Top 10 Fintech startups in the world
Fintech, which stands for financial technology, is a new category of enterprise that automates and enhances financial services for customers and organizations.
Fintech is the fusion of two of the largest and wealthiest economic sectors: banking and technology, encompassing apps, software, algorithms, and artificial intelligence. This results in an incredibly valuable class of companies, as you might expect.
Before moving ahead, let us understand the market size of fintech: According to the Global Fintech Market Report,
The global fintech market size reached approximately USD 226.71 billion in 2023. The market is projected to grow at a CAGR of 16.8% between 2024 and 2032, reaching a value of around USD 917.17 billion by 2032.
Global Fintech Market Report
In another report by Deloitte, Global fintech industry revenue has nearly doubled since 2017
As far as fintech startups are concerned, the number of fintech startups around the world has more than doubled in just a few years, growing from about 12,000 in 2019 to over 26,000 today.
Here, in this article, we have compiled the list of top fintech startups. Let’s have a look
Alipay, the biggest payment network in China, is operated by Ant Group. Both a popular payment app and a digital wallet are provided by Alipay. When making payments, customers can use a merchant’s QR card instead of cash or a credit card. Globally, Alipay has more than one billion users.
Alipay intended to go public in 2020 with a valuation of more than $300 billion. It ultimately decided to back out of the agreement, and the Chinese government has subsequently raised regulatory concerns. At a $78.54 billion value, Ant Group repurchased a portion of its shares from investors in July 2023. This still makes Ant Group the most valued private fintech company in the world, notwithstanding its problems.
Stripe provides companies with payment processing software so they may take payments from clients. Stripe is a rapid payment processing solution since it allows a large number of businesses to receive prompt account approval. Stripe reported processing more than $817 billion in transactions in 2022. Its clientele included both tiny startups and large companies such as Amazon, Google, and Shopify. Stripe is headquartered in Dublin, Ireland, and San Francisco.
At a $50 billion value, Stripe raised $6.5 billion in 2023. Even though Stripe is now the most valuable fintech business in the US, this is a major decline from its previous ranking. Stripe was valued at $91 billion in 2021, but its worth dropped as the market for internet companies became more competitive.
This is the most valued fintech company in Europe, and it is based in London. It offers mobile banking, investments, foreign money transfers, debit cards (called prepaid debit cards in the US), and currency exchange. The investing app from Revolut provides fee-free stock and cryptocurrency trading (not accessible in the United States).
When Revolut raised capital from investors for the last time, in July 2021, it was valued at $33 billion. With only HSBC and Lloyd’s of London ahead of it, this would make it the third most valuable bank in the United Kingdom.
It is a fintech business that offers banking services, but it’s not a bank by legal definition. The company offers high-yield savings accounts and free checking as well as internet banking and a debit card that can be used at more than 60,000 ATMs. With its founding in San Francisco in 2012, Chime now boasts over 14 million users.
Chime’s market worth was $25 billion in 2021. Nevertheless, the business postponed its initial public offering (IPO) and let go of 160 workers, or around 12% of the staff. It might not be worth $25 billion anymore.
Israeli fintech startup Rapyd specializes in providing services for international payments. Customers can use cash, digital wallets, bank transfers, debit/credit cards, and the Rapyd platform to transmit money across national borders. In comparison to the conventional banking system, Rapyd strives to reduce transaction costs and foreign exchange (FX) expenses while managing disbursements in more than 190 countries.
Over the last few years, Rapyd has grown through the acquisition of businesses throughout Europe and Asia. Early in 2022, investors valued it at $15 billion, which caused its market capitalization to increase six times in less than a year. In Israel, Rapyd is the most valuable privately held company and the most valuable fintech.
Top 11 FinTech Books for Beginners to Learn Basics
Plaid acts as a go-between for your apps and bank accounts. This allows you to securely link your bank account to these apps without compromising the security of your data. Plaid is used by Betterment, Chime, and Venmo to link their users’ other bank accounts. The startup claims that Plaid connects 12,000 financial institutions.
San Francisco is home to Plaid’s headquarters, which were established in 2013. When Plaid raised capital for the first time in 2021, its market valuation was $13.4 billion. Although it was thinking about merging with Visa at the time, it has since carried on as a stand-alone business, funding its operations with funds from investors.
Brex uses its technology and infrastructure to offer commercial banking services. This covers bookings for travel, bill payment, expense management, and corporate credit cards. Using this tool, a firm can monitor and control employee and corporate spending. An alternative to the conventional banking system is Brex.
Brex was created in 2017 and is based in San Francisco. Early in 2022, after raising $300 million in funding, it was valued at $12.3 million.
It is a London-based provider of payment processing services. Clients can accept payments via their website or app by using the company’s APIs. Additionally, users can process payments directly by using links and payment sites provided by Checkout.com. Because of its global reach, it is able to handle payments in more than 150 currencies. The platform also offers analytical insights on collected payments and fraud management.
Like many other fintech businesses, Checkout.com has experienced a decline in value. After doing an internal reevaluation, it was found that its current valuation is $11 billion, a substantial decrease from the $40 billion that was previously projected for it in 2021.
Top 10 Best Fintech Courses, Programs, and Certificates Online
This finances environmentally friendly house upgrades. Through its app, customers may get in touch with lenders and businesses that install solar panels and other home upgrades. Originally providing funding for solar panels, GoodLeap has recently extended its network to include other upgrades such as energy-efficient windows and battery storage.
Prior to Tesla purchasing the business, the creators of the startup were employed by SolarCity. A $12 billion valuation for GoodLeap was given during a funding round in 2021. It might be worth much more in subsequent rounds given the rising demand for green energy and the significant investments made in the industry under the Inflation Reduction Act of 2022.
Bolt is a company that offers one-click checkout software for online stores. Consumers give their address and financial details when they first register for an account. After that, all they have to do is input a pin to have everything prepared for further purchases.
After receiving $355 million in its most recent financing round, Bolt was valued at $11 billion. But since then, it has struggled and let go of about half of its personnel. Bolt’s market valuation may be far less than its last stated estimate.
Since fintechs seek to disrupt huge established industries, or to create new markets for financial services, it is imperative to assess the size and potential of their target market. One way to estimate a fintech’s potential income in the future is to evaluate its total addressable market (TAM).
Ultimately, the current user base and traction of a fintech are predictors of future success. An organization’s capacity to draw in and keep consumers can be shown by looking at its active user base, customer engagement levels, and adoption rates.
Top 10 FinTech Companies in the World
Vanja Josifovski is the founder and CEO of Kumo AI, a SaaS platform. Prior to…
Demis Hassabis, CEO of Google Deepmind, unveiled an improved and optimized version of its potent…
Demis Hassabis, born on July 27, 1976, in North London, is the co-founder and Chief…
With a monthly salary of up to INR 1 lakh per month, Sarvam AI has…
The FA utilizes Google Cloud AI technology to analyze scouting reports and identify potential football…
Tech behemoth Google unveiled a number of advanced artificial intelligence models and tools at the…
