Finances. What a complicated subject. There are so many things that could be associated with the topic of finances. Similarly, there are many different companies that specialize themselves on many different financial themes. Be it banks, stock-trading platforms, or even just articles about finances (like this one), there’s a plethora of different companies in the finance field. Similar to the consumer service field, there will be a lot to look at. But which ones are the best in it? Let’s take a look at some of the best, most well-known companies in the field of finances.
What even is the finance field?
Before we delve into the world of the finance field, we should first establish what it even is. Basically, whatever service somehow provides financial services is most probably included. Here are just some examples of the businesses you can excpect
- banking
- credit cards
- mortgage
- Tax filling
- investing/brokerage
- payment services
Now that we established what even is the financial field, let’s go and take a look at some of the largest companies in this field.
Berkshire Hathaway
And let’s start with a big one. Berkshire Hathaway was founded all the way back in 1836 as a textile company. But how could a humble textile manufacturer become one of the leading forces in the finance filed of all things? Two words – Warren Buffet. When he started to buy shares of the company in the early 20th century, nobody expected that he would also become the CEO of the whole company. After he took the mantel, he started also buying many other companies, with which he had major successes.
This lead to Berkshire Hathaway becoming the owner of basically everything you can think of. They own many of the big insurance companies like GEICO, National Indemnity, and General Re, which technically makes Berkshire basically the biggest insurance company in the USA. They also own companies in many other industries, like furniture, jewelry, and even real estate. All of this makes Berkshire into the financial giant it is today.
American Express
Another big name in the financial industry is the American Express (or Amex). Founded in 1850, it is also one of the oldest companies in the USA in general. When they were founded, Amex was a express mail delivery company (basically a “pay to get your mail faster” service). It all started when 3 successful businessmen – Henry Wells, William G. Fargo, and John Warren Butterfield – decided to join their own companies to form a big conglomerate. Their first real business was situated in New York, but they quickly spread their influence to all over the USA.
Nowadays, Amex specializes in charge card manufacturing and distributing. Charge cards are similar to credit cards, but their debt must be paid in full every month, unlike with credit cards, where you only pay increased interest. At first their charge cards functioned almost like a I.O.Us, or the modern “buy now, pay later” system. Amex developed many different types of cards over the years. Starting at a gold card, going through green and platinum, and ending on the iconic black centurion card, only reserved for the wealthiest clients.
Over all, Amex managed to climb it’s way into the list of the worlds wealthiest companies, and it’s probably going to stay there for a long time.
PayPal
When it comes to online transactional services, I don’t think there is a better example than PayPal. This online platform, created in 1998, is probably the best-known way of executing financial transactions online.
At first, PayPal was called Confinity, and was meant to be a form of security system, designed to protect mostly mobiles and tablets. This first iteration was a total flop, so the team behind it switched directions after the first year of production. Confinity then merged with x.com – another technology start-up, lead by Elon Musk at the time. The two companies then merged in 2000 and created PayPal.
fun fact: This merger meant that X.com technically went defunct, but a website with it’s name came online in 2007. It’s most likely not affiliated with the original company, since it only displays a “x” in the corner – you can check here
PayPal then grew into one of the biggest online transaction companies in the world. It managed to get many different partnerships with banks, shops, and credit card companies. This allowed it to weave it’s way into almost every online shop, where it’s possible to use it as an alternative to credit card payments. In 2021, PayPal even became the first transaction app allowed in China, which, alongside the prestige, allowed it to gain even more consumer.
Over it’s years, PayPal also acquired several other companies it it’s field. The notable ones being Honey, which made browser extensions for better online shopping, Venmo, which focuses on making family payments easier, and Paidy, the Japanese variant of PayPal.
Wells Fargo
If it’s bank you’re looking for, Wells Fargo is most likely your best bet. Being one of the largest banks in the USA, and having a significant global presence makes it one of the best examples of the “banking” side of the finance field.
While it was technically founded in 1929, it’s predecessor company with the same name was founded all the way back in 1852. This means that this bank has been with us for most of United States history. It was formed by the same people that founded the American Express, which we already talked about. Thanks to the gold rush era, Wells Fargo had a great opportunity in front of them, and they sure took it. Thanks to the express delivery services of American Express, it was able to deliver the gold faster, and even cheaper than the standart US mail service.
This all meant that at the end of the gold rush era, Wells Fargo was the dominant force in the USA banking field, with very little competition. Thanks to some other development, Wells Fargo was even able to acquire Overland Mail – a large US delivery company. That only solidified it’s hold on the USA finances.
There were some scandals involving the company. One of the biggest ones was Wells Fargo opening 1.5 million different bank and credit card accounts without the consent of it’s customers, which did not go over so well. after a lot of news coverage, the company was fined almost $200 million.
Conclusion
The world of finances it truly enormous. There are so many different companies, and I hope I was able to explain at least some of them. If you wish to learn more about finances, i really suggest checking out the rest of our catalog, because finances are basically all we do. With dozens of different articles, you’ll surely find something for you.
