15 Biggest Fintech Companies In The World
In this article, we will discuss the 15 biggest fintech companies in the world. If you want to skip our detailed analysis of the fintech industry, you can go directly to 5 Biggest Fintech Companies In The World.
The fintech industry is growing rapidly as more and more companies are using technology to create innovative financial products and services. Fintech companies are using technology to create new ways to save, invest, and borrow money. They are also using technology to create new ways to pay for goods and services. The fintech industry is changing the way people track their finances, and it is revolutionizing the financial services sector.
An Analysis of The Global Fintech Industry
According to a report by The Brainy Insights, the global fintech market was worth $115 billion in 2021 and is on track to reach a value of $936.5 billion by 2030, growing at a compound annual growth rate of 26.2% from 2022 to 2030. This growth is attributed to the improved infrastructure for making payments and for storing and accessing financial data. This includes factors such as better internet connectivity, improved mobile networks, and advancements in disruptive technologies like blockchain and artificial intelligence.
Another key driver is the growing investment from both venture capitalists and traditional financial institutions. This investment is helping to fuel the development of new products and services and is also helping to increase awareness of fintech among the general public. According to KPMG, global investments in fintech totaled $210 billion in 2021, up from $125 billion in 2020. The payments segment dominated the share of global fintech investments in 2021 and accounted for $51.7 billion. Investments in blockchain technology and crypto grew from $5.4 billion in 2020 to $30 billion in 2021.
Key Trends in The Global Fintech Industry
There are a few key trends in the fintech industry that are worth noting. First, there is a trend toward more collaboration between traditional financial institutions and fintech startups. This is happening as traditional financial institutions are starting to realize the potential of fintech to disrupt the status quo. They are also seeing the benefit of partnering with fintech companies to bring new products and services to market faster.
Second, machine learning and artificial intelligence are being used more and more to help automate financial processes and make better decisions. This is a trend that is likely to continue as fintech companies look for ways to improve their products and services.
Third, blockchain technology is starting to gain more traction in the fintech industry. This is because blockchain has the potential to revolutionize the way financial transactions are processed. Blockchain technology is secure, transparent, and efficient, and it has the potential to make a big impact on the financial industry.
Finally, there is a trend toward more mobile-centric fintech products and services. This is because more and more people are using their mobile devices to manage their finances. Fintech companies are responding by creating more mobile-friendly products and services. According to EY Global's official Fintech Adoption Index, which is a comprehensive survey of 27,000 consumers across 27 key markers, global consumer adoption of fintech services was recorded at 64% in 2019. 33% of respondents reported that they prefer third-party services over financial institutions, 46% of respondents noted that they are comfortable sharing their bank account details with a third-party organization that provides fintech services, and 68% of respondents voted in favor of using a non-financial services company for financial services.
This article will discuss in detail some of the biggest fintech companies in the world. These companies are attracting the attention of investors, analysts, and payments giants such as Mastercard Incorporated (NYSE:MA), Visa Inc. (NYSE:V), and American Express Company (NYSE:AXP).
Photo by Clay Banks on Unsplash
Our Methodology
To determine the biggest fintech companies in the world, we studied industry analysis reports and identified key players operating in the fintech space. We filtered out companies that held industry-leading positions and also consulted CFTE's rankings which list the largest fintech companies in the world. CFTE is a leading fintech educational institution, headquartered in London, United Kingdom. CFTE's rankings are updated continuously and are based on data from credible sources. For our compilation, we included both public and private fintech companies. For public companies, we classified them based on their market caps. For private companies, we used data from Crunchbase and other sources to determine the estimated valuation of those companies and verified them with CFTE's data. We have ranked these companies according to their valuations, from least to most.
Biggest Fintech Companies In The World
15. SoFi Technologies, Inc (NASDAQ:SOFI)
Market Cap as of November 18: $4.81 Billion
SoFi Technologies, Inc (NASDAQ:SOFI) is an American fintech company providing personal loans, student loan refinancing, mortgage loans, and other financial products. The company was founded in 2011 by James Finnigan, Dan Macklin, Mike Cagney, and Ian Brady, and is headquartered in San Francisco, California. The company has a mission to help its members achieve financial success and has a focus on providing excellent customer service. SoFi Technologies, Inc (NASDAQ:SOFI) has been recognized as a leader in the fintech space and has received numerous awards and accolades. As of November 18, SoFi Technologies, Inc (NASDAQ:SOFI) is worth $4.81 billion and is ranked among the biggest fintech companies in the world.
14. Klarna
Estimated Valuation: $6.7 Billion
Klarna is a Swedish e-commerce company that provides payment solutions for online retailers. Klarna was founded in 2005 and is headquartered in Stockholm, Sweden. The company is one of the leaders in the global fintech space, providing quality purchase experiences to roughly 150 million active consumers across over 450,000 retailers in 45 countries. According to Crunchbase, Klarna has raised $4.5 billion in funding over 28 rounds, with the latest round being held on Jul 11, 2022. Klarna raised $800 million at a post-money valuation of $6.7 billion. Klarna is ranked among the biggest fintech companies in the world.
