Best Fintechs in Phoenix, Ranked

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Contributor, Benzinga
June 23, 2021

Arizona is a great place to do business, and this showing of the best fintechs in Phoenix proves it. Not only does Arizona's leadership work to support startups, housing is also relatively affordable, meaning a ready pool of employees.

2018 was a good year for fintechs in Arizona. Arizona became the 1st state to have a legal framework that permitted startups to test their products for at least 2 years and serve 10,000 customers before applying for a formal license. It is a process that is referred to as the regulatory fintech sandbox. This well-stipulated process has saved startups legal expenses, compliance costs and fees.

The local economy is booming since local authorities decided to become allies to startups. Positive results are rolling in with big names making Phoenix their headquarters; a good example is Opendoor. More companies are joining the fintech sandbox, and one can only look forward to working or investing in the best fintechs in Phoenix.

What is Fintech?

Fintech is a term that stands for 2 things: finance and technology. The term fintech is used to describe the use of technology to advance the delivery of financial services. Software is used to create platforms that offer various fintech services such as mobile payment applications, blockchain technology and online banking. The primary goal is to change the way consumers interact with and access money while doing away with traditional banking.

Fintech companies are innovating solutions that are posing a challenge to traditional banking methods. The paradigm has been set from credit cards to digital wallets. Notable areas that fintech has changed include trading, insurance, banking and risk management. Instead of forms, calculators and long queues, there is big data, artificial intelligence, machine learning and blockchain. All these make financial services accessible, efficient and inexpensive.

10 Best Fintechs in Phoenix

Benzinga looked at fintechs that are solving problems innovatively to choose the best fintechs. Despite little or no funding, these companies can have an impact. How do you rate a good fintech? 

Customer centricity: Who is the product or service for, and is it focusing on problem-solving or profit margins? Most apps are mobile for a reason, and that is for the customer to gain easy access. The app has to be easy to use and enjoyable, too. The app or platform should be transparent in all its operations in order to establish trust and, eventually, customer loyalty. This is what keeps you in business.

Security: Fintech apps and platforms require customers to give personal information. This information is essential in providing metrics that improve service delivery. All information must be encrypted to mitigate the risk of identity fraud or other misuses of personal data.

Innovation: Fintechs should not get comfortable because they solved 1 problem. This is the mistake the traditional financial institutions made. The fintech sector is still establishing itself as a force to be reckoned with and must prove itself ready to tackle future challenges. Fintechs can only achieve this by anticipating challenges and creating solutions beforehand.

1. Best Self-Pay Patient Payment Fintech: Salucro Healthcare Solutions, founded 2004

Formerly known as Efineonline, Salucro Healthcare Solutions is a company specializing in self-pay patient payment. Through the platform, patients have 12 different self-pay opportunities. The platform also offers charity write offs, patient financing, points-of-sale (POS) card readers, online pre-registration, online bill pay, patient self-service portals and check deposit services.

Salucro prides itself on being more than just a payment platform. It has purposefully created a patient financial engagement solution. Healthcare providers and their partners can use it. In terms of funding, Salucro has managed to raise $22 million.

2. Best Business Loans Fintech: CommLoan, founded 2014

CommLoan is an online marketplace for business loans. It is where potential borrowers meet prospective lenders. Apart from borrowers, it is generally used by insurance companies, banks, credit unions, private money lenders, commercial mortgage companies and other financial institutions.

In addition to financial matchmaking services, the CommLoan platform also has a CUPID section that offers additional services to lending institutions. Some of these services are private-label marketing, social media, an automated underwriting system, a pricing engine and centralized processing. Users can access a wide range of loans like bridge loans, first mortgages and mezzanine financing. CommLoan has managed to raise $4 million. The company has several investors, including Social Leverage, Bend Venture Conference and ViaWest Group.

