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Fintech

Daily Cover


SIX FOUNDERS MAKING THEIR DEBUT ON THE FINTECH 50

Atomic CEO David Dindi (top left), Kin Insurance CEO Sean Harper and Lead Bank
CEO Jackie Reses. ILLUSTRATION BY FORBES; PHOTO BY LIANGPV/GETTY IMAGES; ATOMIC,
KIN AND LEAD BANK
Jeff Kauflin
Forbes Staff
Senior editor covering fintech and crypto.
FollowingFollow
Jun 6, 2023,06:15am EDT|
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E



very year for the Fintech 50, our annual list of the most innovative fintech
startups, we evaluate hundreds of new companies that have never earned a spot
before. Despite the rough patch many fintech entrepreneurs are going through
with abundant layoffs and shrinking valuations, some standout founders led their
companies to impressive innovation and growth in 2022.




On this year’s Fintech 50 (our eighth annual), 19 honorees were newcomers.
Profiled below are the entrepreneurs behind a half-dozen of those first-timers.
The six work across a diverse spectrum of fintech categories and hail from just
as wide a range of backgrounds. One started her venture (a payments company for
independent beauty businesses) in her mid-20s after just a few years as a
Goldman Sachs alternative investments analyst. Another is a former private
equity executive who previously led the lending business at Square (now Block)
and decided in her early 50s to buy a bank in Kansas City and turn it into a
service provider to other fintechs and large companies.




A Kenyan-born software engineer, still just 30, has built a startup that lets
other companies offer wealth management services to ordinary investors. Another
first-timer is a serial entrepreneur who sold an ecommerce startup to Groupon in
2012 before launching a digital-only home insurance company that was recently
valued at $875 million.




HERE ARE SIX FOUNDERS WHO MADE THEIR DEBUT ON OUR FINTECH 50 2023 LIST:

--------------------------------------------------------------------------------





tk



DANIELLE COHEN-SHOHET, 33


FOUNDER AND CEO, GLOSSGENIUS

As an undergraduate economics major at Princeton, Cohen-Shohet had an unlikely
side hustle as a makeup artist. After graduation, she took a job in finance at
Goldman Sachs but kept thinking about the beauty business. In 2016, she founded
an appointment booking and payments software company geared to the needs of
independent beauty businesses and freelancers. GlossGenius has raised $44
million (most recently in June 2022 at a $360 million valuation), has more than
50,000 active customers and is now processing over $2 billion a year in
transactions. Cohen-Shohet’s twin, Leah, also a Princeton economics grad, is
chief business officer.

--------------------------------------------------------------------------------





tk


SANJAY DESAI, 49


COFOUNDER AND CEO, MUDFLAP

As chief product officer of Trucker Path, Desai helped build a navigation and
load- management program for truckers. But the Stanford MBA and a coworker saw
another opening—for an app that would link owner- operators and small fleets
with truck stops ready to offer them fuel discounts. In 2016, they cofounded
Mudflap, which now has 500,000 truckers using its free app. In addition to
collecting transaction fees from its fuel marketplace, Mudflap last year rolled
out its own Visa debit card offering added discounts— and enabling it to collect
fees on customers’ purchases. It has raised $85 million, most recently at a $700
million valuation in July 2022.

--------------------------------------------------------------------------------





tk


DAVID DINDI, 30


COFOUNDER AND CEO, ATOMIC INVEST

A Stanford-educated software and AI engineer turned quantitative money manager,
Kenya-born Dindi teamed up with former classmates in 2020 to build a digital
platform enabling fintechs, banks and credit unions to provide a range of
consumer services including money market funds, ESG investing and tax-loss
harvesting. Atomic’s direct indexing services allow even the smallest investors
to own portfolios of fractional shares. So far, it has signed up nearly 50
customers; fintech startup Lilly, for example, uses Atomic to convert credit
card rewards into Roth IRAs. Atomic raised $25 million in November 2021 in a
Series A led by QED Investors and Anthemis.

--------------------------------------------------------------------------------



--------------------------------------------------------------------------------





tk


HUSSEIN FAZAL, 41


COFOUNDER AND CEO, SUPER

In 2008, Canadian Fazal quit a tech job to cofound AdParlor, which built
marketing campaigns to run on Facebook. He sold it in 2011, stayed on as CEO for
a few years and then in 2016 launched Snapcommerce, a discount hotel reservation
service recently valued at nearly $1 billion. Last October, he changed its name
to Super and branched into financial services with SuperCash, a secured credit
card that offers cash-back rewards and reports payments to credit bureaus. When
San Francisco–based Super’s millions of users book a reservation, they’re
prompted to sign up for SuperCash. So far, 50,000 have.

--------------------------------------------------------------------------------





tk


SEAN HARPER, 42


COFOUNDER AND CEO, KIN INSURANCE

In 2009, Harper launched an e-commmerce startup while earning an MBA at the
Univer­sity of Chicago. It was bought in 2012 by Groupon, and he stayed on for a
few years. In 2016, he cofounded Kin as a digital-first home insurer. It now has
100,000 policyholders but is available in just six states, which keeps
underwriting and marketing costs low. He structured the insurer as a co-op owned
by policyholders, with Kin taking 32% of premiums as a management fee; it more
than doubled revenue in 2022 to $68 million. After canceling a plan to go public
in a SPAC deal that valued it at $1 billion, Kin recently raised $109 million at
an $875 million valuation.

--------------------------------------------------------------------------------





tk


JACQUELINE RESES, 53


COFOUNDER AND CEO, LEAD BANK

A former executive at Yahoo and the private equity firm Apax, Wharton grad Reses
spent five years, from 2016 to 2021, building up banking services at Square (now
Block). Last August, Reses, who appears on our 2023 ranking of America’s Most
Successful Businesswomen with a net worth of $390 million (see page 64), teamed
up with other ex-Square execs and investors—including Ribbit and Andreessen
Horowitz—to buy Kansas City–based Lead Bank. She’s expanding its services to
other fintechs; it helps credit card startup Ramp lend money to businesses and
Unchained Capital make loans collateralized with bitcoin. A secondary sale in
April valued Lead at $450 million.

--------------------------------------------------------------------------------






MORE FROM FORBES

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To Fight FraudBy Jeff KauflinMORE FROM FORBESNewcomers To The Fintech 50 2023By
Jeff KauflinMORE FROM FORBESThe Future Of Business To Business Banking: Fintech
50 2023By Jonathan PoncianoMORE FROM FORBESThe Future Of Personal Finance:
Fintech 50 2023By Jeff KauflinMORE FROM FORBESThe 10 Biggest Fintech Companies
In America 2023By Emily Mason

Follow me on Twitter or LinkedIn. Check out my website. Send me a secure tip. 
Jeff Kauflin
Follow



I lead our fintech coverage at Forbes and also cover crypto. I edit our annual
Fintech 50 and 30 Under 30 for fintech, and I’ve written frequently about
leadership and corporate

... Read More



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