These 11 startups are re-inventing how money works and they’re worth more than $1 billion

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Everyone likes money.

But technology that handles money is what’s really popular these days.

The rise of “fintech,” or, financial technology, has unleashed a new breed of apps, sites and services designed to help consumers pay for goods, get loans and manage their retirement accounts.

Fintech is a multi-billion dollar industry, with startups in the US raising around $18 billion since 2015, according to PitchBook and nearly 1,400 venture capitalist-backed deals. Two of the most valuable startups in the country — Stripe and SoFi — are in the fintech sector. And there are 11 fintech startups valued at more than $1 billion.

To get a sense of why fintech is so hot right now, we took a look at the 11 most valuable VC-funded US fintech startups, as compiled by PitchBook.

Like any fast-growing industry, fintech hasn’t been without its bumps. Some companies on the list have had layoffs and scaled back from their initial success. One in particular — SoFi — forced out its CEO over summer following allegations of sexual harassment at the company.

But all 11 startups have made a dent in the space and give credence to venture capital’s multi-billion dollar bet that fintech isn’t going away anytime soon. Here’s why: