May 19, 2020

The top three fastest growing fintech firms in the US

Startups
Fintech
Nationwide Mortgage Brokers
LendingPoint
hotmaillogin
3 min
The top three fastest growing fintech firms in the US

This week, Inc released its annual list of the 5,000 fastest growing companies in the US. Check out the three fastest growing fintech firms in the country. 

YieldStreet

Founded in 2015, YieldStreet is a New York-based fintech startup aimed at democratising investment opportunities in non-traditional markets like real estate, marine/shipping, legal finance, commercial loans and more. 

Company founder Milind Mehere is a successful tech entrepreneur who was seeking investment opportunities outside of the stock market that had real collateral and attractive yields.

He reportedly soon realized that asset-based investments in asset classes like litigation and real estate were nearly impossible for an accredited investor like himself to access. These investments were dominated by institutions with high minimums and long holding periods that shut out everyday investors. 

YieldStreet’s solution to this accessibility problem is its platform that connects accredited investors to asset-based investment opportunities across multiple asset classes, and provides deserving borrowers with affordable capital. 

The startup raised $62mn in a Series B funding round in February 2019, which will reportedly be used to expand the platform and lower the bar even further for investors. According to Inc, YieldStreet grew by 10.562% over the past three years, making it the 14th-fastest growing company in the US. 

SEE ALSO: 

LendingPoint 

The second-fastest growing financial services company on the list is LendingPoint. Based in Kennesaw, Georgia, the fintech startup increased in value by 9,265% over the past three years. 

LendingPoint is a balance sheet lender committed to redefining who is able to access money at fair rates, and empowering consumers to build financial momentum. By focusing less on applicant credit scores and using its own proprietary data analysis solutions, the company works to provide its services to millions of underbanked Americans. 

“Our platform saw more originations in 2018 than in 2015, 2016 and 2017 combined, and at the same time our credit performance improved allowing us to facilitate more financing for consumers online and at the point of sale. We are incredibly grateful to our customers and proud of the LendingPoint team,” said LendingPoint CEO Tom Burnside in response to the recent ranking announcement. 

Nationwide Mortgage Bankers 

Founded in 2011, Nationwide Mortgage Bankers is the oldest of the three fastest growing fintechs. Based in Melville, New York, the company is also the biggest employer, with 400 people working under its roof. In the past three years, Nationwide Mortgage Bankers reported 5,450% growth in revenue. 

The company operates as an independent mortgage lender.  This week, the company introduced its mortgage service that provides information regarding best homebuying practices to persons who speak Spanish.

The platform, Americasa, was created to educate the Latino community on the best mortgage options available to them. According to the press release, “In the US today, there is a lack of information related to mortgage borrowing available to Spanish speakers. NMB saw an opportunity to better serve Spanish-speaking persons by developing a Spanish language resource for potential borrowers to fill this gap and provide educational resources surrounding the mortgage process.”

Share article

Jun 8, 2021

Six issues at the top of tax and finance leaders’ agenda

Tax
Compliance
financeleaders
Deloitte
Kate Birch
4 min
As businesses accelerate their transformation journeys, tax leaders are under increasing pressure to add strategic value. Deloitte reveals six tax trends

New Deloitte research reveals that tax leaders are under increasing pressure to add strategic value as companies accelerate business model transformation, from undergoing digital transformations to rethinking their supply chains or investing in green initiatives.

According to Phil Mills, Deloitte Global Tax & Legal Leader, to “truly deliver value to the business, the tax function needs to rethink its resourcing model and transform its technology infrastructure to create capacity and control costs”.

And the good news, according to Mills, is that tax and business leaders have more options at their disposal to achieve this.

Reflecting the insights of global tax and finance executives at global companies, Deloitte’s Tax Operations in Focus study reveals the six issues at the top of tax and finance leaders’ agenda.

