As per reports financial services represent 15% of the NYC economy. While companies like Alliance Bernstein, CIT Group, E-Trade, Goldman Sachs, and JPMorgan Chase form a major part of this 15%, there are also many newly emerging companies that have started shaking the financial market of New York City. Here are the details about a few such companies:
Betterment
Founded in 2008, Betterment is one of the robo-advisor firms that are on their way to make it to the top. By reducing human intervention, Betterment aims to make investors self-sufficient in terms of personalizing their investment strategies, planning for their retirement, establishing their individual retirement accounts and investing in low-cost ETFs (exchange-traded funds). About 181,000 customers have trusted Betterment by investing over $5.5 billion. Apart from this, Betterment has also raised over $205 million through venture capitalists.
LearnVest Inc.
Founded in 2007, LearnVest is a company that has been offering personalized financial planning advice at an affordable cost. Users of LearnVest have been able to access online expert advice and resources for their budgeting, debt-management, investment, and retirement planning needs. In 2015, it was acquired by Northwestern Mutual Life Insurance Company for a sum of $250 million. The company had raised about $72 million through venture funding by then.
OnDeck Capital Inc.
Founded in 2007, OnDeck Capital is carving its niche in the small business lending space of NYC. Through a proprietary credit scoring system that helps in underwriting loans to small businesses, OnDeck has been funding even those companies that make annual revenue of $100,000 and haven’t been in business for more than a year. Following their simple online application process, clients can get their funding approved in less than a few hours and obtain the funds within a few days.
Movencorp Inc.
Founded in 2011, Movencorp Inc. is one of those first few online banks that offered mobile-centric banking applications for their customers to make their payments, pay for goods, and monitor their accounts and spending habits through their mobile phones. The cost at which the banking services are offered by this company is just a fraction of what traditional banks offer.
Onevest Corporation
An online crowdfunding platform, Onevest focuses on connecting budding entrepreneurs with investors. Founded in 2014, Onevest has managed to create a massive crowdfunding marketplace by establishing connections with 72,000 entrepreneurs and 15000 investors.
Payfone Inc.
Incorporated in 2008, Payfone Inc. focuses on increasing the security of credit card transactions by offering a suite of network authentication services that help in reducing the friction that is involved in authenticating customer transactions. Payfone has tied up with many credit card issuers like Bank of America and American Express to streamline the authentication process at POS (point of sale).
Apart from the above, there is also another company that is carving its niche in the alternative funding market of New York City – Yellowstone Capital LLC. An NY small business funder Yellowstone Capital has helped more than 25,000 small businesses by raising over $1 billion in funding. Through a dedicated in-house team and a huge network of funders, Yellowstone Capital approves even those funding deals that might seem impossible to others.
