Fintech companies in Illinois are reshaping the way individuals and businesses manage finances through innovative technology solutions. These firms offer a wide array of products including personal loans, digital payments, investment platforms, and financial management tools. Recently, there's been a surge in companies tapping into artificial intelligence and big data to enhance services and customer experience, reflecting the industry’s forward momentum. As the demand for convenient and efficient financial solutions increases, the state’s fintech sector is poised for remarkable growth, positioning Illinois as a significant player in the national fintech ecosystem.

The companies in this collection primarily hail from Chicago, Illinois, with a mix of established players and newcomers founded between 1987 and 2020. Their sizes vary substantially, from small firms with fewer than 50 employees to mid-sized organizations employing several hundred people. Each company specializes in distinct areas, such as digital lending, investment solutions, payment processing, and consumer credit services, addressing the evolving financial needs of both consumers and industries.

Continue reading for insights on top fintech companies in Illinois.

Top 19 Fintech Companies in Illinois

1. Avant

• Website: avant.com
• Ownership type: Private Equity
• Headquarters: Chicago, Illinois, United States (USA)
• Employee distribution: United States (USA) 93%, Other 7%
• Latest funding: December 2022
• Founded year: 2012
• Headcount: 501-1000
• LinkedIn: avant-us

Avant, LLC is a financial technology firm based in Chicago, Illinois, founded in 2012. The company specializes in personal loans and credit card services, utilizing proprietary technology to evaluate creditworthiness. Avant aims to provide accessible lending solutions to consumers, helping them manage their financial needs effectively. The company offers a variety of financial products, including debt consolidation loans, emergency loans, and credit cards tailored for individuals with fair or average credit scores. Avant's commitment to simplifying financial tasks and enhancing consumer access to credit positions it as a relevant player in the fintech industry.

2. Peak6

• Website: peak6.com
• Ownership type: Private
• Headquarters: Chicago, Illinois, United States (USA)
• Employee distribution: United States (USA) 94%, United Kingdom (UK) 4%, Other 3%
• Founded year: 1997
• Headcount: 1001-5000
• LinkedIn: peak6-investments

Peak6 Investments LLC, founded in 1997 and headquartered in Chicago, Illinois, is a financial services and technology company that operates across various sectors. The firm began as a proprietary options trading company and has since expanded its portfolio to include investment management, fintech solutions, insurance services, and educational programs. Notably, their subsidiary, Apex Fintech Solutions, provides essential technology and infrastructure to a range of clients, including startups and established financial institutions. This subsidiary is pivotal in driving innovation within the fintech space, offering services such as clearing, custody, and advisory solutions. Peak6 also emphasizes financial literacy through initiatives like Zogo, a mobile app that gamifies learning about finance, and Poker Power, which teaches strategic thinking through poker. With a global presence and a workforce of over 1,200 employees, Peak6 is committed to empowering individuals and organizations through technology and strategic partnerships.

3. Onbe

• Website: onbe.com
• Ownership type: Private
• Headquarters: Chicago, Illinois, United States (USA)
• Employee distribution: United States (USA) 99%
• Founded year: 1996
• Headcount: 201-500
• LinkedIn: payonbe

Onbe, based in Chicago, Illinois, is a fintech company that specializes in payment solutions tailored for businesses and consumers. Founded in 1996, Onbe has developed a robust platform that facilitates digital payouts, incentives, and workforce management solutions. The company serves a variety of industries, including automotive, healthcare, and insurance, helping clients streamline their payment processes and enhance customer experiences. Onbe's technology allows for efficient delivery of refunds, claims, and settlements, catering to the growing demand for digital payment options. With a focus on compliance and security, Onbe manages business-to-individual disbursements for clients ranging from mid-market companies to Fortune 500 firms. Their commitment to innovation in payment solutions positions them as a significant player in the fintech space.