Trend 1: Businesses seek more strategic counsel from tax

Companies are being pushed to develop new digital products and distribution channels and accelerate sustainable transformation and this is taking them into uncharted tax territory. Tax leaders say their teams must have the resources and skills to give deeper advisory support on digital business models (65%), supply chain restructuring (49%) and sustainability (48%) over the next two years. This means redrawing the boundaries of what tax professionals focus on, and accelerating adoption of advanced technologies and lower-cost resourcing models to meet compliance requirements and free up time.

According to Joanne Walker, Group Tax Director, BT Group PLC, "There’s still a heavy compliance load today, but the vision for the future would be that much of that falls away, and tax people become subject matter experts who help program the machine, ensure quality control, and redirect their time to advisory activity.”

Trend 2: Tipping point for resourcing models

Business partnering demands in the tax department are on the rise, but 93% of tax leaders say their department’s budget is remaining flat or falling. To ensure that the tax function can redefine itself as a strategic function at the pace that is required, leaders are choosing to move increasing amounts of compliance and reporting to a combination of shared service centers, finance departments, and outsourcing providers that have invested in best-in-class technology.

Trend 3: Digital tax administration is moving faster than expected

in addition to the rising focus of the corporate tax department partnering with their business counterparts, transformative changes to the way companies share tax information with revenue authorities is also creating an imperative to modernize operations at a faster pace. Nine in 10 (92%) respondents say that shifting revenue authority demands on digital tax administration will have a moderate or high impact on tax operations and resources over the next five years—and several heads of tax said the trend is moving faster than expected.

"It’s really stepped up in the last couple of years," says Anna Elphick, VP Tax, Unilever. "Tax authorities don't just want a faster turnaround for compliance but access into a company’s systems. It's not unreasonable to think that in a much shorter time than we expect, compliance will be about companies reviewing a return that's been drafted by the tax authorities."

Trend 4: Data simplification and lower-cost resourcing are top priorities

Tax leaders said that simplifying data management (53%) and moving to lower-cost resourcing models (51%) must be prioritized if tax is to become more proactive at delivering strategic insights to the business. Many tax teams are ensuring that they have a seat at the table as ERP systems are overhauled, which is paying dividends: 56% of those that have introduced NextGen ERP systems are now highly effective at supporting the business with scenario-modeling insights. Only 35% of those with moderate to low use of NextGen ERP systems said the same.

At Stryker, “we automated the source P&L process for transfer pricing which took a huge burden off of the divisions," says David Furgason, Vice President Tax. "Then we created a transfer price database to deposit and retrieve data so we have limited impact on the divisions. We are moving to a single ERP platform which will help us make take the next step with robotics.”

Trend 5: Skillsets are shifting

Embedding a new data infrastructure and redesigning processes are critical for the future tax vision. Tax leaders are aligned — data skills (45%) and technology process experience (43%) are ‘must have’ skills in a tax department of the future, but more traditional tax specialist knowledge also remains key (40%). The trick to success will be in tax leaders facilitating the way these professionals, with their different backgrounds, can work together collectively to unlock lasting value.

Take Infineon Technologies, which formed a VAT technology and governance group "that has the right knowledge about how to change the system to ensure it generates the right reports", according to Matthias Schubert, Global Head of Tax. "Involving them early was key as we took a greenfield approach, so we could think about what the optimal processes would look like and how more intelligent systems could make an impact 

Trend 6: 2020 brought productivity improvements

Improved productivity (50%) and accelerating shifts to remote working (48%) were cited as the biggest operational benefits to emerge from COVID-19-driven disruption. But, as 78% of leaders now plan to embed either hybrid or fully remote models in the tax function long term, 34% say maintaining productivity benefits is a top concern. And, as leaders think about building their talent pipeline and strengthening advisory skill sets, 47% say they must prioritize new approaches to talent recognition and career development over the next two years, while 36% say new processes for involving tax in business strategy decisions must be established.

Share article