Financial technology, otherwise known as “FinTech,” is a new-ish phenomenon that is changing the way we deal with and utilize our money. Square (SQ), one of the most successful FinTech startups in recent years, just recently made its market debut; it’s known for its tiny square-shaped hardware that processes credit card payments. Most importantly, FinTech has made it easier than ever to conduct transactions between two persons or entities. FinTech is a growing industry that, in addition to easing payment processes, reduces fraud, saves users money, and promotes financial stability. 

Let’s take a look at 7 influential FinTech startup companies that you should know about:

1. BillGuard

Named the Best Finance App of 2014 in the Google Play Store, Bill Guard offers users a smart way to track your spending and protect yourself against fraud. The app, available for download on both iOS and Android devices, lets you see how and where you spend your money, and searches for and alerts you to coupons for items you purchase often. It also sends push notifications to your device warning you when something appears amiss. BillGuard was founded in 2010.

2. Credit Karma

Launched almost 10 years ago, Credit Karma is a useful tool that lets users view their credit scores—arguably one of the most important financial factors in your life—and also understand their ranking. The platform gives tips on how to work towards a higher score so you can receive not only receive better interest rates but also keep more of your money. Back in April, the Wall Street Journal reported that Credit Karma has raised $75 million in growth funding from major late-stage investors, putting its valuation at more than $1 billion.

3. OnDeck

OnDeck is a company that prides itself on being an alternative small business lender; the company to date has delivered over $3 billion in small business loans worldwide. The company’s platform reduces the typical amount of paperwork associated with getting financing, and provides their clients with cash in as little as one business day (banks can take weeks to make a decision). Unlike a personal credit check, OnDeck uses a proprietary method in order to evaluate creditworthiness.

4. Stripe

A company specifically for developers, Stripe allows companies like the ride-sharing Lyft and grocery delivery service Instacart to have seamless transactions between customer and business; it’s a way to accept payments online or within mobile apps. Stripe has aimed itself at solving the problem of difficult payment processes with an application program interface (API) that is easy, simple, and secure. Big name corporations like Twitter (TWTR - Analyst Report), Alibaba (BABA - Analyst Report), and Apple (AAPL - Analyst Report) utilize the startup’s technology.

5. Venmo

Venmo is a company that allows peer-to-peer payments through its website or mobile app. By signing up with Facebook (FB), users can pay anyone instantly using the money they have in their Venmo accounts or through a linked bank account or debit card; you can also move money from your Venmo account to your bank account in as little as one business day. Venmo is a convenient and useful tool for instant payments to a friend after a dinner or night out.

6. Wealthfront

Named number one on the 2014’s FinTech 100 list, Wealthfront is a company that determines how to distribute your money across low-cost index exchange traded funds that invest in stocks, bonds and commodities worldwide, all based on your financial history, investment goals, and tolerance for risk. Wealthfront will continue to monitor and automatically rebalance your portfolio to maintain the target allocation. It was founded in 2008.

7. WePay

WePay is a developer’s tool that allows sites like Care.com, Constant Contact (CTCT), GoFundMe, and Meetup to easily receive payments from customers. Like Stripe, WePay uses a flexible API, allowing third-party payments with the host site act as a go-between. The company also enables its users to collect payments from a large number of customers as well as dispersing those payments to a smaller number of merchants. To date, WePay has received over $74 million in funding.