14 Financial Service Business Success Stories [2023]
Here are some real life success stories of starting a financial service business:
1. Fair Capital ($960K/year)
Avi Grunwald, founder and CEO of Fair Capital, started the company in 2017 to address the significant problem of unpaid invoices that many businesses face. Through his research, Avi realized that the debt collection industry had a bad reputation and many businesses were hesitant to hire a collection agency. Determined to make debt collection efficient and positive, Avi assembled a unique team of industry professionals and newcomers to create a culture of mediation between creditors and debtors. With their proven debt collection strategy, Fair Capital has achieved a success rate 52% higher than the industry average, as reported by ACA International.
How much they make: $960K/year
Current team size: 0
A debt collection agency's founder and CEO speaks on addressing the debts of businesses efficiently and positively, attributing its 52% collection success rate increase to a three-phase collection process.
2. Fuelfinance ($450K/year)
How much they make: $450K/year
How much did it cost to start: $399
Current team size: 20
Fuelfinance generates $450K per year by providing powerful dashboards and practical financial services for startup founders to make their financial operations more efficient.
So... can you actually make money with a financial service business?
Of course. There are millions to be made in this industry.
But how?
- Research real, profitable businesses and see exactly how much money they make.
- Study exactly what works, and what doesnโt.
- Take action, because now you have the roadmap.
Join Starter Story and build your next big thing:
3. Cledara ($2.4M/year)
How much they make: $2.4M/year
Current team size: 43
Cristina Vila and Brad van Leeuwen founded Cledara, a subscription management company that has acquired over 700 clients, a $2.4M ARR, raised $7 million, and partnered with financial giants such as PayPal, Caixa Bank, and Railsbank.
4. Financer ($6M/year)
How much they make: $6M/year
Current team size:
Learn how Johannes built a successful financial comparison site, managing a remote team in 26 countries and bringing in over $100k per month.
So... can you actually make money with a financial service business?
Of course. There are millions to be made in this industry.
But how?
- Research real, profitable businesses and see exactly how much money they make.
- Study exactly what works, and what doesnโt.
- Take action, because now you have the roadmap.
Join Starter Story and build your next big thing:
5. Journey To Launch ($252K/year)
How much they make: $252K/year
Current team size:
Jamila Souffrant's Journey to Launch podcast amassed over 2 million downloads in a year, made it to the Forbes feature, and has helped many listeners come out of debt, stop living paycheck to paycheck and build-savings.
So... can you actually make money with a financial service business?
Of course. There are millions to be made in this industry.
But how?
- Research real, profitable businesses and see exactly how much money they make.
- Study exactly what works, and what doesnโt.
- Take action, because now you have the roadmap.
Join Starter Story and build your next big thing:
6. Secvolt ($1.2M/year)
Divakar Choudhary came up with the idea for Secvolt, a record-breaking hedge fund, after a lifetime of fascination with finance and entrepreneurship. He combined his passion for investing with his knowledge of quantitative strategies, assembling a talented team and developing proprietary quant models that led to impressive returns for investors. With a solid foundation and a commitment to excellence, Secvolt has become one of the top hedge funds in the world.
How much they make: $1.2M/year
Current team size: 15
Secvolt, a highly successful hedge fund that generated a record-breaking 262.10% returns for investors in 2022, shares their journey on developing their proprietary quant models and wealth management solutions for high-net-worth individuals around the world.
7. Gauvreau Accounting Tax Law Advisory ($4.44M/year)
Robert Gauvreau, founder and CEO of Gauvreau Accounting Tax Law Advisory, started his business in 2008 with just three employees and $220,000 in revenue. Over the years, through innovation and a focus on proactive financial services, the company has grown exponentially, now generating over $10 million in revenue and employing 90 to 100 people. Gauvreau's goal is to continue scaling the business and reach $200 million in revenue within the next ten years.
How much they make: $4.44M/year
Current team size: 80
Gauvreau Accounting Tax Law Advisory has gone from $220k in revenue in its first year to over $10 million with 90-100 employees, offering compliance solutions, strategic financial advisory services, leadership coaching, and specialized tax, wealth management, and business financing services; their primary goal is to positively empower business owners to maximize their impact in changing the world, and they plan to go from $10 to $200 million revenue in the next ten years.
8. Digits ($20.4M/year)
How much they make: $20.4M/year
Current team size: 59
Digits is the fintech company that aims to revolutionize small business finance management with an AI-generated dashboard that offers interactive financial reports, quick answers, error detection, and practical suggestions.
9. LendingPoint ($37.7M/year)
How much they make: $37.7M/year
Current team size: 258
Fintech platform LendingPoint incorporates AI technology to offer financing origination solutions, with $900m in new loans and a $100m credit facility managed by Ares Management, while in May 2022 it announced a new partnership with Midland States Bank.
10. The Credit Connection ($500K/year)
How much they make: $500K/year
Current team size: 3
Daniel Massimino successfully turned his childhood passion into a multimillion-dollar company with MassTech and founded The Credit Connection to help entrepreneurs start, grow, and scale their businesses while assisting consumers in turning loan denials into approvals, believing the ongoing pandemic has created the perfect opportunity for entrepreneurs to start a business.
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