As the nation’s capital, Washington, D.C. lies at the heart of America’s financial sector. Being a hub of global culture and commerce, the city plays a large role in international trading and banking, making it an unsurprising hotspot for fintech activity. Given the continuous transformation of fintech, it’s no surprise that Washington is strengthening its financial sector. According to a Business Insider report, overall funding for fintech in 2018 rose a staggering 82 percent from the year before — a clear indication of fintech’s fierce economic potential. The impact of fintech on the global economy cannot be understated, and for a city as internationally significant as Washington, the sector’s lucrativeness is doubly promising.
While cities like San Francisco, New York and even Atlanta may be more traditionally tied to the fintech space, Washington still holds its own in the financial races. Nestled within the city’s ecosystem of tech companies and startups, there exists a growing community of fintech organizations disrupting the financial industry in a variety of ways. These companies are focused on a wide range of areas, from digital fundraising to student financing. For Washington’s financial frontrunners, making an impact on the financial realm entails tackling issues that face people on a personal level, whether they’re small business owners or investors. Take a look at these 14 fintech companies in Washington, D.C. shifting the nation’s financial focus.
Fintech Companies in Washington, D.C. to Know
- Pie Insurance
- Onward Financial
- Fannie Mae
- Sou Sou
- MPOWER Financing
Focus: Fintech + Security
What they do: The world of cryptocurrency remains unfamiliar territory for many organizations, so Chainalysis is demystifying many aspects of this new financial tool. With the research and platform of Chainalysis, businesses can develop a stronger understanding of crypto transactions, companies, and the overall market. Smarter decisions stem from comprehensive knowledge, and Chainalysis connects companies to this reality with its dedication to collecting data.
Focus: Artificial Intelligence + Data Analysis
What they do: Kensho is on a mission to demystify disorganized data sets, helping companies arrange and make sense of the information at their disposal. Through AI and machine learning technology, Kensho makes it easy to develop clean data sets, identify people in documents, extract details from texts, and more. No specific piece of data is inaccessible, thanks to the innovative capabilities of AI solutions.
Focus: Business Banking
What they do: Located in nearby McLean, Virginia, Capital One specializes in consumer and commercial lending, as well as deposit origination. In addition to consumer, small business and commercial deposits, the company also offers installment loans, home loans, healthcare financing and more. Alongside its credit card offerings, Capital One operates a variety of financial products such as the financial wellness tool CreditWise and fraud prevention assistant Eno.
Focus: Workers’ Compensation For Small Businesses
What they do: Pie Insurance is redefining the small business insurance arena with its unique approach to workers’ compensation. The company aims to make worker’s compensation easier, simpler and more transparent, enabling users to receive an online quote in as little as three minutes. By offering greater access to workers’ compensation, Pie Insurance seeks to help small businesses more easily protect their workforce, prevent significant financial loss and secure stronger legal protection.
Focus: Mortgage Financing
What they do: Fannie Mae is dedicated to creating opportunities for people to buy, refinance, or rent a home. The company provides access to affordable mortgage financing in all markets, offering homeowners stable mortgage payments over the life of a loan. Additionally, Fannie Mae’s HomePath platform allows users to learn about services provided to maintain properties, and negotiate and purchase foreclosed properties before they are made available to investors.
Focus: Commerce Optimization
What they do: GetUpside personalizes brick-and-mortar commerce in an effort to help people earn cash back and drive revenue at businesses. The company partners with local businesses, providing consumers access to exclusive offers at their favorite stores, stack savings and spend cash back rewards. By providing consumers with personalized offers, GetUpside increases incremental transactions in real-time so businesses can generate profit on every single transaction.
Focus: Digital Fundraising + Volunteer Management
What they do: Launched by Kestrel Linder and Michael Kong, GiveCampus has developed a digital fundraising and volunteer platform in an effort to advance the affordability and accessibility of education. The company’s platform is designed to increase engagement across a wide range of donor segments, enabling donors to easily give money through Apple Pay, recurring giving options and instant bank transfers. GiveCampus assists colleges, universities and K-12 schools raise more money during giving days, athletics fundraising events and more.
Focus: International Student Financing
What they do: MPOWER Financing is dedicated to providing student loans and scholarships for international and DACA students. The company leverages its cross-border digital lending platform, big data and global infrastructure to set international students up for academic, professional and financial success. MPOWER Financing also offers immigration and job search preparation services.
Focus: Investor Protection + Market Integrity
What they do: FINRA is a government-authorized organization committed to protecting investors and safeguarding market integrity. Leveraging cloud computing and data technology, the company oversees billions of transactions per day while detecting potential abuses and monitoring the nation’s equities market. FINRA also offers a tool called BrokerCheck, which enables users to research the background and employment history of financial brokers, advisers and firms.
Focus: Financial Security
What they do: Founded by Ronnie Washington, Onward Financial aims to boost workers’ financial security with its employer-based mobile savings and credit app. The app enables users to build their long-term savings directly from their paycheck while providing access to certified financial coaches, tips, resources and tools. Onward Financial is dedicated to helping those with lower incomes more easily manage financial shocks and save money for the future.
Focus: Credit Monitoring + Financial Advice
What they do: WalletHub is dedicated to helping people improve and protect their credit. The company offers free credit scores and reports, 24/7 credit monitoring, and personalized advice in addition to allowing users to read reviews on financial products, professionals and companies. WalletHub also enables users to receive answers to their money-related questions through their education center.
Focus: Impact Investing
What they do: Based in neighboring Bethesda, Maryland, ImpactAssets is dedicated to delivering financial products that open up the world of impact investing. The company’s investing platform allows donors to preserve and grow their giving dollars while optimizing their social and environmental impact. ImpactAssets aims to showcase and drive capital to the field’s most promising organizations and initiatives.
Focus: Income-Based Student Financing
What they do: Located in nearby Arlington, Virginia, Vemo Education is dedicated to helping colleges and universities offer flexible and personalized financing to students. The company helps colleges and universities identify pain points, establish clear objectives and formulate a plan that improves institutional sustainability. Vemo Education aims to help its clients drive enrollment, improve retention and accelerate completion.