Best Fintechs in Minneapolis, Ranked

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Contributor, Benzinga
Updated: July 21, 2021

Minneapolis is home to a thriving fintech industry, counting 65 fintechs by 2019. We winnowed this list down to the 10 best fintechs in Minneapolis. Use our guide to find out more.

What is Fintech?

Fintech means finance technology, an industry where financial services are embedded in technology orany company offering financial services by use of software or any other technology. Most fintech products are designed to connect customer finances with technology for ease of access and use.

Fintech has disrupted traditional banking and financial industries. It is a sector that has grown, bringing in other consumer-focused applications. Fintech has changed the way people do simple daily tasks. Thanks to fintech apps, you can buy insurance, pay for groceries and trade stocks through fintech technology on a mobile gadget.

10 Best Fintechs in Minneapolis 

Here are some of the factors we consider when ranking the best fintechs:

  • Great UX, or user experience: A helpful fintech has the end user in mind. The everyday person should understand it. Huge tech budgets should not just cater to big names but also design a UX that offers leverage to regular users.
  • Easy to utilize: A good and effective app is one that can be understood in less than 10 seconds. It's already stressful dealing with money. Adding an app that is hard to understand makes it intimidating. When something is easily understood, trust is also effortlessly established. Trust figures highly in fintech since most apps ask for personal information.
  • Retains a human element: Not everything should be automated. After pain points are identified, the next question is, is it worth automating? As much as technology is at the forefront, the best fintechs always leave room for the human element.
  • It improves the world: Just selling an app is not enough; you have to sell a purpose. If employees get up early in the morning happy to work and serve customers, the product is more likely to meet your needs.
  • It is easy for customers to find the value of your service or product: How many clicks does it take for customers to successfully finish registration or process a payment?

Here are the best fintechs in Minneapolis, according to our list above of what makes a good fintech.

1. Best Insurance Verification Fintech: Bright HealthCare, founded 2016

Bright HealthCare is an insurance verification platform. If you offer or require high-quality and efficient health care services, then this is your fintech. Bright Healthcare offers health insurance to individuals directly, via brokers and private or public insurance exchanges. This fintech works with a thoroughly curated network of hospitals, clinics and doctors to ensure clients get quality health care services while also saving money. The company has had 5 total rounds of funding where $1.57 billion has been raised. It also has several investors: 7 Global Capital, Greycroft Partners, New Enterprise Associates and 15 other investors.

2. Best Financial Wellness Fintech: Branch, founded 2015

Want to create a healthy budget? Branch helps your employees learn financial wellness and track their benefits. As an employee, you receive on-demand access to a part of your wages outside your typical payroll. 

With Branch, customers get cashless payments, digital banking, tips, fast and streamlined payroll and free earned-wage access. This app is also great for building profiles, adding skill sets and communicating with coworkers. The employer-based offering is SOC-2 compliant and adheres to CFPB regulations. It can be downloaded on Android and iOS. This fintech has raised $10 million and has Z Ventures and Techstars as part of its investment team.

3. Best Risk Mitigation Fintech: Argos Risk, founded 2010

Argos Risk is an online B2B technology and credit risk management tool. The technology allows companies to monitor the financial health of suppliers, competitors and customers. Through the platform, Argos provides business intelligence, best practices and tools that enable users to mitigate against business identity fraud and cybercrime. 

Argos has monitored over 32 million companies, delivered over 500,000 alerts, done 7.5 million yearly updates and analyzed 10,000 data points. Its success is due to its technology known as Argonomics™, which monitors, gathers and analyzes critical information to create and present over 38 individual priority scores.  

Omphalos Venture Partners are vital investors, and Argos has raised $2 million in funding.

4. Best Cryptocurrency Lending Fintech: DeFiner, founded 2018

Cryptocurrency users can now lend and borrow using the DeFiner platform. All transactions take place using smart contracts. Users get credit ratings that work as references. In addition to the smart contracts, DeFiner offers  a protection fund, collateralized loans and more. Users can deposit their crypto and earn interest of 6% to 12% on their assets. You can withdraw funds at your pleasure.  Silicon fintech Bay and LD Capital are part of the 7 investors working with DeFiner.

5. Best Device Insurance Fintech: Upsie, founded 2013

Upsie is a mobile app that specializes in providing simpler and better ways of protecting gadgets. The app has comprehensive information when it comes to coverage options and warranty pricing. You can buy coverage, start a claim process or scan a barcode during purchase to see the warranties available for the gadget.  Some of the devices covered are televisions, laptops, iPhones, tablets, smartwatches, video gaming, headphones, Pixel etc. With funding worth $9 million, Upsie has 16 investors. Some notable names are The Syndicate Fund, Jim D'Aquila and Bread and Butter Ventures.

6. Best Insurance Marketplace for Employees Fintech: Gravie, founded 2013

Gravie is an insurance marketplace that offers freedom. It is a platform designed to enable customers to choose and purchase insurance.. Managing health care expenses is simple since it is done in one place. With Gravie, the embedded technology tracks price comparisons, penalties, tax credits, copay and coinsurance. How much does it cost? Zero for customers, but insurance providers pay per product sold. The self-service portal allows employees to choose health insurance plans. Employers can use the platform to administer insurance benefits. Gravie has managed to raise $44 million in funding. Some of the notable investors include Aberdare Ventures, GE Ventures and Split Rock Partners.

7. Best On-Demand Health Insurance Fintech: Bind, founded 2016

Bind is an on-demand health insurance platform for employers and individuals. Users have the freedom to choose the coverage and policy duration. What makes this platform stand out? It offers coverage for treatments as diverse as cancer care, colds and emergency situations, among many others. This fintech rebuilt health insurance on a brand new chassis. The transformation has been made possible by delivering what people want: personal choice, flexibility, transparent prices and good customer support. 

Bind has already raised $190 million in funding. Some of the notable investors associated with fintech are UnitedHealthcare, Ascension Ventures and Lemhi Ventures.

8. Best B2B Credit Fintech: Apruve, founded 2013

Apruve is a platform dealing with accounts receivables. B2Bs should find it very useful to facilitate payments by bringing online purchase order processes together with offline invoicing. The platform supports all primary methods of payment. 

Purchase order automation,turnkey receivables financing, recurring subscription dashboard; you name it, Apruve approves it. So far, it has raised $9 million in funding. Some notable investors involved with fintech are Plug and Play Tech, AllegisCyber Capital, and 4 others.

9. Best End-to-End Insurance Benefits fintech: Nexben, founded 2012

Nexben is a platform where insurance consumers, providers and agents connect and transact insurance contracts. On the platform, users get real-time analytics on interacting with a product. Every listing comes with market brochures, SBCs and in-depth plan network information. Members can attach documents to their applications. Other additional features include a customer information database, underwriting, revenue management and sponsored advertisements. Nexben has managed to raise $5 million in funding.

10. Best Third-Party Risk Management Fintech: ProcessBolt, founded 2017

ProcessBolt is a third-party risk management solution. It offers vendor selection, vendor risk assessments and vendor performance assessments. Emails and spreadsheets are replaced with AI-powered questionnaires, dashboards, risk metrics, notifications and process tracking. Currently, ProcessBolt has raised $470,000 in funding. The 3 prominent investors are Target, Techstars and Matchstick Ventures.

Invest in the Best Fintechs in Minneapolis

The fintech climate in Minneapolis is subtle but profitable, making it a potentially lucrative early investment.. A good way to gauge interest is to see if big-name investors like Techstars or UnitedHealthcare are moving in, indicating the possibility of a big move. Why not invest in fintech today and reap the benefits tomorrow?

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