This week, Inc released its annual list of the 5,000 fastest growing companies in the US. Check out the three fastest growing fintech firms in the country.
Founded in 2015, YieldStreet is a New York-based fintech startup aimed at democratising investment opportunities in non-traditional markets like real estate, marine/shipping, legal finance, commercial loans and more.
Company founder Milind Mehere is a successful tech entrepreneur who was seeking investment opportunities outside of the stock market that had real collateral and attractive yields.
Reportedly, he soon realised that asset-based investments in asset classes like litigation and real estate were nearly impossible for an accredited investor like himself to access. These investments were dominated by institutions with high minimums and long holding periods that shut out everyday investors.
YieldStreet’s solution to this accessibility problem is its platform that connects accredited investors to asset-based investment opportunities across multiple asset classes, and provides deserving borrowers with affordable capital.
The startup raised $62mn in a Series B funding round in February 2019, which will reportedly be used to expand the platform and lower the bar even further for investors. According to Inc, YieldStreet grew by 10.562% over the past three years, making it the 14th-fastest growing company in the US.
The second-fastest growing financial services company on the list is LendingPoint. Based in Kennesaw, Georgia, the fintech startup increased in value by 9,265% over the past three years.
LendingPoint is a balance sheet lender committed to redefining who is able to access money at fair rates, and empowering consumers to build financial momentum. By focusing less on applicant credit scores and using its own proprietary data analysis solutions, the company works to provide its services to millions of underbanked Americans.
“Our platform saw more originations in 2018 than in 2015, 2016 and 2017 combined, and at the same time our credit performance improved allowing us to facilitate more financing for consumers online and at the point of sale. We are incredibly grateful to our customers and proud of the LendingPoint team,” said LendingPoint CEO Tom Burnside in response to the recent ranking announcement.
Nationwide Mortgage Bankers
Founded in 2011, Nationwide Mortgage Bankers is the oldest of the three fastest growing fintechs. Based in Melville, New York, the company is also the biggest employer, with 400 people working under its roof. In the past three years, Nationwide Mortgage Bankers reported 5,450% growth in revenue.
The company operates as an independent mortgage lender. This week, the company introduced its mortgage service that provides information regarding best homebuying practices to persons who speak Spanish.
The platform, Americasa, was created to educate the Latino community on the best mortgage options available to them. According to the press release, “In the US today, there is a lack of information related to mortgage borrowing available to Spanish speakers. NMB saw an opportunity to better serve Spanish-speaking persons by developing a Spanish language resource for potential borrowers to fill this gap and provide educational resources surrounding the mortgage process.”