Best FinTechs in Detroit, Ranked

Contributor, Benzinga

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Technology has always drive industry, and industry drives Detroit. The Motor City may be known for it’s auto production, but Detroit is home to some of the best FinTechs worldwide, too. 

If you’re looking for more information about the Best FinTechs in Detroit, use Benzinga’s latest rankings guide in your search.  

What is FinTech?

What is FinTech, you ask? FinTech is the combination of financial services and technology, especially when used to advance or disrupt an industry. Just as there are multiple aspects of finance and technology, there are multiple forms of FinTech. 

From stocks to real estate, FinTech is a booming industry that is still in its infancy with exciting developments happening everyday. 

The 10 Best FinTechs in Detroit

Benzinga rated the best FinTechs in Detroit on a variety of standards, including their accessibility, the benefit they provide in their industry and several other factors.

1. Best FinTech For Personal Loans: Rocket Loans, founded 1985

Securing a loan is often a difficult and time-consuming process. Rocket Loans makes getting a personal loan much easier — you can complete the process digitally and get funding the same day you apply. 

Rocket suggestions for your loan include debt consolidation, home improvement, auto expenses amongst others. They have a 5-star user rating from 3,509 reviews on Trustpilot, so you’re in good hands.

Rocket Loans’ personal loans have a fixed monthly payment with no prepayment penalties and no hidden fees .By choosing Rocket Loans as your lender, you will pay less money in finance charges as opposed to traditional high-interest credit cards. Rocket Loans provides great services for anyone looking for a personal loan.

3. Best FinTech For Real Estate: Amrock, founded 1997

Real estate is a huge part of the American economy — and Amrock leads the technological evolution in this field. Amrock describes itself as a tech company that happens to be in the real estate market. Amrock is a leading national provider of title insurance, property valuations and settlement services. 

Amrock aims to make business easier and faster for anyone, whether you are a lender, property owner, or real estate professional. Using custom technology, Amrock can help you with all your real estate troubles.

3. Best FinTech For Financial News: Benzinga, founded 2010

Founded in Detroit, Benzinga is educating people worldwide. Benzinga provides you with educational information about everything financial-related, whether it involves stocks and investing or information on companies and products. In addition to tons of written content, Benzinga produces a ton of video content, live shows and frequent events. Benzinga is the go-to place for financial news and information for retail investors globally.

For professional stock traders, they offer a super useful paid service called Benzinga Pro. Benzinga Pro’s features include full news feed access, real-time speed, comprehensive searching, previews/commentary, trading ideas, customization/watch lists, audio news, exclusive comments from corporate CEOs, the ability to chat with the news desk, and an all-new interface designed specifically for a seamless user experience.

4. Best FinTech For Luxury Goods Commerce: StockX, founded 2015

StockX is a luxury goods marketplaces that maximizes profits for sellers and limits costs for buyers. Using the same bid and ask price that stocks use, buyers can list the highest price they are willing to pay and sellers can list the lowest price they are willing to sell at. 

You’ll find an entire world of luxury goods on StockX, including but not limited to shoes, electronics, handbags and jewelry. Buyers and sellers can view the last price a product was either bought or sold at, making price comparison and appraisals a breeze. StockX verifies products as authentic, so it’s a safer bet for brand name aficionados than scouring the internet for possibly shady resellers to get those rare pieces and drops.

5. Best FinTech For Small Businesses: Autobooks, founded 2015 

Big businesses have huge financial budgets and are able to execute financial payments at a rapid rate with the use of expensive technology. Competing as a small business is tough, but Autobooks is a great service that helps you with digital accounting and invoicing. 

Their creative software is easy to use and allows for quick payments to contractors and clients through integration with a company’s existing bank account. Autobooks also provide a clear and precise view of their business finances. Small businesses should look into using Autobooks’ services to help them achieve success.  

6. Best FinTech For Used Goods Commerce: PawnGuru, founded 2014

Finding someone to buy your used goods at a good price can be quite a hassle, whether it involves having to meet up with strangers from the internet or getting a shoddy offer at a store. PawnGuru offers an easy service that makes selling a used product easy and profitable. Their process is straightforward: you post the item you are selling, PawnGuru sends offers and messages from local pawn shops looking to buy and then you take your item to the pawnshop to get paid. 

PawnGuru saves time and energy when it comes to finding the best offer. Instead of visiting the local pawn shop, the pawnshop comes to you. When posting an item for sale, you can choose to either receive cash or a loan for the item, making it a valuable tool for people in need of money fast. PawnGuru is an excellent website for all your used goods needs.

7. Best FinTech For Banks And Credit Unions: Bankjoy, founded 2014

Large banks and credit unions are able to dominate in market share, in part, because they can spend the money to create a formidable online presence. This is something that has troubled small banks as technology becomes more and more essential to the success of any business. Enter Bankjoy, a company that brings small banks and credit unions into the online sphere of banking. 

Bankjoy provides services like mobile banking, online banking, e-statements, online account opening and the implementation of AI in existing banking systems. Their software is easy to use while still maintaining advanced features. Some notable companies that have used Bankjoy are the Coca-Cola Credit Union and the SafeAmerica Credit Union.

8. Best FinTech For Personal Financial Planning: Pocketnest, founded 2017

Did you know that 98% of millennials will fire their parents’ financial advisor upon inheritance? Millennials and Gen Z need to take control of their finances in a way that makes sense of our modern world. But using an expensive financial advisor who shudders in horror at your student debt and believes you lack a $100,000 minimum investment because you spent it all on avocado toast isn’t it. And, many of us lack the financial know-how needed to successfully manage our finances alone. 

Pocketnest uses behavioral science and psychology to train users as financially successful people. Pocketnest removes the costly financial advisor from your life and instead gives you the digital financial advisor experience, empowering you with the tools and knowledge needed to make smart financial decisions.

9. Best FinTech For Advertising: Waymark, founded 2010

In recent years, digital videos and commercials have proved themselves as powerful marketing tools. However, producing this type of content is often costly, complicated and time-consuming. Waymark eliminates those problems with its affordable, easy-to-use and fast software. In a matter of minutes, you can make a compelling video to promote your business.

Users have access to multiple templates and instant editing access that allows for a creation of a unique video. Many successful companies have used Waymark’s services, including Rocket Mortgage, Ford and Spectrum Reach. The ability to create 1-of-a-kind videos at an affordable cost makes Waymark a company all businesses should consider using. 

10. Best FinTech For Online Security: AaDya Security, founded 2019

Despite being only a little more than 2 years old, AdDya Security is already 1 of the best FinTechs in Detroit because of its incredible platform. For a low monthly payment, businesses are given access to an easy-to-access, 24/7 security protection. The program they use is called Marzo4 and comes equipped with an AI virtual assistant, Judy, who protects your business from outside threats. AaDya may be a young company, but their service is here to stay.

The Best FinTechs in Detroit are Paving the Way of the Future

Detroit has a promising future in the Financial Technology sector with these 10 companies becoming staples in the Detroit economy. With lots more new FinTech companies on the horizon, Detroit stands to be 1 of the centerpieces of the FinTech industry. 

Benzinga’s FinTech Awards occur annually, highlighting some of the best FinTechs in the world. There are many FinTech courses available for you if you want a better understanding of this expanding industry. 

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