The Most Innovative FinTech Companies are Prioritizing Automation

What makes an innovative company? Is it a good idea that solves a central pain point or problem for customers? An impressive valuation? A product that makes processes easier, faster, and cheaper? The answer is a combination of all three. 

Today’s innovative FinTech companies have a critical role in steering companies through increased unpredictability. They’re assembling their organization for continued success. They’re constantly optimizing their products and services so that they’re more accessible, quicker, and affordable for their customers. And they’re going far beyond traditional finance responsibilities to help drive customer success.

Each year, Forbes recognizes the 50 most innovative companies in FinTech, and we were excited to see some familiar names on the 2020 and 2021 lists. These innovators had unequivocal tenacity during the COVID-19 crisis, and each shared one similar trait—they’re startups with good ideas, no matter how small.

Meet the Innovative FinTech Companies

Acorns 

• Financial Services
• Irvine, California

Acorn’s mission is to look after the financial best interests of the up-and-coming, beginning with the empowering step of micro-investing. This Irvine-based startup is taking over the finance industry with investors like Ashton Kutcher and Richard Thaler. In just a few minutes, you can get investment accounts, retirement, checking, and methods to earn more money—all in one app. At Acorns, you spend—and invest—smarter.

Next Insurance

• Financial Services
• Palo Alto, California

This vibrant, mobile-first insurance carrier specializes in small business lines for general liability, professional liability, commercial auto, and workers’ compensation. Next Insurance tirelessly advocates for the small business owner. During the pandemic, the startup hired small business owners for #BuiltByBusiness, giving these individuals the opportunity to showcase their businesses to mass audiences.

Plastiq 

• Financial Services
• San Francisco, California 

Plastiq strives to make bill payments seamless and straightforward for you and your business. Big believers in choice, Plastiq aspires to bring the option of how to pay and get paid. They’re leveling the playing field by allowing companies to decide how they want to handle their cash flow. Small business owners use a Plastiq credit card to pay for expenses that usually don’t accept cards, such as rent and inventory. 

Roofstock 

• Real Estate
• Oakland, California 

This dynamic digital marketplace allows investors to purchase single-family rental properties. Founder and long-time investor of real estate, Gregory Watson, believed buying and selling investment properties was “badly in need of a rethink.” Available in 25 states, you can invest in real estate as quickly as investing in stocks. Roofstock is radically accessible and all-inclusive, so anyone can participate at any time. 

Toast 

• Restaurant Management
• Boston, Massachusetts

Toast serves to inspire creative and passionate crusaders of the restaurant industry. The Toast POS (Point of Sale) system allows restaurant managers to handle orders, process payroll, enact payments, and create loyalty programs. They’re committed to helping restauranters grow their businesses and thrive. Their software enables managers to run business operations seamlessly, so they can focus on what’s important—their guests.

Upstart 

• Financial Services 
• San Carlos, California 

Upstart is the fastest way to get a personal and fair loan funded. This startup has a recipe for talent, collaboration, and proactiveness. Upstart’s team is full of variety—their General Counsel climbed Mt. Kilimanjaro and their CFO is in a salsa band. Upstart prioritizes diversity and inclusion, and they encourage activities and communication across the organization. This company of go-getters promotes leadership and visibility to impact their customers. 

Today’s Innovators Prioritize Automation 

All of these innovative companies have one thing in common—a modern operational infrastructure that prioritizes automation. As private entities, they strategically implement the right technology to improve processes and increase business visibility. 

For many innovators, there were several codes to crack during the pandemic. The most important was to remove their customers’ pain points—but first, they had to remove their internal ones. Manually processing payments is the #1 most time-consuming function in finance, but by implementing automation, modern startups are able to completely streamline their operations.

With technology, these trailblazers know precisely where their money is going. They reconcile in real-time for instant visibility,  monitor cash flow, and cost drivers, bypass non-compliance penalties, and curb superfluous spending. 

With the pain of payments out of the way, these companies can now focus on what matters most—providing their clients and customers with solutions that enhance their lives.

Congratulations to all the businesses featured on the 2020 & 2021 Forbes Most Innovative Companies list. We look forward to seeing what’s next for these pioneering startups.