Payments giants that are betting high on the future of fintech include Mastercard Incorporated (NYSE:MA), Visa Inc. (NYSE:V), and American Express Company (NYSE:AXP).
13. Wise plc (OTC:WIZEY)
Market Cap as of November 18: $7.53 Billion
Wise plc (OTC:WIZEY) is a fintech company that provides online financial services. The company's platform is used by roughly 15 banks across 11 countries. The company offers a range of services including personal and business payment solutions, credit cards, and foreign exchange. Wise plc (OTC:WIZEY) is headquartered in London, United Kingdom. The company is one of the biggest fintech companies in the world and, as of November 18, is valued at $7.53 billion.
12. Robinhood Markets, Inc. (NASDAQ:HOOD)
Market Cap as of November 18: $7.68 Billion
Robinhood Markets, Inc. (NASDAQ:HOOD) is an American financial services company headquartered in Menlo Park, California. The company offers a mobile app and website that allows consumers the ability to invest in stocks, ETFs, and options. Robinhood Markets, Inc. (NASDAQ:HOOD) pioneered commission-free trading and has attracted a consumer base of over 15 million individuals. The company has a market cap of $7.68 billion, as of November 18, and is one of the biggest fintech companies in the world.
11. Coinbase Global, Inc. (NASDAQ:COIN)
Market Cap as of November 18: $11.85 Billion
Coinbase Global, Inc. (NASDAQ:COIN) is a leading cryptocurrency asset exchange company. The brokerage offers the exchange of Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, Tezos, and many other digital assets with fiat currencies in over 100 countries. Coinbase Global, Inc. (NASDAQ:COIN) is one of the biggest fintech companies in the world and has over 108 million users and 245,000 ecosystem partners across the globe. As of November 18, Coinbase Global, Inc. (NASDAQ:COIN) is worth $11.85 billion on the open market.
10. Nubank (NYSE:NU)
Market Cap as of November 18: $20.24 Billion
Nubank (NYSE:NU) is a Brazilian financial technology company. The company was founded in 2013 by David Vélez, Edward Wible, and Cristina Junqueira. Nubank (NYSE:NU) offers a no-fee credit card, a mobile app, and a website that allows users to track their expenses, pay their bills, and receive notifications about their account activity. The company is worth $20.24 billion, as of November 18, and is ranked among the biggest fintech companies in the world.
9. Chime
Estimated Valuation: $25 Billion
Chime is a financial technology company that offers digital financial services through a mobile app. The app provides a checking account with no monthly fees, a savings account with no minimum balance, and a debit card that can be used anywhere Visa is accepted. Chime also offers direct deposit, mobile check deposit, and bill pay. According to Crunchbase, Chime has raised $2.3 billion over 9 funding rounds. The company's latest funding round was held on August 13, 2021, and was a $750 million funding round, bringing Chime's valuation to $25 billion. Chime is ranked among the biggest fintech companies in the world.
8. Revolut
Estimated Valuation: $33 Billion
Revolut is a British fintech company that offers users a mobile app to manage their finances. The app allows users to track their spending, set goals, and make payments. Revolut also offers a prepaid debit card that can be used to make purchases online and in-store. The company has been operational since 2015 and is headquartered in London, United Kingdom. According to Crunchbase, Revolut has raised a total of $1.7 billion over 19 funding rounds. According to Reuters, Revolut is valued at $33 billion, as of July 2021.
7. Block, Inc. (NYSE:SQ)
Market Cap as of November 18: $39.36 Billion
Block, Inc. (NYSE:SQ) is a leading American fintech company. The company's flagship product is the Cash app, which allows users to send and receive money without having to use a bank account. The app is available on both iOS and Android devices. The company's app is used by over 40 million individuals and as of November 18, Block, Inc. (NYSE:SQ) is worth $39.36 billion on the open market. Block, Inc. (NYSE:SQ) is ranked high among the biggest fintech companies in the world.
6. Checkout.com
Estimated Valuation: $40 Billion
Checkout.com is a leading provider of online payment solutions, serving businesses of all sizes across a wide range of industries. The company offers a suite of products and services that enable businesses to accept and process payments online, including credit and debit cards, e-wallets, and bank transfers. Checkout.com is headquartered in London and has offices in the United States and Europe. According to Crunchbase, Checkout.com has raised $1.8 billion over 4 funding rounds. The company's latest funding was held on January 12, 2022, and was a $1 billion funding round. Checkout.com is valued at $40 billion as of January 2022 and is ranked among the biggest fintech companies in the world.
Some of the leaders in credit services that are piling into fintech startups and exploring strategic M&A in the space include Mastercard Incorporated (NYSE:MA), Visa Inc. (NYSE:V), and American Express Company (NYSE:AXP).
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Disclosure: None. 15 Biggest Fintech Companies In The World is originally published on Insider Monkey.
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