Maryland is home to a bustling fintech sector focused on modernizing financial services through technology. Companies in this space range from digital lenders to payment processors, offering innovative solutions for personal and business finance. The landscape is evolving with trends like sustainability in finance and enhanced customer experiences leading the charge. Moreover, companies are increasingly utilizing data analytics and machine learning to refine their products. As financial regulations adapt, the industry is poised for growth, paving the way for new entrants and services aimed at meeting consumer needs.


The listed companies represent a mix of different sizes and specialties, primarily headquartered across Maryland's urban centers. Founded between the early 1900s to the 2020s, these firms collaborate to provide updated financial solutions across various sectors. Their specializations include digital loans, payment solutions, wealth management, and automated financial services. Despite variations in scale, all these companies prioritize technology to streamline operations and enhance user experience.


Read on to discover the top fintech companies in Maryland.


Top 23 Fintech Companies in Maryland


1. Bill Me Later, Inc.

  • Website: billmelater.com
  • Ownership type: Corporate
  • Headquarters: Timonium, Maryland, United States (USA)
  • Employee distribution: United States (USA) 100%
  • Latest funding: $945.0M, October 2008
  • Founded year: 2000
  • Headcount: 201-500
  • LinkedIn: bill-me-later-inc-

Bill Me Later, Inc. is a financial technology company based in Timonium, Maryland, founded in 2000. It specializes in providing payment solutions that allow consumers to make purchases and pay for them over time, a service commonly referred to as Buy Now, Pay Later. This service is part of a broader suite of offerings that includes rewards programs and various payment processing solutions tailored for both consumers and businesses. As a subsidiary of PayPal, Bill Me Later benefits from the extensive reach and infrastructure of one of the largest online payment platforms in the world. The company has been involved in shaping consumer payment behaviors, particularly in the e-commerce sector, by providing flexible financing options that cater to the needs of modern shoppers.


2. Lidya

  • Website: lidya.info
  • Ownership type: Private Equity
  • Headquarters: Greenbelt, Maryland, United States (USA)
  • Employee distribution: Nigeria 78%, Czech Republic 11%, Portugal 11%
  • Latest funding: Series B, $8.3M, July 2021
  • Founded year: 2016
  • Headcount: 51-200
  • LinkedIn: lidyadotco

Lidya is a financial services firm based in Greenbelt, Maryland, that specializes in providing digital lending and payment solutions for businesses in Africa. Founded in 2016, the company aims to unlock credit access for small and medium-sized enterprises (SMEs) by offering a suite of services that includes automated collections, real-time payment processing, and financial management tools. With a strong presence in Nigeria, where approximately 78% of its employees are located, Lidya has processed over $50 billion in credit application data and issued around 32,500 loans, facilitating nearly $150 million in loan disbursements. The company has also secured $8.3 million in Series B funding as of July 2021, reflecting its growth potential and the increasing demand for its services in the African market.


3. Truebill

  • Website: truebill.com
  • Ownership type: Corporate
  • Headquarters: Silver Spring, Maryland, United States (USA)
  • Latest funding: $1.3B, December 2021
  • Founded year: 2015
  • Headcount: 51-200
  • LinkedIn: truebill

Truebill, now branded as Rocket Money, is a financial management application based in Silver Spring, Maryland. Founded in 2015, the company has grown to serve over 5 million members, providing tools that help users track their spending, manage subscriptions, and save money. The app's features include automatic subscription tracking, spending insights, bill negotiation services, and smart savings options. Truebill has successfully saved its users over $1 billion through its services, showcasing its impact in the personal finance space. The company has also received significant funding, totaling $1.275 billion, which underscores its potential for growth and innovation in the fintech industry.


