013, Menlo Park
USD 44M

Finxact

2016, Jacksonville
USD 42M

Qonto

2016, Paris
USD 36M

Numerated

2017, Boston
USD 32M

TrueAccord

2013, San Francisco
USD 27M

Bnext

2016, Madrid
USD 27M

Thought Machine

2014, London
USD 24M

Quantexa

2016, London
USD 23M

Vymo

2013, Bangalore
USD 23M

Enfuce

2016, Espoo
USD 11M

ClickSWITCH

2013, Eagan
USD 17M

FinLocker

2015, St. Louis
USD 16M

Corlytics

2013, Dublin
USD 16M

Active Intelligence

2016, Bangalore
USD 15M

Verrency

2016, Melbourne
USD 14M

Finn

2016, Vancouver
USD 14M

SOCASH

2016, Singapore
USD 12M

WeInvest

2015, Bangalore
USD 12M

Rails Bank

2015, London
USD 11M

Shubhloans

2016, Bangalore
USD 11M

Novopay

2014, Bangalore
USD 10M

Flux

2016, London
USD 9M

Minna Technologies

2015, Gothenburg
USD 8M

Tradeteq

2016, London
USD 8M

FI Navigator

2014, Atlanta
USD 6M

Kontist

2016, Berlin
USD 6M

Yapily

2017, London
USD 5M

Goals101

2016, Delhi
USD 5M

Slyp

2017, Sydney
USD 5M

Salt Edge

2013, Ottawa
USD 2M

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Detailed List

OakNorth Logo

Disclosed
Funding

USD 1.00B

   

OakNorth

2013 , London (United Kingdom)

Digital-only bank

Investors: Hilltop Credit Partners, Clermont + 12 more

Last round: USD 39M, Conventional Debt, May 2019

Nubank Logo

Disclosed
Funding

USD 820M

   

Nubank

2013 , Sao Paulo (Brazil)

Credit card issuer and digital bank

Investors: TCV, Tencent + 14 more

Last round: USD 400M, Series F, Jul 2019

Chime Bank Logo

Disclosed
Funding

USD 805M

   

Chime Bank

2013 , San Francisco (United States)

Internet-first bank

Investors: DST Global, General Atlantic + 22 more

Last round: USD 500M, Series E, Dec 2019

N26 Logo

Disclosed
Funding

USD 683M

   

N26

2013 , Berlin (Germany)

Mobile-first bank for consumer & businesses

Investors: Tencent, Allianz X + 21 more

Last round: USD 170M, Series D, Jul 2019

OneConnect Logo

Disclosed
Funding

USD 650M

   

OneConnect

2015 , Shenzhen (China)

Software solutions for the financial services industry

Investors: SoftBank Investment Advisers

Last round: USD 650M, Series A, Jun 2018

Atom Bank Logo

Disclosed
Funding

USD 538M

   

Atom Bank

2014 , Durham (United Kingdom)

Internet-first bank

Investors: Woodford Investment Management + 12 more

Last round: USD 16M, Grant (prize money), Aug 2019

WeBank Logo

Disclosed
Funding

USD 450M

   

WeBank

2014 , Shenzhen (China)

Online bank by Tencent Group

Investors: Warburg Pincus, Temasek

Last round: USD 450M, PE, Jan 2016

Monzo Logo

Disclosed
Funding

USD 422M

   

Monzo

2015 , London (United Kingdom)

Internet-first retail bank

Investors: Y Combinator, General Catalyst Partners + 17 more

Last round: USD 144M, Series F, Jun 2019

Revolut Logo

Disclosed
Funding

USD 361M

   

Revolut

2015 , London (United Kingdom)

Internet-first bank

Investors: Index Ventures, Ribbit Capital + 45 more

Last round: USD 250M, Series C, Apr 2018

FraudMetrix Logo

Disclosed
Funding

USD 246M

   

FraudMetrix

2013 , Hangzhou (China)

AI-based risk management solutions

Investors: GF Securities, Zheshang Venture Capital + 18 more

Last round: Series D, Jun 2019

Kbank Logo

Disclosed
Funding

USD 424M

   

Kbank

2016 , Seoul (South Korea)

Internet first bank in Korea

Investors:

Last round: USD 87M, Series B, Dec 2018

Starling Bank Logo

Disclosed
Funding

USD 340M

   

Starling Bank

2014 , London (United Kingdom)

Internet First Full Stack Bank

Investors: Merian Global Investors + 1 more

Last round: USD 39M, Series C, Oct 2019

Raisin Logo

Disclosed
Funding

USD 228M

   