4. Braviant Holdings

• Website: braviantholdings.com
• Ownership type: Private
• Headquarters: Chicago, Illinois, United States (USA)
• Employee distribution: United States (USA) 100%
• Latest funding: Other (Debt), $50.0M, June 2018
• Founded year: 2013
• Headcount: 51-200
• LinkedIn: braviant-llc

Braviant Holdings, LLC, founded in 2013 and based in Chicago, Illinois, is a fintech company dedicated to providing tech-enabled credit solutions specifically designed for underbanked consumers. The firm leverages innovative analytics and technology to simplify the borrowing process, allowing individuals with limited access to traditional banking services to obtain credit more easily. With a focus on empowering consumers, Braviant aims to help them improve their financial futures by reducing the barriers associated with borrowing. The company has received significant funding, totaling $50 million, which underscores investor confidence in its business model and growth potential. Braviant's proprietary lending platform utilizes big data and machine learning to assess creditworthiness, enabling them to offer tailored solutions that meet the unique needs of their customers. Their commitment to community engagement and employee well-being further enhances their reputation in the fintech industry.

5. NinjaHoldings

• Website: ninjaholdings.com
• Ownership type: Private
• Headquarters: Chicago, Illinois, United States (USA)
• Employee distribution: United States (USA) 89%, Ukraine 8%, Canada 3%
• Founded year: 2017
• Headcount: 51-200
• LinkedIn: creditninja

NinjaHoldings, founded in 2017 and based in Chicago, Illinois, is a private financial services firm that specializes in innovative digital lending and banking solutions. The company aims to empower underserved consumers and businesses by providing a range of financial products, including personal loans and tailored underwriting services. Through its brands, such as CreditNinja and NinjaCard, NinjaHoldings has originated nearly 200,000 loans, helping approximately 150,000 individuals gain access to the credit they need. The firm emphasizes the importance of financial guidance and accessibility, striving to improve the financial lives of everyday Americans. With a team of data scientists and industry veterans, NinjaHoldings leverages advanced technology to create transparent and efficient financial solutions. Their commitment to serving a vulnerable population highlights their role in the fintech industry, where they seek to disrupt traditional banking norms and enhance financial inclusion.

6. M1

• Website: m1.com
• Ownership type: Venture Capital
• Headquarters: Chicago, Illinois, United States (USA)
• Employee distribution: United States (USA) 98%, Other 2%
• Latest funding: Series E-K, $150.0M, July 2021
• Founded year: 2015
• Headcount: 201-500
• LinkedIn: m1-finance

M1 Finance, based in Chicago, Illinois, is a financial services company that specializes in providing an investment platform and banking solutions tailored for individual investors. The company offers a range of products, including brokerage accounts, high-yield cash accounts, and margin loans, all designed to simplify investing and wealth management. M1 operates primarily online, allowing users to manage their investments seamlessly through a user-friendly interface. The platform automates various aspects of investing, making it accessible for consumers who seek efficient financial solutions. As of May 2024, M1 has attracted over 1 million users and manages more than $9 billion in client assets. The company has also secured significant funding, with its latest round raising $150 million in July 2021, underscoring its growth trajectory and commitment to enhancing its offerings.

7. Nexxo

• Website: nexxo.com
• Ownership type: Private
• Headquarters: Chicago, Illinois, United States (USA)
• Employee distribution: India 75%, Peru 25%
• Founded year: 2012
• Headcount: 51-200
• LinkedIn: nexxo-com

Nexxo Ventures, founded in 2012 and based in Chicago, Illinois, is a private fintech company dedicated to developing innovative financial technology solutions for small and medium-sized enterprises (SMEs). The company aims to empower these businesses by providing essential tools such as Smart POS, SoftPOS, and bookkeeping software, which enhance financial management and operational efficiency. Nexxo operates in various emerging markets, including India, Peru, and the Middle East, and collaborates with local banks and financial institutions to deliver community-powered financial services. Their mission is to improve the financial lives of small business owners and their communities, making them a significant player in the fintech industry focused on SMEs.

