10 Innovative Fintech Companies in Los Angeles You Need to Know About
Looking for fintech companies in Los Angeles? Check out this list of 10 innovative fintech companies that are transforming the financial industry.
Written by RamotionAug 8, 202211 min read
Last updated: Feb 14, 2024
Business has become increasingly digitalized since the early 2000s, and fintech companies are leading the charge of the financial industry into the 21st century with their innovations in digital assets and products. Fintech companies in Los Angeles have always been at the cutting edge of technology, striving for higher levels of diversity to innovate even further alongside established market leaders.
In light of today's global economic problems, many individuals, small businesses, and large corporations are looking for innovative ways to invest or manage their assets. Luckily, fintech startups and well-established companies in Los Angeles provide many opportunities for safe investments and transactions by facilitating routine business operations such as managing, protecting, and transferring information digitally.
What does the future of fintech in Los Angeles look like? Nobody knows for sure, but we do know there are many opportunities coming down the pipeline. If you're thinking about launching a Fintech startup or bringing an existing one to its full potential, you should make it stand out from the crowd by booking a consultation with a branding agency for fintech companies in Los Angeles.
In celebration of the innovative minds within LA, we've made a list of 10 innovative fintech companies in greater Los Angeles that will change your perception of financial institutions.
FastPay is a start-up and fintech company in LA specializing in media industry solutions. With over 70,000 media suppliers from different industries (designers to executives), they offer a wide range of tailored financial solutions for both small and medium-sized enterprises, being an avenue for internet startups who want loans without all the waiting and nail biting.
Tech entrepreneurs are always on the go, so it doesn't come without obstacles when traditional lenders might not even consider lending them money. FastPay gives business loans within 48 hours compared to other fintech companies taking up to a month. They have an experienced team made up of financial advisors, lawyers, tech pros, ad makers, and designers, among many other specialists, making them uniquely qualified to work with anyone from entertainers looking for video ads or musicians trying to generate more album sales.
So far, they've been able to process tens of millions of dollars worth of payments each month on behalf of many prestigious clients spanning across all forms of media and proving once again that innovation really pays off!
StartEngine is an equity crowdfunding platform founded in 2014 that has disrupted the entire world of fintech in Los Angeles. It allows every type of investor, from grandma investing her last dollar, to venture capitalists with limitless wallets. With minimum required investments starting at $100, it provides a level playing field for all kinds of investors and entrepreneurs alike.
The platform makes it easy to find the right start-up or early-stage company by filtering its offering by industry, number of investors, funding type, etc.
StartEngine offers entrepreneurs an excellent chance to launch their own business without having to do any funding beforehand. Startups can raise up to $5 million from the Los Angeles fintech fund without needing to invest any funds upfront, and only having to pay 7% of what they raised, which enables them to start sooner than expected.
So far, over 500,000 people have joined the platform, raising more than $350 million, while also enabling over 500 different ventures to receive investments.
Everyone has the chance of finding a suitable investment opportunity here - whether they're looking for long-term investments or want something more short-term and low risk. You'll find every type of company here: innovators desperate for cash, big corporations seeking new ideas, small businesses hunting down promising prospects, accredited angels looking to diversify their portfolios.
InvestCloud is one of the fastest-growing fintech companies in Los Angeles that has developed from a small startup to a platform with over 550 direct clients and over $6 trillion of assets in just over 10 years.
InvestCloud features 300+ digital financial apps available via their no-code cloud-based platform where users can find anything from communication, planning, trading, or accounting, to shopping and selling. These advanced tools transform the way we see the fintech world today. Their interactive Digital Planning solutions offer varying levels of functionality for professionals working across industries — banks and credit unions alike. From Goal Based Planning through Complex Cashflow Planning and everything in between, they have what you need on hand.
Tools include managing budgets, cash flow analysis reports, investment evaluation, and modeling, as well as comprehensive retirement income strategies, and much more! There are also thorough tax analysis, estate planning, cash flow analysis, and budgeting features available without having to switch software platforms.
InvestCloud’s Financial Supermarket is pre-integrated with hundreds of asset managers, broker-dealers, wealth managers, custodians, and trading interfaces, so there are no middlemen needed when looking for assets or accessing funds.
Sunbit is a financial technology company that offers a lending solution for everyday purchases by providing fast, fair, and transparent installment financing solutions to people across the credit spectrum. They perform a soft credit check which determines eligibility without affecting your credit score. Customers are approved with reasonable rates without any late fees, origination fees, or penalties because they offer great customer service in addition to low monthly payments between $30-$200 per month depending on income level.
With their wide availability of retailers, such as auto dealerships and other places with services ranging from veterinary care to dental and specialty healthcare, anyone can easily find an affordable option for purchasing products. Sunbit is currently valued at over $1 billion, bringing it to the list of “unicorns” in the Los Angeles fintech space.
iTrustCapital is a trading platform that allows clients to buy and sell digital assets and physical gold in real-time, 24/7, through their retirement accounts without the risk of being caught in tax obligations. It provides clients the ability to buy, sell, and trade their digital assets in one place, providing them total control over how they want their funds allocated and distributed among two very lucrative markets.
With the IRS tightening its grip on cryptocurrency traders for not reporting their revenue, iTrust users can defer or avoid paying taxes altogether when they use this service. Meanwhile, other IRA Services charge an even higher rate of up to 15% for each transaction, iTrust only charges its customer fees at 1%.
As an added benefit, iTrust offers IRA maintenance and institutional-grade secure storage services.
