15 largest Fintech companies in the world
In this article, we will discuss the 15 largest fintech companies in the world. If you want to skip our detailed analysis of the fintech industry, you can go directly to 5 largest Fintech companies in the world.
The fintech industry is growing rapidly as more and more companies use technology to create innovative financial products and services. Fintech companies use technology to create new ways to save, invest and borrow money. They also use 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 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 advances in disruptive technologies such as blockchain and artificial intelligence.
Another key driver is the increasing investment from both venture capitalists and traditional financial institutions. This investment helps to stimulate the development of new products and services and also helps to increase awareness of fintech among the general public. According to KPMG, global investments in fintech amounted to $210 billion in 2021, up from $125 billion in 2020. The payments segment dominated the share of global fintech investments in 2021, accounting 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 towards more collaboration between traditional financial institutions and fintech startups. This is happening as traditional financial institutions begin to realize fintech’s potential to disrupt the status quo. They also see 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 have a major impact on the financial services industry.
Finally, there is a trend towards 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 a preference for third-party services over financial institutions , 46% of respondents noted that they are comfortable sharing their bank account information with a third-party organization that provides fintech services, and 68% of respondents voted to use a non-financial services company for financial services.
This article will discuss in detail some of the largest 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 find the largest 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 showing the largest fintech companies in the world. CFTE is a leading fintech education institution headquartered in London, UK. CFTE’s rankings are updated continuously and are based on data from reliable sources. For our compilation, we included both public and private fintech companies. For public companies, we classified them based on their market capitalization. For private companies, we used data from Crunchbase and other sources to determine the estimated valuation of these companies and verified them with CFTE’s data. We’ve ranked these companies according to their valuations, from least to most.
Largest Fintech companies in the world
15. SoFi Technologies, Inc. (NASDAQ:SOFI)
Market value as of November 18: $4.81 billion
SoFi Technologies, Inc (NASDAQ:SOFI) is an American fintech company that offers personal loans, student loan refinancing, mortgages and other financial products. Founded in 2011 by James Finnigan, Dan Macklin, Mike Cagney and Ian Brady, the company is headquartered in San Francisco, California. The company’s mission is to help members achieve financial success and is focused 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 largest fintech companies in the world.
14. Klarna
Estimated value: $6.7 billion
Klarna is a Swedish e-commerce company that supplies payment solutions for online stores. 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 shopping experiences to approximately 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 most recent round on July 11, 2022. Klarna raised $800 million at a post-money valuation of $6.7 billion. Klarna is ranked among the largest fintech companies in the world.
Payments giants betting big on fintech’s future 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 offers online financial services. The company’s platform is used by approximately 15 banks in 11 countries. The company offers a range of services, including personal and business payment solutions, credit cards and currency. Wise plc (OTC:WIZEY) is headquartered in London, UK. The company is one of the largest fintech companies in the world and is valued at 7.53 billion dollars as of 18 November.
12. Robinhood Markets, Inc. (NASDAQ:HOOD)
Market cap as of November 18: $7.68 billion
Robinhood Markets, Inc. (NASDAQ:HOOD) is an American financial company headquartered in Menlo Park, California. The company offers a mobile app and website that allows consumers 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 value of 7.68 billion dollars, as of November 18, and is one of the largest 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 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 largest fintech companies in the world and has over 108 million users and 245,000 ecosystem partners worldwide. 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, mobile app and website that allows users to track their spending, pay their bills and receive alerts about their account activity. The company is worth $20.24 billion, as of November 18, and is ranked among the largest fintech companies in the world.
9. Carillon
Estimated value: $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 rounds of funding. The company’s most recent 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 largest fintech companies in the world.
8. Revolut
Estimated value: $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 operating since 2015 and is headquartered in London, UK. According to Crunchbase, Revolut has raised $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 US 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) ranks high among the largest fintech companies in the world.
6. Checkout.com
Estimated value: $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 US and Europe. According to Crunchbase, Checkout.com has raised $1.8 billion over 4 rounds of funding. The company’s last 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 largest fintech companies in the world.
Some of the credit services leaders piling into fintech startups and exploring strategic mergers and acquisitions 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 largest Fintech companies in the world is originally published on Insider Monkey.
