FBBS™ Financial Sector

Banking, insurance, investing, payments, and all real estate — one money economy.

Definition of the FBBS™ Financial Sector

Companies providing banking, lending, insurance, investment, capital markets, real estate finance, or other financial intermediation. Revenue from interest, fees, premiums, or asset management.

11 Industries of the FBBS™ Financial Sector

  1. Banks — Commercial, retail, and regional banks providing deposit-taking and lending services.
  2. Capital Markets — Investment banks, brokerages, funding portals (i.e. equity crowdfunding), asset managers (i.e. investment advisers, wealth management, private equity, venture capital, hedge funds, and other fund management and investment funds), transfer agents and cap table managers, financial data providers, rating agencies, and exchanges.
  3. Consumer Finance — Providers of personal loans, credit cards, and consumer lending, including credit bureaus.
  4. Diversified Financial Services — Companies offering multiple financial services (leasing, rental, payments, FinTech, etc.), including companies developing, trading, or providing infrastructure for cryptocurrencies, NFTs, DeFi protocols, blockchain networks, and digital asset custody/custodial services.
  5. Insurance — Life, property and casualty insurers, reinsurers, and health insurers, health payers and benefit managers (i.e. managed health care organizations and pharmacy benefit managers, PBMs).
  6. Insurance Brokers — Intermediaries that arrange insurance coverage.
  7. Mortgage REITs — Real estate investment trusts (REITs) focused on mortgage debt.
  8. Multi-Sector Holdings — Diversified holding companies with stakes across unrelated sectors.
  9. Real Estate Investment Trusts (REITs) — Equity REITs owning and operating income-producing real estate.
  10. Real Estate Management & Development — Companies developing or managing real estate (non-REIT), including property management.
  11. Real Estate Operating Companies — Non-REIT owners/operators of commercial/residential properties. Also includes companies engaged in real estate services, such as real estate brokerages and real estate appraisal.