Rooam is a fintech company founded in 2014. It has become the leading contactless payment solution for the entire hospitality industry in Southern California by helping restaurants and other small businesses integrate smartphone payments through their point-of-sale systems without requiring additional hardware. Rooam integrates with the leading POS systems in the hospitality industry, such as Upserve, Aloha, POSitouch, Toast, and many others.
To complete their vision of creating an all-encompassing payment platform, they've also partnered with nationally recognized restaurant groups, enterprise hospitality groups, music venue operators, and festivals across America. Rooam is now an integral part of business operations across these establishments; its financial technology benefits from increased sales by providing customers with a faster service without putting any extra strain on the restaurant staff, who are otherwise bogged down waiting for credit card transactions to process. This means venues can also expect less crowded bars and more secure transactions!
Next Insurance is the first major fintech company to offer a fully digitized and personalized small business policy.
The platform simplifies all of your coverage needs by consolidating them all into one single plan, making it easier than ever for entrepreneurs to manage their risk in one location.
And these innovations don't stop at efficiency: Next Insurance also uses cutting-edge AI software that continually learns from user behavior and design patterns to save time and money when users shop for plans providing discounts of up to 30%! Besides, buyers who use Next Insurance can become ambassadors for the brand with an updated rewards program that allows them to earn points towards gift cards just for using the service.
With their revolutionary AI-based technology, there are hundreds of experts working for the company: data scientists, insurance advisors, product managers, and designers.
Next Insurance is always there for the business owners, from when they first conceptualize their business dream through its growth and development stages. The company has raised $881 million in venture capital funding, and the recognition from Forbes for being one of the top fintech startups makes them an even more promising business investment opportunity.
Founded in 2017, Spring Labs has revolutionized the fintech industry in Los Angeles. The company is focused on building blockchain-secured fintech ecosystems that transform the data exchange process between individuals and organizations. Unlike traditional financial systems, such as banks and credit unions, the Spring Labs platform enables financial institutions and businesses to securely exchange data between networks via the TrueZero Tokenization tool, eliminating the need to reveal personally identifiable information, such as your name or bank account details, and helping keep your data secure.
Traditional credit risk models look at historical data, missing opportunities for growth — or worse — overlooking pending threats. Spring Labs connects geographic and industry data sources to provide insights into what will affect businesses in the future. Spring Labs' LiveSight financial technology tool suite provides actionable risk scores and trends to let you know which aspects of your company are most likely to be affected next so that you can take preemptive measures accordingly. Web3 Identity and Compliance simplifies the integration process for third-party compliance software such as ID Verification systems and Digital Wallets while also ensuring proper compliance through its Ky0x Compliance Toolkit.
True Accord is one of the most well-known fintech startups in Los Angeles that has revolutionized the process of debt collection. It has the best of both worlds when it comes to debt relief. They use human expertise, coupled with an advanced AI algorithm, to provide an efficient path toward financial wellness. With over seventy million people every year experiencing these negative encounters with debts, they are attempting to change all of that by utilizing a personal digital user experience that helps lenders and consumers navigate this difficult financial process.
With each new client, TrueAccord strives to give them the best and most personalized experience possible while they work to settle their debts efficiently — all done digitally and with barely any need for phone calls.
True Accord's focus lies in improving customer care while creating a tailored environment where everything can be handled from one place. This mindset has led them to take a different approach to the debt collection process. Rather than incessant cold-calling or confronting them head-on about past balances, they've decided upon methods that are meant only for those who need help. Consumers can work together with TrueAccord to get their finances in order, but the company’s most important strategy so far has been a late-stage debt collection tool called Recover, where companies pay for TrueAccord to collect debts owed.
Using artificial intelligence to show what others have successfully said and done when they encountered similar problems, as well as negotiating with collectors on behalf of consumers and offering flexible financing options, this tool makes it possible for people overwhelmed by debt to take back control of their lives.
Acorns is one of the most user-friendly fintech companies in Los Angeles. Their app is very easy to use, so it's great for those just starting out saving money and investing it. It offers simplicity, an intuitive interface, and a hands-on experience.
This finance company aims to make saving and investing as painless as possible, by simplifying every aspect of its service and providing financial recommendations where necessary. With apps for both Apple products and Android devices, everyone has a chance of becoming an investor without going through all the complicated hassle that goes into managing everything yourself or trying (and inevitably failing) to understand various market dynamics such as FOMO (fear of missing out) or correction protocols in the financial markets.
Acorns helps users create diversified portfolios and open an investment account in several easy steps. Plus, the platform provides educational resources - Money Basics and Growth magazine where investors can find answers to all vital questions and learn new investment terminology without needing to attend expensive fintech courses in Los Angeles.
Acorns works with retailers, so they can offer investments while shopping in their partners' online stores. One example of such a store is Walmart. Each time shoppers spend money there with free Acorns extension downloaded onto their browser, Walmart gives a certain percentage back into the shopper's portfolio based on what was spent.
What makes this platform stand out from similar fintech solutions is its affordability — it offers personalized investment plans from just $3 per month.
In recent years, the fintech industry in Los Angeles has grown exponentially due to rapid innovation and new solutions providing intelligent automation for modern-day financial issues.If you're interested in investment, lending, trading or accounting solutions, or starting your own company, you can maximize your earning potential in today's growing fintech market!
With so many emerging fintech start-ups and Los Angeles being one of the largest hubs for tech entrepreneurs, it seems like the perfect time to start exploring new business and investment opportunities.