Fintech tops Inc. 5000 list

In a year where transactions went digital, Fintech firms found the top of the list.

For almost 40 years, The Inc 5000 list of the fastest-growing private companies in America has been the highlight of the traditionally slow month of August.

But this year has an upset nearly two decades in the making, with the top of the list showing fintech startups exploding with growth. According to Inc., here is a non-exhaustive list of the top growing private fintechs from the past year.

#5: Dave

Founded in 2016 by serial startup entrepreneur Jason Wilk, this Mark Cuban-backed anti-overdraft online banking app has made waves, especially in the past year of contactless banking. Boasting a growth rate of 28,972% and a claim to have saved users $1 billion, Dave announced it would be going public via a SPAC on the Nasdaq in June.

With a valuation of $4 billion, overdraft fees may soon be as much a thing of the past as calling Dave a startup.

#7: Varo Bank

The first fintech bank to receive a charter from the OCC, this San Fran fintech has had no limit to growth since its founding in 2015. In June of last year, Varo made history with a charter and today services over a million customers through mobile no-cost bank accounts. The bank is up 23,935%.

“Our vision at Varo is to create a more enlightened way to provide financial opportunity for everyone,” CEO and Founder Colin Walsh said in a press release. “We’ve been focusing on tools, products, and insights to help our customers become more financially resilient, regardless of their background or their current financial situation.”

#30: Greenlight Financial Technology

A unicorn that recently reached a valuation at $2.3 billion after a $230 million Series D in April, Greenlight points a spotlight at the Atlanta startup scene.

The company, founded in 2015, offers debit cards and banking education products to children and families to foster financial literacy. The firm exploded during the pandemic, with up to 3 million parents and kids on the platform, up 9,538%.

“They’re looking around, and they see a lot of families who’ve been affected economically by the pandemic,” Greenlight CEO and co-founder Tim Sheehan told the Atlanta Business Chronicle. 

“And that kind of reinforces the message that it’s important to have savings accounts and to have that available to you in the case something unexpected happens in life.”

#32: Numerated

The fastest-growing company on the list from Boston, this digital business lending service has powered business banking for over 130 financial institutions since its founding in 2017.

Numerated has grown 9,202%, becoming a service of choice to facilitate more than $50B in Paycheck Protection Program loans, reaching more than 700,000 small businesses in the process, the company said.

“Our customers’ belief in our vision for the future of lending has driven our success,” CEO and Co-fonder Dan O’Malley said in a statement. “We’re grateful for their partnership and excited to continue to build the future of business banking with them.”

#44 Crestmont Capital

A small business lender that facilitated $740 million in PPP loans, Crestmont has grown 7,404%. The firm also made the top three spot for growing companies in all of California, Crestmont said.

#45 VizyPay

A payment processor for small businesses founded in West Des Moines, Iowa, in 2017 is on its way to surpassing $2 billion in payments processed for over 9,500 merchants by the end of 2021 the firm said. VizyPay has grown 7,383%.

#49 OJO Labs

A house-hunting and personal finance app from Austin, Texas, OJO grew 6,767%.

“Over the last year, OJO Labs has seen rapid growth,” Fonder and CEO John Berkowitz said in a release. “earmarked by a $62.5 million funding round, two acquisitions, the launch of our agent referral network, and expansion into Canada.”

#64 Bolt

Bolt is a checkout experience platform designed for e-commerce and security. Launched in 2014 in San Francisco, Bolt grew 5,792%.

Some honorable mentions that come in higher up on the list:

#357 Bitcoin Depot

Offering bitcoin atm and transaction services since 2016, Bitcoin depot has grown 1,336%

#369 Knock 

A Seattle-based rental tracking company co-founded in 2014 by Demetrius Themelis and Tom Petry, Knock grew by 1,307% in the past three years. It now manages 1.75 million housing units.

#482 Upgrade

A San Francisco-based firm that offers consumer credit cards, including a new Bitcoin rewards card. The fintech has extended more than $3 billion to consumers, growing by 1,005%.

Intensely energetic news reporter who finds inspiration chasing breaking news stories and covering the collision of Silicon Valley and Wall Street. Experienced in news writing, digital media production for online and print publications, newspapers, and magazines, as well as copy editing and press release revisions.

He studied history at the University of Delaware and wrote for the Review.

Email me at kevin@lendit.com with story ideas, questions, or just to say hello.

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