4. Rocket Money

  • Website: rocketmoney.com
  • Ownership type: Corporate
  • Headquarters: Silver Spring, Maryland, United States (USA)
  • Employee distribution: United States (USA) 95%, Pakistan 4%, Other 1%
  • Latest funding: $1.3B, December 2021
  • Founded year: 2015
  • Headcount: 201-500
  • LinkedIn: truebill

Rocket Money, founded in 2015 and based in Silver Spring, Maryland, is a financial management app designed to help individuals track their spending, manage subscriptions, and save money. The platform provides users with tools for bill negotiation, budgeting, and net worth tracking, allowing them to gain a comprehensive view of their financial situation. With a workforce of approximately 279 employees, Rocket Money has made a notable mark in the fintech industry, claiming to have saved its members over $1 billion through its services. The company has also secured significant funding, with its last round totaling $1.275 billion in December 2021, indicating strong investor confidence in its business model and growth potential.


5. Lower

  • Website: lower.company
  • Ownership type: Private
  • Headquarters: Columbia, Maryland, United States (USA)
  • Employee distribution: United States (USA) 100%
  • Founded year: 2014
  • Headcount: 1001-5000
  • LinkedIn: lowercompanies

Lower is a private mortgage company based in Columbia, Maryland, founded in 2014. With a workforce of approximately 768 employees, the company operates nationwide, offering home loans and real estate services through a multi-channel fintech platform. Lower aims to bridge the gap between online and offline mortgage experiences, providing mortgage professionals with tools for managing loans and marketing. Their platform supports Modern Mortgage Advisors, allowing them to take control of their business strategies, pricing, and customer management. Lower's commitment to innovation in the mortgage industry is evident in their use of technology to streamline the homebuying process, making it easier for clients to navigate loans and real estate services. The company also operates under various brands, enhancing its reach and service offerings in the mortgage market.


6. Depozit

  • Website: depozit.app
  • Ownership type: Private
  • Headquarters: Kemp Mill, Maryland, United States (USA)
  • Employee distribution: United States (USA) 100%
  • Founded year: 2021
  • Headcount: 1-10
  • LinkedIn: coindrop-app

Depozit is a financial technology company based in Kemp Mill, Maryland, established in 2021. The firm specializes in innovative solutions for coin counting and digital payments, catering to both consumers and businesses. For consumers, Depozit offers a platform to digitize coins, allowing users to exchange their spare change for cash, gift cards, and other rewards. This service not only simplifies transactions but also encourages savings through a digital piggy bank feature. For businesses, Depozit provides tools to streamline money management, reducing the need for cash handling and minimizing trips to the bank. Their services are designed to enhance the checkout experience, making transactions faster and more efficient. As they continue to expand their presence, particularly with coin kiosks in retail locations, Depozit is positioning itself as a relevant player in the fintech industry.


7. FiNext Conference

  • Website: finextcon.com
  • Ownership type: Private
  • Headquarters: Greenbelt, Maryland, United States (USA)
  • Employee distribution: India 62%, United States (USA) 38%
  • Founded year: 2018
  • Headcount: 11-50
  • LinkedIn: finext-tech-conference

FiNext Conference, founded in 2018 and based in Greenbelt, Maryland, is a private company that specializes in organizing conferences and events focused on fintech and finance. With a team of around 21 employees, the company aims to create a vibrant platform for financial professionals, industry experts, and entrepreneurs to network and share insights. Their events, such as the upcoming FiNext Conference & Expo in Dubai, serve as a meeting point for various stakeholders in the financial sector, including tech startups, investors, and established financial institutions. The conferences cover a range of topics, from banking security to innovative payment strategies, and provide opportunities for participants to forge partnerships and learn from one another. FiNext Conference also recognizes excellence in the industry through the FiNext Awards, further solidifying its role in promoting innovation and collaboration in the fintech space.


8. Rosedale Federal Savings & Loan Association


Rosedale Federal Savings & Loan Association, established in 1908, is a private banking institution based in Baltimore, Maryland. It offers a range of personal and business banking services, including checking and savings accounts, loans, and digital banking solutions. The institution serves both individual consumers and businesses, providing essential financial services tailored to meet their needs. Rosedale Federal has embraced digital transformation, offering features such as online account management, mobile banking, and tools for financial education. This focus on digital services positions the company as a relevant player in the evolving financial services sector, even as it maintains its traditional banking roots.