Raisin

2013 , Berlin (Germany)

Marketplace for term deposits

Investors: Goldman Sachs, PayPal + 12 more

Last round: USD 28M, Series D, Jul 2019

Varo Logo

Disclosed
Funding

USD 142M

   

Varo

2015 , San Francisco (United States)

Mobile only neo-bank

Investors: Warburg Pincus, The Rise Fund + 2 more

Last round: USD 65M, Series C, Jan 2019

solarisBank Logo

Disclosed
Funding

USD 118M

   

solarisBank

2016 , Berlin (Germany)

API provider for banking platform development

Investors: FinLeap, Arvato Systems + 9 more

Last round: USD 70M, Series B, Mar 2018

Jumo.World Logo

Disclosed
Funding

USD 103M

   

Jumo.World

2015 , Cape Town (South Africa)

Mobile money marketplace for people, SMBs and MNOs

Investors: Odey Asset Management, Finnfund + 7 more

Last round: USD 13M, Series B, Dec 2018

10x banking Logo

Disclosed
Funding

USD 88M

   

10x banking

2016 , London (United Kingdom)

Cloud-based core banking APIs

Investors: Nationwide, Oliver Wyman + 2 more

Last round: USD 42M, Series B, Mar 2019

Cloudvirga Logo

Disclosed
Funding

USD 83M

   

Cloudvirga

2015 , Irvine (United States)

Solutions for automation of mortgage lending process

Investors: Riverwood Capital, Upfront Ventures + 3 more

Last round: USD 60M, Series C, Sep 2019

Monese Logo

Disclosed
Funding

USD 79M

   

Monese

2013 , London (United Kingdom)

Mobile-only neo bank for both individuals and businesses

Investors: Augmentum, Kinnevik + 17 more

Last round: USD 3M, Series B, Jun 2019

Built Logo

Disclosed
Funding

USD 55M

   

Built

2014 , Nashville (United States)

Streamlines lending for construction industry

Investors: Goldman Sachs Investment Partners, Index Ventures + 5 more

Last round: USD 31M, Series B, Mar 2019

CrossLend Logo

Disclosed
Funding

USD 55M

   

CrossLend

2014 , Berlin (Germany)

Secondary marketplace for loans

Investors: Santander InnoVentures, ABN AMRO Bank + 12 more

Last round: USD 39M, Series B, Oct 2019

IDnow Logo

Disclosed
Funding

USD 53M

   

IDnow

2014 , Munich (Germany)

KYC and electronic signing solutions provider

Investors: Corsair Capital, Seventure Partners + 3 more

Last round: USD 40M, Series C, Oct 2019

Sensibill Logo

Disclosed
Funding

USD 51M

   

Sensibill

2013 , Toronto (Canada)

Receipt management provider for digital banking applications

Investors: National Bank of Canada, Information Venture Partners + 14 more

Last round: USD 32M, Series B, Jul 2019

SynapseFI Logo

Disclosed
Funding

USD 51M

   

SynapseFI

2014 , San Francisco (United States)

White-label APIs for banking services

Investors: Andreessen Horowitz, Trinity Ventures + 3 more

Last round: USD 33M, Series B, Jun 2019

Flybits Logo

Disclosed
Funding

USD 50M

   

Flybits

2013 , Toronto (Canada)

Context-aware mobile solution provider

Investors: Mastercard, Point72 Ventures + 13 more

Last round: USD 35M, Series C, Jul 2019

Niyo Solutions Logo

Disclosed
Funding

USD 49M

   

Niyo Solutions

2015 , Bangalore (India)

Mobile-banking solution for employee benefits management

Investors: Horizons Ventures, Tencent + 3 more

Last round: USD 35M, Series B, Jul 2019

TrueLayer Logo

Disclosed
Funding

USD 47M

   

TrueLayer

2016 , London (United Kingdom)

Applications to bank infrastructure connector

Investors: Temasek, Tencent + 7 more

Last round: USD 35M, Series C, Jun 2019

Complyadvantage Logo

Disclosed
Funding

USD 46M

   

Complyadvantage

2014 , London (United Kingdom)

Solutions for Anti-money laundering, sanctions enforcement, OFAC search, anti-bribery and corruption

Investors: Index Ventures, Communitas Capital + 29 more

Last round: USD 34M, Series B, Jan 2019

Aire Logo

Disclosed
Funding

USD 33M

   

Aire

2014 , London (United Kingdom)