3. Best Wireless POS Systems Fintech: Apriva, founded 1999

Apriva is one of the leading providers of wireless POS systems. It is a company with a wide array of products and services, including a customizable cloud-based mobile commerce app called AprivaLife. The app combines several features like social media, location-based services, payments, identification features and loyalty offers. The company also offers AprivaPay — a payment card application for mobile phones. Apriva Vend is a cashless payment solution for unattended points of sale like vending machines or kiosks. The AprivaPay Plus app turns Android or Apple devices into mobile POS systems. Currently, Apriva is certified by more than 35 payment platforms. RRE Ventures is an investor and so far, Apriva has raised $14 million.

4. Best Fraud Risk-Scoring Fintech: Emailage from LexisNexis, founded 2012

Emailage is a product from LexisNexis tackling fraud prevention and identity verification. The technology makes transactions secure and straightforward, several multifaceted, predictive solutions are offered on the platform. Proprietary data, advanced machine learning and critical partnerships are at play here, with emails being at the very center. Proprietary algorithms are used to provide real-time alerts whenever a risky transaction is suspected. The risk score is delivered to companies, which realize savings because of the detection of fraudulent transactions before they occur. The company’s Series B funding round raised $10 million.

5. Best Credit Repair Fintech: Dovly, founded 2018

Using a sophisticated algorithm, Dovly has emerged as a pioneer in the automated credit-repair sector. The algorithm has a positive effect on credit scores. Through Dolvy, individuals are able to improve their credit scores, allowing them to achieve financial freedom quickly and with zero pain. Before Dovly, people were left to their do-it-yourself methods, which were ineffective and costly. The company got a seed capital of $2.3 million.

6. Best Digital Currency Fintech: Dash Core Group, founded 2014

Dash (DASH) is digital money for e-commerce and payments. It is subtly becoming a Bitcoin (BTC) alternative. There has been significant growth since its inception. Dash is now accepted by more than 4,000 merchants and can be accessed via more than 400 ATMs. Dash money is divisible, portable and inexpensive. It can be spent easily and quickly online. Fees are lower compared to what is set on credit and debit cards. Dash is self-funded.

7. Best Compliance Fintech: Hypur, founded 2014

The financial sector has been disrupted. Fintech firms are leading this disruption. Hypur specializes in enabling banks and financial institutions to comply with ever-changing banking regulations. The products offered enhance an institution's accountability and transparency. Everything is convenient, safe and legitimate. The company has managed to raise $1.5 million.

Hypur is also a provider of cannabis banking technology in the United States.

8. Best Payment Transfer Fintech: Splyt Easy, founded 2012

Splyt Easy allows you to go out for dinner and easily split the bill. This mobile wallet app can be used at restaurants and eateries to pay bills. What is so special about this wallet? Users do not have to wait for their bills. Businesses can integrate Splyt Easy into their POS to receive customer payments.

9. Best Student Financial Fintech: CampusLogic Inc., founded 2011

CampusLogic develops tools and resources that help students manage loans and scholarships. This fintech offers 7 services like RaiseMe, CampusCommunicator, SponsoredScholar, StudentForms, ScholarshipUniverse, CampusMetrics, VirtualAdvisor and ClearCost.

RaiseMe is a micro-scholarship platform. Students get rewards based on college prep behaviors. This helps schools achieve diversity and enrollment goals.

CampusLogic has raised $120 million in private equity.

10. Best Insurance Agent Fintech: Insurmi Inc., founded 2016

Insurmi is a white-label insurance platform for agents. Through this platform, agents are able to track user results and manage bots. It’s also possible to guide users when it comes to analysis and getting real-time quotes. The platform can also be used for lead generation tasks. Insurmi combines customer experience and proprietary technology with design thinking and user-interface design tools. This ensures it delivers effective tailored solutions. Insurmi got a convertible note of $1 million.

The Best Fintechs in Phoenix are Ripe for the Picking

Phoenix is a great business community and is ready to support entrepreneurs. The startup community is also made up of millennials, hence the significant number of opportunities for talent and market. The ground is exceptionally fertile for anybody that would like to invest in fintech stocks.