5 Financial Tech Startups to Watch Out For

By Amanda Lewan on March 14th, 2014 / Comments

Did you know that Michigan has great financial tech startups?

Whether it’s mobile payments, new financial apps, or publishing, these tech startups are changing the way we think about and use money in today’s world.  A lot of the founders on this list aren’t first timers either. They know what they’re doing and are creating awesome new products, or approaches, to managing our money.

Check out the following five financial tech startups to watch out for in Michigan.

Protean Payment. Co-founded by Henry Balanon, former co-founder of Detroit Labs, and two smart young entrepreneurs, Protean is creating a new Echo card to manage all of your cards using blue tooth technology. This card mimics ordinary cards with a magnetic stripe registered to your mobile phone. The one card solution will allow users to choose which cards they want to swipe with a tap of your mobile phone. Based in Ann Arbor, this startup is currently hiring after receiving a new round of funding. We can expect them to expand nationally as they continue to help make mobile payments easier.

Benzinga. Benzinga has been growing a very large readership all thanks to their fresh, quick, and informative approach to financial news. Their approach for financial news is especially valuable for those interested in investing. Growing their company in Southfield, we can expect to see their media coverage to expand, and their new product Marketfy to do well.

Larky. This startup is creating a better way for companies to enable their employees to take advantage of rewards. Based in Ann Arbor, Larky has seen some great traction working with credit unions and larger companies. The app sends a notification when a reward can be used, and companies are able to better manage perks and money spent.

Wisely. Looking for a wiser way to spend your money? This Ann Arbor based application is making it happen. You can download Wisely, better access your account information, see financial information you can use, and more. Their unique new approach is to analyze other people’s spending information, to better show you where people enjoy spending their money. Numbers do tell an interesting story. We found the app to be beautiful, easy to use, and very useful.

VerifyValidThis Grand Rapids startup is new to us but we expect to hear more about this company as it grows. VerifyValid has created a way for users to send electronic check payments for businesses, consumers, financial institutions with their Mobile Checkbook app. Banks currently process 24 billion dollars in checks alone. With VerifyValid, users will be able to avoid card interchange fees and still receive the security and convenience of checks. They claim to be the first true check payment that can be sent via Internet by specifying an email address for delivery. Try out their free starter checkbook to see it for yourself.

“While consumers gain the freedom to pay for goods and services directly through the Mobile Checkbook app, our business customers experience greater convenience in accepting payments anytime, anywhere without incurring costly interchange fees associated with card transactions,” said Paul Doyle, founder and chief executive officer of VerifyValid. “With our free starter checkbook, users can see the power and convenience of eChecks firsthand.”

What other Michigan startups do you see shaking up the financial tech industry? Share with us as we continue to spotlight Michigan’s great tech and startup talent.

About the Author

Amanda Lewan

Amanda Lewan

Editor @michipreneur. Co-founder Bamboo Detroit. Follow me @Amanda_Jenn. I love telling the story of entrepreneurs and innovators.