9. Cerebro Capital

  • Website: cerebrocapital.com
  • Ownership type: Venture Capital
  • Headquarters: Baltimore, Maryland, United States (USA)
  • Employee distribution: United States (USA) 100%
  • Latest funding: $1.0M, July 2023
  • Founded year: 2017
  • Headcount: 11-50
  • LinkedIn: cerebrocapital

Cerebro Capital, founded in 2017 and based in Baltimore, Maryland, is a commercial lending platform that specializes in connecting middle-market companies with a network of over 2,200 lenders. The firm offers a variety of financing solutions, including asset-based loans, mezzanine financing, and growth capital loans, aimed at helping businesses secure the necessary capital for expansion and acquisitions. Cerebro Capital employs a data-driven approach to streamline the lending process, making it faster and more efficient for clients. The company has facilitated significant financing, with over $5.6 billion in committed proposals and an average loan size of $10 million. In July 2023, Cerebro raised $1 million in funding, reflecting its active role in the fintech sector and its commitment to enhancing access to capital for middle-market firms.


10. Flagship Advisory Partners

  • Website: flagshipadvisorypartners.com
  • Ownership type: Private
  • Headquarters: Annapolis, Maryland, United States (USA)
  • Employee distribution: Czech Republic 33%, United States (USA) 33%, Netherlands 31%, Other 2%
  • Founded year: 2020
  • Headcount: 11-50
  • LinkedIn: flagshipadvisor

Flagship Advisory Partners is a consulting firm based in Annapolis, Maryland, founded in 2020. The firm specializes in payments and fintech strategy, offering services such as mergers and acquisitions (M&A) advisory, growth strategy, and market analysis. With a team of professionals who possess deep knowledge and practical experience in the fintech sector, Flagship Advisory Partners engages in over 80 projects annually. Their clientele includes financial institutions, payment service providers, and software-as-a-service companies, reflecting their broad engagement across the financial services landscape. The firm prides itself on its unique intellectual property and insights, which are derived from extensive work with key industry players. This positions them as a valuable partner for organizations looking to navigate the complexities of the fintech environment.


11. WebbMason Analytics


WebbMason Analytics, founded in 2009 and based in Sparks, Maryland, is a private company specializing in data analytics for the financial services sector. The firm provides comprehensive solutions that include data aggregation, enrichment, and analytics, aimed at enhancing the client experiences of financial advisors, banks, and technology firms. With a focus on actionable insights, WebbMason Analytics helps its clients drive growth and improve service delivery. Their platform connects vast data sets, enabling financial institutions to uncover growth opportunities and deliver personalized solutions. The company has established itself as a valuable partner for various financial entities, leveraging advanced data science to support their clients' strategic objectives.


12. Kalamata Capital Group

  • Website: kalamatacapitalgroup.com
  • Ownership type: Private
  • Headquarters: Bethesda, Maryland, United States (USA)
  • Employee distribution: United States (USA) 100%
  • Latest funding: Other (Debt), $80.0M, April 2024
  • Founded year: 2018
  • Headcount: 51-200
  • LinkedIn: kalamata-capital-group

Kalamata Capital Group, founded in 2018 and based in Bethesda, Maryland, is a financial technology firm dedicated to providing funding solutions tailored for small and medium-sized businesses. The company specializes in supply chain financing, enabling businesses to manage their cash flow effectively. They have also played a significant role in facilitating Paycheck Protection Program loans, helping businesses secure necessary funding during economic downturns. Kalamata's clientele spans various industries, including retail, medical, and trucking, reflecting their commitment to supporting the growth of small businesses across the board. Recently, they secured $80 million in funding, underscoring their operational viability and potential for expansion in the fintech space.


13. USB Payment Processing NE, Inc.

  • Website: usbne.com
  • Ownership type: Private
  • Headquarters: Towson, Maryland, United States (USA)
  • Employee distribution: United States (USA) 100%
  • Founded year: 1996
  • Headcount: 11-50
  • LinkedIn: usb-ne-payment-processing

USB Payment Processing NE, Inc., based in Towson, Maryland, has been serving local businesses since its inception in 1996. The company specializes in payment processing solutions, offering a range of services that include credit card processing, mobile payment options, and compliance with PCI standards. Their clientele spans various sectors, including retail, restaurants, e-commerce, and non-profits, indicating a broad application of their services. USB Payment Processing prides itself on delivering competitive rates and personalized customer support, which has helped them build a loyal customer base. They have served over 10,000 clients in the Mid-Atlantic region and have received numerous awards for their service quality. The company operates as a registered Independent Sales Organization of Wells Fargo Bank, which adds a layer of credibility to their operations. Despite not having reported any recent funding, their long-standing presence in the industry and focus on local businesses highlight their relevance in the fintech space.