8. Remitap

• Website: remitap.com
• Ownership type: Venture Capital
• Headquarters: Chicago, Illinois, United States (USA)
• Employee distribution: India 76%, United States (USA) 24%
• Latest funding: Seed, $1.0M, February 2017
• Founded year: 2020
• Headcount: 11-50
• LinkedIn: remitap

Remitap Fintech Corporation, based in Chicago, Illinois, is a fintech company that focuses on global remittances and digital banking solutions. Established in 2020, Remitap provides a range of services including e-wallets, e-remittance, and virtual cards, catering to both consumers and financial institutions. The company aims to facilitate secure and efficient money transfers across borders, addressing the growing demand for reliable financial services in a globalized economy. With a team of 17 employees, primarily located in India and the United States, Remitap is positioned to leverage technology to enhance user experience and security. The company has received seed funding of $1 million, reflecting investor confidence in its business model and growth prospects. Remitap is committed to empowering financial freedom through innovation, making it a noteworthy player in the fintech sector.

9. Kora

• Website: koramoney.com
• Ownership type: Private
• Headquarters: Chicago, Illinois, United States (USA)
• Employee distribution: United States (USA) 80%, Canada 20%
• Founded year: 2015
• Headcount: 11-50
• LinkedIn: borocredit

Kora, founded in 2015 and based in Chicago, Illinois, is a private financial services company that specializes in auto loans and mobile banking solutions. The company primarily serves international students and individuals with limited credit histories, offering products such as KoraDrive auto loans, which do not require a credit score or co-signer. This innovative approach allows Kora to approve a high percentage of financing applications, making it a valuable resource for first-time buyers and recent immigrants. Additionally, Kora has developed the Kora Money app, which enables users to manage their finances effectively. The company partners with car dealerships and banks to enhance access to financial products, demonstrating its commitment to improving financial literacy and accessibility for its target audience. Kora has also gained traction in the market, with over 1.1 million downloads of its mobile app, indicating a strong user base and engagement. The founders, having experienced the challenges of limited financial tools as international students themselves, are dedicated to creating better options for others in similar situations.

10. Nunya LLC

• Website: nunya.co
• Ownership type: Private
• Headquarters: Chicago, Illinois, United States (USA)
• Employee distribution: United States (USA) 87%, France 13%
• Founded year: 2013
• Headcount: 11-50
• LinkedIn: nunya-llc

Nunya LLC, known as VIDEAC, is a fintech company based in Chicago, Illinois, founded in 2013. The company aims to transform the financial experiences of startups by providing innovative tools and services designed to simplify financial management. With a focus on user experience, VIDEAC seeks to empower both businesses and consumers to navigate their financial needs more effectively. Although the company has not reported any funding, it operates with a commitment to transparency and accessibility, inviting users from various backgrounds to engage with their upcoming solutions. As they prepare to launch their application, VIDEAC positions itself as a forward-thinking player in the fintech space, dedicated to addressing the everyday financial challenges faced by startups.

11. The PrivateBank

• Website: us.cibc.com
• Ownership type: Private
• Headquarters: Chicago, Illinois, United States (USA)
• Employee distribution: United States (USA) 95%, Ukraine 5%
• Founded year: 1991
• Headcount: 1001-5000
• LinkedIn: the-privatebank

The PrivateBank, now known as CIBC Bank USA, is a financial institution based in Chicago, Illinois, founded in 1991. It provides a comprehensive suite of services including personal banking, commercial banking, and wealth management. The bank caters to both individual consumers and businesses, offering customized solutions for personal finance, loans, and investment management. With a strong emphasis on digital banking, The PrivateBank enhances customer experience through various online platforms, allowing clients to manage their accounts, deposit checks, and automate payments conveniently. The bank's commitment to innovation is evident in its Agility Digital Banking initiative, which focuses on high-yield savings and user-friendly online services. The PrivateBank operates primarily in the United States, with a small percentage of its workforce based in Ukraine, reflecting a global approach to service delivery. As part of the CIBC group, it benefits from a robust network and resources, further solidifying its position in the financial services industry.

