Spend a week in the San Francisco Bay Area and you won’t even come close to being able to visit all the important fintech companies located there. I know because I have tried. Nowhere else in the country is there such a concentration of companies trying to bring change to finance.
One Third of All Fintech Unicorns Are Based in San Francisco
Earlier this year Business Insider published a list of the 27 fintech unicorns (those companies worth more than $1 billion) globally. Now, this was three months ago and did not include any public companies but it was an interesting window into where fintech is really getting traction. What was interesting is that nine of the 27 companies on the list were based in San Francisco. No other city globally came close to that number.
Here are the nine fintech companies based in San Francisco that are on the Business Insider list: Stripe, SoFi, Credit Karma, Zenefits, Coinbase, Affirm, Robinhood, Clover and Gusto. Tradeshift raised money at a $1.1 billion valuation after the list was published so it should also be on there. The list did not include public fintech companies such as LendingClub and Square (both are worth well over $1 billion), that are based in San Francisco. And then there companies like Prosper that were a unicorn at one stage.
Crunchbase actually maintains a list of all the fintech companies based in the San Francisco Bay Area, there are an astounding 488 of them. There are some great companies on this list that are not unicorns yet but could very likely be one day: Upgrade, LendUp, BlueVine, Wealthfront, Blend, Upstart, Fundbox, Chime, Plaid, Figure and Juvo just to name a few.