14. Global PayEX

  • Website: globalpayex.com
  • Ownership type: Private
  • Headquarters: Rockville, Maryland, United States (USA)
  • Employee distribution: India 85%, United States (USA) 12%, Other 2%
  • Founded year: 2018
  • Headcount: 51-200
  • LinkedIn: global-payex-private-limited

Global PayEX, founded in 2018 and based in Rockville, Maryland, is a private financial technology firm specializing in automation solutions for accounts receivable and payable. The company offers a suite of products, including electronic invoicing, payment solutions, and cash application reconciliation, aimed at improving cash flow and reducing manual processing for enterprises and financial institutions. With a workforce primarily located in India, Global PayEX has processed over $6 billion in payments and managed millions of invoices and remittances through its platform. The company has received accolades for its innovative approach, including awards at the SIBOS 2023 Discover Perfect Pitch Competition and the Fintech Festival India Awards 2024. Their strategic alliances, such as the one with Citi, further highlight their commitment to driving innovation in B2B finance.


15. Decipher Credit Solutions, Inc.


Decipher Credit Solutions, Inc. is a commercial lending platform based in Bethesda, Maryland, founded in 2016. The company specializes in providing a cloud-based solution that automates the lending process from origination to funding. Their services include loan origination, underwriting, and risk management, aimed at enhancing efficiency and customer satisfaction for financial institutions and lenders. With a team that has extensive experience in the factoring and asset-based lending industry, Decipher has developed a platform that addresses the challenges faced by lenders. Their technology is designed to streamline operations, reduce costs, and improve compliance, making it a valuable tool for lenders looking to modernize their processes. The company operates entirely within the United States and has a small team of 11-50 employees, indicating a focused approach to their market segment.


16. Vitas Microfinance Group

  • Website: vitasgroup.com
  • Ownership type: Private Equity
  • Headquarters: Silver Spring, Maryland, United States (USA)
  • Employee distribution: Lebanon 35%, Egypt 24%, Jordan 12%, Other 28%
  • Latest funding: January 2011
  • Founded year: 2011
  • Headcount: 1001-5000
  • LinkedIn: vitasgroup

Vitas Microfinance Group, founded in 2011 and based in Silver Spring, Maryland, operates as a for-profit holding company that manages a network of microfinance institutions primarily in the Middle East and Romania. The organization is dedicated to providing financial products and services tailored to micro, small, and medium enterprises (MSMEs) that typically lack access to conventional banking services. With a focus on empowering entrepreneurs, Vitas has successfully disbursed over $3 billion in loans to more than 1 million clients, maintaining an impressive annual default rate of under two percent. The company operates subsidiaries in Lebanon, Jordan, Romania, and Iraq, and is licensed by central banks in these regions. Vitas is also committed to social impact, as evidenced by its initiatives like the 'Declaration of Independence' competition, which supports innovative start-ups. Additionally, Vitas is undergoing a digital transformation to enhance its service delivery and has established Vitas Ventures to invest in fintech innovations that align with its mission of financial inclusion.


17. The Interface Financial Group

  • Website: interfacefinancial.com
  • Ownership type: Private
  • Headquarters: Bethesda, Maryland, United States (USA)
  • Employee distribution: United States (USA) 75%, Mexico 6%, Canada 6%, Other 13%
  • Founded year: 1972
  • Headcount: 201-500
  • LinkedIn: the-interface-financial-group

The Interface Financial Group (IFG) is a financial services firm based in Bethesda, Maryland, specializing in working capital solutions such as Supply Chain Finance and Invoice Finance. Established in 1972, IFG has been at the forefront of providing early payment solutions to corporate buyers and suppliers, enabling them to enhance cash flow and streamline financial operations. The company operates through a sophisticated digital platform that allows for quick access to funding, catering to both large corporations and smaller suppliers. With a global presence, IFG serves clients across the United States, Mexico, Canada, the United Kingdom, and South Africa. Their innovative approach includes a proprietary decision engine that utilizes real-time data to offer flexible funding options, ensuring that businesses can access the capital they need without the burdens of traditional financing methods. IFG has facilitated billions of dollars in funding over its five-decade history, demonstrating its significant impact on the working capital landscape.