12. C&H Financial Services, Inc.

• Website: chfs.us
• Ownership type: Private
• Headquarters: Westchester, Illinois, United States (USA)
• Employee distribution: United States (USA) 100%
• Founded year: 2008
• Headcount: 11-50
• LinkedIn: c%26h-financial-services

C&H Financial Services, Inc. is a payment technology firm based in Westchester, Illinois, founded in 2008. The company specializes in providing payment processing solutions that help businesses efficiently collect, store, and send money. Following its acquisition by Priority, C&H has enhanced its service offerings, allowing its customers to leverage a premier platform for their financial transactions. The company focuses on improving cash flow and customer experiences through innovative financial services, making it a significant player in the payment processing sector. With a small team of 11-50 employees, C&H operates entirely within the United States, emphasizing its commitment to serving local businesses with tailored financial solutions.

13. SpringFour

• Website: springfour.com
• Ownership type: Corporate
• Headquarters: Chicago, Illinois, United States (USA)
• Employee distribution: United States (USA) 100%
• Latest funding: September 2024
• Founded year: 2005
• Headcount: 1-10
• LinkedIn: springfour-inc.

SpringFour, founded in 2005 and based in Chicago, Illinois, is a financial services company dedicated to enhancing financial health for consumers and organizations. The company offers a suite of products, including S4connect, S4direct, and S4pro, which facilitate connections to vital financial resources. Their clientele includes banks, credit unions, nonprofits, and employers, all of whom seek to improve the financial wellness of their customers. In 2023, SpringFour delivered over 5.5 million financial health referrals, showcasing their significant role in the industry. The company operates with a strong social impact focus, aiming to empower individuals and organizations to navigate financial challenges effectively. SpringFour's innovative solutions not only help clients save money but also increase repayment rates and reduce credit losses, making them a valuable partner in the financial services sector.

14. CryptoFi

• Website: cryptofi.tech
• Ownership type: Private
• Headquarters: Chicago, Illinois, United States (USA)
• Founded year: 2020
• Headcount: 11-50
• LinkedIn: cryptofibanking

CryptoFi, now operating under the name InvestiFi, is a financial technology firm based in Chicago, Illinois. Established in 2020, the company specializes in self-directed investment solutions tailored for community credit unions and banks. InvestiFi's platform integrates seamlessly with existing digital banking systems, allowing financial institutions to offer their account holders the ability to invest in stocks, ETFs, and cryptocurrencies directly from their checking accounts. The company also provides educational resources to empower users in making informed investment decisions. With a focus on retaining deposits and enhancing customer loyalty, InvestiFi aims to bridge the gap between traditional banking and modern investment practices. Their innovative approach has garnered attention in the fintech sector, particularly as they expand their offerings to include cryptocurrency services, reflecting the growing demand for digital asset solutions among financial institutions.

15. Actminds, Inc.

• Website: actminds.com
• Ownership type: Private
• Headquarters: Chicago, Illinois, United States (USA)
• Employee distribution: Brazil 61%, United States (USA) 39%
• Founded year: 1987
• Headcount: 501-1000
• LinkedIn: actminds

Actminds, Inc., based in Chicago, Illinois, is a private company founded in 1987. It operates as a payment solutions provider, focusing on digital and instant payment solutions. The company serves financial institutions, merchants, and fintechs, enabling them to integrate scalable and secure payment solutions. Actminds aims to enhance client and consumer payment experiences while optimizing transaction efficiency. With a significant presence in the instant payments industry, they help clients reduce costs and simplify reconciliation processes. Their expertise spans over three decades, covering operations in the US, Europe, and South America, making them a notable player in the fintech sector.

