Financial Technology Business

3 Financial Technology Business Success Stories [2024]

•

Updated: September 6th, 2024

Imagine revolutionizing the way people handle their money—this is the promise of a financial technology (fintech) business.

At its core, a fintech business involves creating software that enhances or automates financial services. From digital wallets and online lending platforms to blockchain solutions and robo-advisors, the opportunities are vast and varied.

With a growing demand for accessible and efficient financial solutions, fintech is an industry ripe for innovation. It requires a blend of tech savvy, understanding of financial systems, and a knack for addressing consumer pain points.

If you’re eager to lead the charge in transforming traditional banking and financial services into streamlined, modern solutions, then starting a fintech business could be your next venture. It's about identifying gaps in current financial systems and developing tech-driven solutions that meet evolving consumer needs.

In this list, you'll find real-world financial technology business success stories and very profitable examples of starting a financial technology business that makes money.

1. PVM IT ($7.2M/year)

Pat Mack, founder and CEO of PVM, Inc., came up with the idea for his business after years of frustration with the bureaucratic work culture he encountered in the US Navy. He wanted to create a company that focused on solving impactful, data-driven problems that mattered to end-users. With no outside funding, he bootstrapped the company himself and prioritized delighting customers and meeting their needs.

How much money it makes: $7.2M/year
How much did it cost to start: $0
How many people on the team: 50

This Former US Navy Officer Started A $6M/Year Big Data Company

PVM, Inc offers software engineering services related to big data storage and analytics to customers in both the private and public sectors, ranging from local police departments to federal agencies, with partnerships with Palantir, Amazon, and MicroFocus.

Read this case study

Read by 4,632 founders

2. Buxfer ($600K/year)

Shashank Pandit, the Founder and CEO of Buxfer, came up with the idea for the budgeting app while he was a grad student at Carnegie Mellon in Pittsburgh. He and his friends built a prototype to help students track and split expenses, which gained popularity on campus. After working at Facebook for five years, Shashank noticed that Buxfer had grown significantly and decided to turn it into a full-time job, revamping and modernizing the app. The company is now profitable with a 15-person team and aims to have a lasting impact in the budgeting app market by incorporating automated financial advice.

How much money it makes: $600K/year
How much did it cost to start: $50K
How many people on the team: 5

I Left My Job At Facebook To Go Full-Time On My Budgeting App [$600K/Year]

Bootstrapped budgeting app Buxfer, founded by Shashank Pandit, has grown organically to profitability with a 15-person team and $0 spent on marketing, targeting niche "finance power users" with strong connections to banks all over the world.

Read this case study

Read by 4,567 founders

3. Wealthtender ($360K/year)

Brian Thorp founded Wealthtender in 2019 to provide inclusive financial advice and resources for people of all income levels. With over 40,000 monthly visitors, Wealthtender generates $8,000 in revenue each month from financial professionals who subscribe to their digital marketing benefits. Thorp identified a gap in the market for a financial advisor review platform and capitalized on new SEC regulations to launch Wealthtender's SEC-compliant online review platform, further expanding their offerings and establishing their authority in the industry.

How much money it makes: $360K/year
How much did it cost to start: $100K
How many people on the team: 1

I Quit My Job And Built An $8K/Month Marketing Business For Financial Advisors

Wealthtender's founder Brian Thorp created an SEC-compliant financial advisor review platform which generated $8,000 a month from 40,000 monthly visitors in 2019, and now earns over $40-$50 a month from 200 paying financial professional clients, receiving over 30,000 monthly visitors and being in the first page of Google for various search terms.

Read this case study

Read by 1,944 founders