18. Congressional Bank

  • Website: congressionalbank.com
  • Ownership type: Private Equity
  • Headquarters: Chevy Chase, Maryland, United States (USA)
  • Latest funding: $345.0M, April 2021
  • Founded year: 2003
  • Headcount: 201-500
  • LinkedIn: congressional-bank

Forbright Bank, formerly known as Congressional Bank, is a financial institution based in Chevy Chase, Maryland. Founded in 2003, the bank offers a variety of banking services, including personal and business banking products, lending solutions, and a strong commitment to sustainability. Forbright Bank serves both individual consumers and businesses, providing competitive rates and financing options that support environmentally responsible initiatives. The bank has positioned itself as a mission-driven entity, focusing on facilitating financial growth while promoting a greener economy. In April 2021, Forbright Bank secured $345 million in funding, which underscores its active role in the fintech industry and its dedication to sustainable finance. The bank is also recognized for its innovative products, such as high-yield savings accounts and specialized lending for green projects, further solidifying its relevance in the fintech sector.


19. Grove Point Financial

  • Website: grovepointfinancial.com
  • Ownership type: Corporate
  • Headquarters: Rockville, Maryland, United States (USA)
  • Employee distribution: United States (USA) 100%
  • Latest funding: April 2023
  • Founded year: 1984
  • Headcount: 51-200
  • LinkedIn: grove-point-financial

Grove Point Financial, based in Rockville, Maryland, is a financial services firm established in 1984. The company specializes in providing comprehensive wealth management support and personalized financial planning solutions tailored for independent financial professionals and institutions. Grove Point Financial leverages advanced technology platforms to enhance client engagement and operational efficiency, helping clients navigate the complexities of wealth management. Their offerings include life planning solutions, curated financial products, and sophisticated financial planning services. Additionally, they provide technology solutions such as the Unio® Advisor Platform and the Clear1® Client Portal, which facilitate seamless client management and communication. As part of the Atria Wealth Solutions family, Grove Point Financial is positioned to impact the wealth management industry significantly, focusing on growth and innovation in financial services.


20. Future

  • Website: future.green
  • Ownership type: Venture Capital
  • Headquarters: Silver Spring, Maryland, United States (USA)
  • Employee distribution: United States (USA) 88%, Egypt 12%
  • Latest funding: Seed, $6.5M, June 2023
  • Founded year: 2021
  • Headcount: 11-50
  • LinkedIn: futurescore

Future, founded in 2021 and based in Silver Spring, Maryland, is a financial services company that aims to reward sustainable spending through its FutureCard Visa® Debit Card. This card allows users to earn cashback on eco-friendly purchases, such as public transport, electric vehicle charging, and sustainable brands. By partnering with various sustainable companies, Future enhances its offerings and encourages consumers to make environmentally conscious choices. The company has received $6.5 million in seed funding as of June 2023, which supports its mission to democratize climate-smart living and expand its market presence. Future's approach not only addresses financial needs but also promotes a greener lifestyle, positioning it as a notable player in the fintech industry.


21. Forbright Bank

  • Website: forbrightbank.com
  • Ownership type: Private
  • Headquarters: Chevy Chase, Maryland, United States (USA)
  • Employee distribution: United States (USA) 100%
  • Founded year: 2003
  • Headcount: 501-1000
  • LinkedIn: congressional-bank

Forbright Bank, based in Chevy Chase, Maryland, is a private banking institution founded in 2003. The bank offers a range of financial services, including personal and business banking products, high-yield savings accounts, and various lending solutions. A key aspect of Forbright Bank's mission is its focus on sustainability, as it actively supports projects that contribute to a low-carbon economy. This commitment is evident in their lending practices, which prioritize financing for renewable energy initiatives and healthcare facilities. The bank has positioned itself as a trusted partner for individuals and businesses seeking responsible financial options. With a workforce of approximately 456 employees, Forbright Bank operates primarily in the United States and has embraced digital banking to enhance customer experience. The bank was rebranded from Congressional Bank in January 2022, reflecting its renewed focus on sustainability and innovation in the financial sector.