Company offering credit scores to individuals using machine learning algorithms

Investors: Crane Venture Partners, Orange Digital Ventures + 48 more

Last round: USD 11M, Series B, Feb 2019

Amplero Logo

Disclosed
Funding

USD 26M

   

Amplero

2014 , Seattle (United States)

Self-learning personalization platform

Investors: Greycroft Partners, Ignition Partners + 4 more

Last round: USD 18M, Series B, Sep 2017

Yoti Logo

Disclosed
Funding

USD 79M

   

Yoti

2014 , London (United Kingdom)

Identity verification solutions

Investors: ARC InterCapital

Last round: USD 10M, Series A, Aug 2019

Tide Logo

Disclosed
Funding

USD 72M

   

Tide

2015 , London (United Kingdom)

Mobile first bank for small businesses

Investors: Augmentum, SBI Holdings + 19 more

Last round: USD 54M, Series B, Oct 2019

Kasisto Logo

Disclosed
Funding

USD 44M

   

Kasisto

2013 , Menlo Park (United States)

Conversational AI solutions for mobile applications

Investors: Rho Capital Partners, Oak HC/FT + 18 more

Last round: USD 15M, Series B, Sep 2019

Finxact Logo

Disclosed
Funding

USD 42M

   

Finxact

2016 , Jacksonville (United States)

Cloud-based core banking software

Investors: SunTrust Bank, American Bankers Association + 5 more

Last round: USD 30M, Series A, Jan 2019

Qonto Logo

Disclosed
Funding

USD 36M

   

Qonto

2016 , Paris (France)

Neo bank for SMEs and freelancers

Investors: Valar Ventures, Alven + 1 more

Last round: USD 23M, Series B, Sep 2018

Numerated Logo

Disclosed
Funding

USD 32M

   

Numerated

2017 , Boston (United States)

Platform for digitizing credit policies

Investors: Patriot Financial Partners, Venrock + 6 more

Last round: USD 15M, Series B, Sep 2019

TrueAccord Logo

Disclosed
Funding

USD 27M

   

TrueAccord

2013 , San Francisco (United States)

Behaviorial Analytics based debt recovery solutions

Investors: Arbor Ventures, Nyca + 14 more

Last round: USD 13M, Conventional Debt, Apr 2019

Bnext Logo

Disclosed
Funding

USD 27M

   

Bnext

2016 , Madrid (Spain)

Financial product marketplace with a checking account

Investors: DN Capital, Redalpine + 9 more

Last round: USD 25M, Series A, Oct 2019

Thought Machine Logo

Disclosed
Funding

USD 24M

   

Thought Machine

2014 , London (United Kingdom)

Blockchain-based core banking engine offered through SaaS

Investors: Lloyds Banking Group, Backed VC + 2 more

Last round: USD 24M, Series A, Nov 2018

Quantexa Logo

Disclosed
Funding

USD 23M

   

Quantexa

2016 , London (United Kingdom)

Fraud and financial crime solutions and analytics

Investors: Accenture, Albion Capital Group + 2 more

Last round: Series B, Nov 2018

Vymo Logo

Disclosed
Funding

USD 23M

   

Vymo

2013 , New York City (United States), Bangalore (India)

Apps for sales productivity and management

Investors: Sequoia Capital, Emergence Capital + 2 more

Last round: USD 18M, Series B, Jul 2019

Enfuce Logo

Disclosed
Funding

USD 11M

   

Enfuce

2016 , Espoo (Finland)

Payment and open banking solution provider

Investors: Maki.vc

Last round: USD 6M, Series A, Nov 2019

ClickSWITCH Logo

Disclosed
Funding

USD 17M

   

ClickSWITCH

2013 , Eagan (United States)

Account switching solution

Investors: Point72 Ventures, Commerce Ventures + 3 more

Last round: USD 13M, Series B, May 2019

FinLocker Logo

Disclosed
Funding

USD 16M

   

FinLocker

2015 , St. Louis (United States)

Financial Data Platform to reduce loan origination time

Investors: Missouri Technology, Cultivation Capital + 3 more

Last round: USD 10M, Series B, Nov 2019

Corlytics Logo

Disclosed
Funding

USD 16M

   

Corlytics

2013 , Dublin (Ireland)

Regulatory and compliance risk management for financial firms

Investors: Kernel Capital, Intercept Ventures + 2 more

Last round: USD 11M, Series A, Nov 2018

Active Intelligence Logo

Disclosed
Funding

USD 15M

   

Active Intelligence

2016 , Singapore, Bangalore (India)

Conversational banking platform

Investors: Innocells, Kalaari Capital + 7 more

Last round: USD 3M, Series A, Jun 2019

Verrency Logo

Disclosed
Funding

USD 14M

   

