Four local startups were named to NYC-based CB Insights' prestigious Fintech 250 this week, offering continued proof that LA's tech ecosystem is diversifying. The list, consisting of "250 top private companies changing the face of financial services around the world," was chosen based on CB Insights' machine learning technology, in addition to thousands of submissions. Here's who made the cut.
Acorns is an app that helps everyone start investing, starting with the spare change they get from everyday purchases. The company calls Irvine home, and in April 2016, it raised $30 million from PayPal. Earlier this year, Built In LA named the company as one of 50 to startups to watch in 2017 (and it looks like we were right).
Santa Monica-based Tala proved long ago that a rebrand — the company used to be called InVenture — wouldn't get in the way of creating a game-changing product. Using smartphones, the startup is able to analyze a user's financial background and assign a credit score, a concept it’s bringing to some parts of the world. Tala also helps users build their scores by offering small loans to creditworthy customers. Earlier this year, they also added $30 million to fuel growth.
LA-based ZestFinance, which utilizes machine learning algorithms to change how credit decisions are made, has undergone tremendous growth since launching in 2009. With more than $150 million raised to date, the team has somehow found a way to maintain its sense of humor while creating an awesome environment to work in.
Manhattan Beach-based PeerStreet closed out 2016 with a bang, raising a $15 million Series A anchored by strong growth over the course of the year. The company developed a crowdfunding platform that gives real estate investors access to high-yielding loans, with individual investments starting from as low as $1,000. Like Acorns, the company was named to Built In LA's 50 startups to watch in 2017. Recently, we spoke with PeerStreet's CEO, Brew Johnson, about his favorite productivity hacks.
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