Best FinTechs in Philadelphia, Ranked

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Contributor, Benzinga
June 16, 2021

Philadelphia is known for its delicious cheesesteaks, Rocky statue, Mummers Parade and the iconic Liberty Bell. The city has a rich and deep history as well as a warm and accommodating population. However, behind all of that is a vibrant fintech industry that touches almost every corner of the economy, bringing some of the best fintechs in Philadelphia to the rest of the world.

From insurance and e-commerce to health, there is a diverse range of technologically advanced projects that support various sectors. Keep reading to discover the 10 best fintechs in Philadelphia.

What is FinTech?

FinTech is a collective term that refers to technological advancements in the financial sectors. Fintechs are companies that develop platforms that integrate a company’s products and services for use by customers.

Fintechs link companies with consumers by developing cloud-based solutions that improve service delivery. Fintechs interact with a wide variety of companies in different sectors.

10 Best FinTechs in Philadelphia

Our review highlights the best Philadelphia fintechs that have made a tremendous investment in the fintech industry. We chose companies spread across various sectors from startups to old brands.

We narrowed our options to innovation, where we looked at products and new ideas. We also looked at growth and the strategies to conquer the market. The management and social impact are other factors that guided our selection. 

1. Best Online Invoice Factoring Fintech: Tesorio, founded 2013

Terosio is a company that enables vendors to receive payments fast and conveniently. It uses cloud-based platforms that enable suppliers to interact with the system, monitor their invoice status and be paid early. Also, clients settle invoices earlier than the usual 30 days and use the extra money to issue discounts. Therefore, suppliers can access this service free of charge by escaping the typical paperwork and hidden fees. In short, it helps vendors get paid faster at zero cost.

Tesorio plans on raising additional funds from angel investors. Indeed, Tesorio has received $100,000 in capital from the PHL angel fund.  Also, this artificial intelligence (AI)-driven company raised approximately $10 million in Series A funding.

2. Best Lease Management Fintech: Odessa Technologies, founded 1998

Odessa Technologies is one of the oldest fintechs in Philadelphia. Its clientele spreads across leasing as well as financial providers. It offers a cloud-based interface for lease management by transforming its financials, logistics and control over assets. 

Odessa’s main area of operation is equipment leasing and fleet management. It does this by maintaining a real-time compliance or reporting system that offers better vision into businesses’ leasing procedures. There is centralized software that enables lending institutions to have control over the financial or asset portfolios.

Odessa Inc. reported 2021 revenue of $42.52 million. The company, which has 350 employees, was founded in 1998 and incorporated in 2013.

3. Best Digital Bank Fintech:, founded 2016 is one of the fastest-growing digital banks in Philadelphia. Its license incorporates credit card and deposit accounts from WSFS Bank. It offers a wide range of services to its clientele, including deposit accounts, credit cards, money transfers and cash withdrawals. Customers can improve their credit scores every time they purchase using credit cards. usesAI to manage fees and interest, which helps customers manage their overall cash flow. In August 2020, the company benefited from $18.8 million  in early stage VC (Series A funding). In February 2017, it raised an undisclosed amount during a seed round.

4. Best Digital Filing Fintech: Neat, founded 2002

Neat is a cloud-based filing platform that assists businesses in managing their finances seamlessly from any location. It consists of an account app storage that enables you to monitor your accounting records and funds anytime and anywhere. With this software, individuals can automate their financial workflow through the digital interface. 

The Neat system is highly innovative, and users can organize, scan and automate their business cards, documents and press mentions.

During the fiscal year ended May 2021, The Neat Company reported revenue of $27.19 million and 150 employees. In April 2016, Neat raised $16.7 million from various rounds and undertook a post-money valuation to the tune of $50 million to $100 million.

5. Best CFOs Financing Fintech: Synario, founded 1999

Synario has been around for more than 20 years and offers CFOs a platform for accessing swift financing options. Therefore, these businesses can develop better strategies and flexible approaches depending on their business models. The software also gives an outlook of the relationship that exists between businesses and markets. This enables them to plan their accounting strategies depending on the forecast.

Synario connects CFOs with important drivers that provide a vision of their financial future. In 2015, Synario invested an undisclosed amount in the acquisition of PFM Financial Advisors.

6. Best Employee Health Care Fintech: Picwell, founded 2012

Picwell is a fintech company based in Philadelphia that enables employees of various companies to benefit from a health insurance scheme. It uses an innovative platform where users can choose their personalized health plans. Also, companies that sell insurance policies can reach employers in need of their services. Picwell uses a forecasting tool to predict lifestyle, financial data, health claims, and behavior in developing tailor-made products for their clientele.

Currently, the total funding stands at $11.1 million, and in February 2018, the company raised $4 million in Series B funding from Aflac and other investors.

7. Best Retailer Support Fintech: Invent Analytics, founded 2013

Invent analytics works by providing a software solution for retail businesses to manage their inventory and price. It provides fintech tools that boost productivity and enable a business to tap data and use analytics to set prices. In addition, the enterprises can come up with new approaches to manage their inventory depending on the market trends and customer needs. Thus, this enables them to operate at optimal capacity and maximize their profits.

The most current deal for Invent Analytics is the accelerator/Incubator arrangement, with two investors on board. These investors are Sente Foundry and ITU ARI Teknokent; however, there's no disclosure on the amount of money raised. In early 2020, Invent Analytics got the RILA Award for startup innovation for using AI or artificial intelligence to enable businesses to maximize their price and inventory levels.

8. Best Life Insurance Digital Customer Experience Fintech:, founded 2012

With the uncertainty brought about by the COVID-19 pandemic, more people are evaluating their life insurance policies. works with different life insurance groups to offer a platform where their clientele can learn about health or financial choices. Therefore clients can understand their insurance policies necessary for decision making. engages the client in a more product-based approach, which translates to high retention rates for insurers. On the same note, the insurance companies can provide customer-oriented products and improve on customer delivery.

The company has a total funding amount of $1.9 million raised in a series of 5 rounds. The most recent round was in May 2018, where it benefited from a debt financing round by Plug and Play and other investors.

9. Best Medical Payment Solutions Fintech: InstaMed, founded 2004

Most of the time, medical care facilities are caught between managing payments and offering the best service to the patients. InstaMed is a payment solution that enables health care providers to plan their accounting operations and improve service delivery. The platform serves patients and other players, such as streamlining electronic money transfers, bill settlement, staff compensation, and other analytics. The system is cloud-based and integrates seamlessly with existing software.

With this platform, organizations can benefit from improved productivity and ROI. InstaMed has raised a whopping $134.2 million of funds in approximately seventeen funding rounds. The most recent was in September 2016 from Private equity.

10. Best Equity Management Fintech: Nth Round, founded 2018

Nth Round encompasses private finance and liquidity by developing all-inclusive equity management software available to enterprises. In this platform, companies can have candid data about asset management, equity, and stockholders. The platform offers companies a platform to have complete insight into their investment portfolio and extra tools for building relationships with stakeholders through meaningful engagements.

In June 2018, the company raised approximately $4.3 million in funds in a seed round. New Enterprise Associates were the investors behind this funding.

Philadelphia is Home to the Best Next-Gen Fintechs

Philadelphia is on an upward path as companies invest in FinTech, improving the financial products and services they deliver their consumers. The services such as loan procession, investments and savings enable companies to maximize their products while providing customer-based solutions to their clientele. As technologies evolve every day, it's more evident that Philadelphia is home to next-gen fintech.