Verrency

2016 , Melbourne (Australia)

Payment solutions for banks

Investors: Plug and Play Tech Center, Alium Capital Management

Last round: USD 7M, Series A, Jun 2019

Finn Logo

Disclosed
Funding

USD 14M

   

Finn

2016 , Vancouver (Canada)

AI based virtual assistant for banking and financial services

Investors: Yaletown Partners, Flying Fish Partners + 6 more

Last round: USD 14M, Series A, Oct 2018

SOCASH Logo

Disclosed
Funding

USD 12M

   

SOCASH

2016 , Singapore

Cardless cash withdrawal app

Investors: Glory Global Solutions, South Central Ventures + 5 more

Last round: USD 6M, Series B, Jul 2019

WeInvest Logo

Disclosed
Funding

USD 12M

   

WeInvest

2015 , Singapore, Bangalore (India)

Wealth management solution for financial institutions

Investors: Schroders, TH Capital + 2 more

Last round: USD 12M, Series A, May 2018

Rails Bank Logo

Disclosed
Funding

USD 11M

   

Rails Bank

2015 , London (United Kingdom)

Banking as a platform service provider

Investors: Moneta, CreditEase + 13 more

Last round: USD 10M, Series A, Sep 2019

Shubhloans Logo

Disclosed
Funding

USD 11M

   

Shubhloans

2016 , Bangalore (India)

Credit rating app and lending marketplace

Investors: Saama Capital, Beenext + 6 more

Last round: USD 418K, Series A, Oct 2019

Novopay Logo

Disclosed
Funding

USD 10M

   

Novopay

2014 , Bangalore (India)

Bank sponsored wallet

Investors: Khosla Labs, IDFC

Last round: USD 164K, Series A, Oct 2018

Flux Logo

Disclosed
Funding

USD 9M

   

Flux

2016 , London (United Kingdom)

Card payment linked loyalty scheme provider

Investors: E.ventures, PROfounders Capital Partners + 17 more

Last round: USD 8M, Series A, Dec 2018

Minna Technologies Logo

Disclosed
Funding

USD 8M

   

Minna Technologies

2015 , Gothenburg (Sweden)

White-label subscription management platform

Investors: Swedbank, Zenith Group + 1 more

Last round: USD 6M, Series A, May 2019

Tradeteq Logo

Disclosed
Funding

USD 8M

   

Tradeteq

2016 , London (United Kingdom)

Distribution platform for trade finance assets

Investors: Accelerated Digital Ventures, GTR Ventures + 3 more

Last round: USD 6M, Seed, Jul 2018

Kontist Logo

Disclosed
Funding

USD 6M

   

Kontist

2016 , Berlin (Germany)

Smart Banking for freelancers and self-employed

Investors: Haufe Group, Growth Fund + 1 more

Last round: Series A, Oct 2018

Yapily Logo

Disclosed
Funding

USD 5M

   

Yapily

2017 , London (United Kingdom)

PSD2 compliant APIs provider

Investors: LocalGlobe, HV Holtzbrinck Ventures + 3 more

Last round: USD 5M, Seed, May 2019

Goals101 Logo

Disclosed
Funding

USD 5M

   

Goals101

2016 , Delhi (India)

Marketing analytics solutions based on big data & AI

Investors: Atul Goel, Nexus Venture Partners + 3 more

Last round: USD 1M, Seed, Mar 2019

Slyp Logo

Disclosed
Funding

USD 5M

   

Slyp

2017 , Sydney (Australia)

Receipt management solution for merchants

Investors: Reinventure Group, ANZ + 2 more

Last round: USD 3M, Series A, Sep 2019

Salt Edge Logo

Disclosed
Funding

USD 2M

   

Salt Edge

2013 , Ottawa (Canada)

Financial data aggregation platform

Investors: Start-Up Chile

Last round: USD 3M, Series A, Jun 2018


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Selection Process

The Emerging Startup Series comprises of Unicorns - companies with over $1 billion valuation, Soonicorns - companies with high valuation and good chances of soon becoming Unicorns, and Minicorns - early-stage companies that have the potential to be Unicorns in the long term.

Tracxn Emerging Startups provides a handpicked selection of high growth and high potential companies, founded since 2013, that are making an impact in the new-age sectors. The shortlisting is based on a combination of multiple publicly available signals and detailed analysis of the company by our internal sector specialist teams. The companies that make the cut are the ones that show promising performance on multiple parameters - market size, investment by marquee investors, execution excellence and future growth prospects.


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