22. Versa Business Systems


Versa Business Systems, founded in 2017 and based in Catonsville, Maryland, is a private financial services company that specializes in providing a range of business solutions tailored for small and medium-sized enterprises. The company offers various financial products, including short-term and long-term lending, consumer financing, and credit card processing services. Their mission is to assist businesses in improving cash flow and managing operational costs through innovative financial solutions. Versa Business Systems has developed a reputation for fast approval processes and competitive rates, making it an attractive option for businesses seeking financial support. They also provide employee benefit programs, further enhancing their service offerings in the financial sector.


23. Advent Automation, Inc.

  • Website: advent-inc.com
  • Ownership type: Private
  • Headquarters: Annapolis Junction, Maryland, United States (USA)
  • Employee distribution: United States (USA) 100%
  • Founded year: 1993
  • Headcount: 11-50
  • LinkedIn: advent-automation-inc-

Advent Automation, Inc., founded in 1993 and based in Annapolis Junction, Maryland, is a private company that provides innovative security solutions and banking technology tailored for financial institutions. With a workforce of 11 to 50 employees, Advent Automation focuses on enhancing operational efficiency and security through a range of services. Their offerings include ATMs, cash automation systems, electronic security solutions, and customer service enhancements. The company prides itself on its customer-centric approach, ensuring that they understand the unique challenges faced by their clients in the financial services sector. By providing comprehensive project management, installation, and ongoing support, Advent Automation aims to be a long-term partner for financial institutions looking to improve their operational capabilities. Their expertise in cash handling and security systems is particularly relevant as banks seek to modernize their services and enhance customer experiences.



Fintech Insights: Key Companies in Maryland


CompanyHeadquarterSizeFoundedOwnership
Bill Me Later, Inc.Timonium, Maryland, United States (USA)201-5002000Corporate
LidyaGreenbelt, Maryland, United States (USA)51-2002016Private Equity
TruebillSilver Spring, Maryland, United States (USA)51-2002015Corporate
Rocket MoneySilver Spring, Maryland, United States (USA)201-5002015Corporate
LowerColumbia, Maryland, United States (USA)1001-50002014Private
DepozitKemp Mill, Maryland, United States (USA)1-102021Private
FiNext ConferenceGreenbelt, Maryland, United States (USA)11-502018Private
Rosedale Federal Savings & Loan AssociationBaltimore, Maryland, United States (USA)51-2001908Private
Cerebro CapitalBaltimore, Maryland, United States (USA)11-502017Venture Capital
Flagship Advisory PartnersAnnapolis, Maryland, United States (USA)11-502020Private
WebbMason AnalyticsSparks, Maryland, United States (USA)51-2002009Private
Kalamata Capital GroupBethesda, Maryland, United States (USA)51-2002018Private
USB Payment Processing NE, Inc.Towson, Maryland, United States (USA)11-501996Private
Global PayEXRockville, Maryland, United States (USA)51-2002018Private
Decipher Credit Solutions, Inc.Bethesda, Maryland, United States (USA)11-502016Private
Vitas Microfinance GroupSilver Spring, Maryland, United States (USA)1001-50002011Private Equity
The Interface Financial GroupBethesda, Maryland, United States (USA)201-5001972Private
Congressional BankChevy Chase, Maryland, United States (USA)201-5002003Private Equity
Grove Point FinancialRockville, Maryland, United States (USA)51-2001984Corporate
FutureSilver Spring, Maryland, United States (USA)11-502021Venture Capital
Forbright BankChevy Chase, Maryland, United States (USA)501-10002003Private
Versa Business SystemsCatonsville, Maryland, United States (USA)11-502017Private
Advent Automation, Inc.Annapolis Junction, Maryland, United States (USA)11-501993Private


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