16. Amount

• Website: amount.com
• Ownership type: Private Equity
• Headquarters: Chicago, Illinois, United States (USA)
• Employee distribution: United States (USA) 97%, Brazil 2%
• Latest funding: $30.0M, August 2024
• Founded year: 2020
• Headcount: 201-500
• LinkedIn: amount

Amount, founded in 2020 and based in Chicago, Illinois, is a financial technology firm that provides a digital origination and decisioning platform for banks and credit unions. The company focuses on enhancing the lending experience for both consumers and small businesses by offering solutions that streamline processes and improve customer interactions. Their platform supports automated loan approvals, credit card applications, and point-of-sale financing, making it easier for financial institutions to serve their clients. Amount has recently secured $30 million in funding as of August 2024, which underscores its potential for growth and innovation in the fintech space. The company aims to help financial institutions modernize their operations and meet the evolving needs of a digital-first customer base.

17. Rize

• Website: newline53.com
• Ownership type: Private
• Headquarters: Chicago, Illinois, United States (USA)
• Employee distribution: United States (USA) 100%
• Founded year: 2015
• Headcount: 11-50
• LinkedIn: rizehub

Rize, known as Newline by Fifth Third, is a financial technology firm based in Chicago, Illinois, founded in 2015. The company focuses on providing embedded payment and deposit solutions that integrate seamlessly into existing business platforms. Rize serves a variety of sectors, including fintech and payment processing, by offering services such as real-time payments, account creation, and card issuance. Their platform is designed to enhance customer experiences and improve operational efficiency for businesses. Rize's technology allows companies to move money, create accounts, and issue cards through a developer-friendly API, making it easier for businesses to embed financial services into their offerings. The company operates under the oversight of Fifth Third Bank, which adds a layer of trust and compliance to their services. Rize has not reported any funding, indicating a self-sustaining model or reliance on its parent bank for financial backing.

18. InvestiFi

• Website: investifi.co
• Ownership type: Private
• Headquarters: Chicago, Illinois, United States (USA)
• Employee distribution: United States (USA) 100%
• Founded year: 2020
• Headcount: 51-200
• LinkedIn: cryptofibanking

InvestiFi, based in Chicago, Illinois, is a private financial technology firm founded in 2020. The company specializes in self-directed investment solutions designed for community credit unions and banks. By integrating seamlessly into existing digital banking platforms, InvestiFi helps these institutions retain account holders and their assets while attracting new customers. Their platform allows users to invest in stocks, ETFs, and cryptocurrencies directly from their checking accounts, starting with as little as $1.00. InvestiFi also provides robust educational resources to support informed decision-making. The company has positioned itself as a key player in the fintech space by addressing the needs of smaller financial institutions that face competition from larger fintech apps. With a focus on enhancing customer engagement and providing modern investment tools, InvestiFi is actively contributing to the evolution of financial services.

19. Burling Bank

• Website: burlingbank.com
• Ownership type: Corporate
• Headquarters: Chicago, Illinois, United States (USA)
• Employee distribution: United States (USA) 100%
• Latest funding: February 2023
• Founded year: 1989
• Headcount: 11-50
• LinkedIn: burling-bank

Burling Bank, founded in 1989, is a community-focused banking institution located in Chicago, Illinois. It provides a variety of financial services tailored to both personal and business clients. The bank offers checking and savings accounts, loans, credit cards, and commercial financing services, all while prioritizing community engagement and personalized customer service. Burling Bank has embraced technology, providing online and mobile banking options that allow customers to manage their finances conveniently. The bank is dedicated to supporting local businesses and initiatives, ensuring that deposits are reinvested in the community. This commitment to local impact is reflected in their partnerships with organizations that promote small business growth and financial literacy. While Burling Bank has not reported any recent funding, it continues to operate with a focus on enhancing customer relationships and community support.

Fintech Insights: Key Companies in Illinois

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