Modern technology that strives to improve and automate the delivery of financial services is referred to as "fintech."Digital Payments, Digital Lending, BankTech, InsurTech, RegTech, and Cryptocurrency are some of the major FinTech market segments.
The term "fintech" currently refers to a variety of fields and industries, including education, retail banking, nonprofit fundraising, and investment management, to mention a few. FinTech is currently one of the industries with the highest rates of business expansion and job creation. In addition, FinTech can aid in the advancement of the objective of financial inclusion.
The top 20 Fintech companies worldwide are:
Niyo Solutions
Location: Bangalore, India
Turnover: 24 Crore
Founded in: 2015
Through the use of technology, Niyo Solutions aims to make banking for its consumers easier, smarter, and safer. A fintech business with headquarters in Bengaluru, Niyo provides users with digital banking services like prepaid payroll cards, international travel payment debit cards, and multi-wallet tax benefit cards.
Paytm
Location: Noida
Turnover: ₹ 5264 Crores
Founded in: 2010
Paytm is a global Indian technology firm that focuses on digital payment systems, e-commerce, and finance. It provides a web- and mobile-based platform for recharging mobile phones, sending money, paying bills, making reservations for trips, hotels, and tickets, booking cylinders, buying gold, and making contributions, among other things. It offers banking, credit cards, loans, and platforms for investments in insurance, mutual funds, and other financial products.
Stripe
Location: Dublin, Ireland
Turnover: 740 crores USD
Founded in: 2010
The tools from Stripe enable payments for every type of business, including subscription services, marketplaces, software platforms, and brick-and-mortar stores. Additionally, it assists businesses with a variety of tasks like managing expenditure, issuing virtual and physical cards, sending invoices, and preventing fraud.
Robinhood
Location: California, USA
Turnover: 1.82 Billion USD
Founded in: 2013
Robinhood Markets Inc. offers a financial services platform that is a web- and mobile-based and enables users to buy and sell stocks, exchange-traded funds (ETFs), options, and American depositary receipts (ADRs). Based on their region, individuals can invest in particular cryptocurrencies.
Klarna
Location: Sweden, Stockholm
Turnover: 1.6 billion USD
Founded in: 2005
Through its smartphone app, Klarna provides buy now, pay later payment options for both online and in-person purchases. Although it's typically preferable to pay for anything in full rather than taking out a loan, buy now, pay later programs could make sense for customers buying a big-ticket item, provided the loan has a low or no interest rate and you can afford the installments.
Perfios
Location: Bangalore
Turnover: Unknown
Founded in: 2008
Leading product technology company Perfios works with businesses to collect structured and unstructured data, curate it, analyze it, and use it to inform choices. The product solutions from Perfios help companies create vertical apps for a range of industries.
Visa
Location: California, USA
Turnover: 24.11 Billion USD
Founded in: 1958
Visa Inc. (Visa) is a multinational provider of digital payment solutions for businesses, financial institutions, governments, and retailers. It promotes international e-commerce by using electronic funds transfers and information. Payment transactions are cleared, authorized, and settled over Visa's VisaNet network for transaction processing. Mobile payments, payment cards, business payments, transaction processing services, merchant solutions, and other digital services are included in its portfolio of offerings.
Mastercard
Location: New York, USA
Turnover: 18.88 Billion USD
Founded in: 1978
The payments industry's leading worldwide technology company is Mastercard. By making transactions secure, straightforward, intelligent, and accessible, it aims to link and power a digital economy that is open to all. Mastercard innovations and solutions enable people, organizations, governments, and financial institutions to reach their full potential by utilizing secure data and networks, collaborations, and enthusiasm.
Ant Financial
Location: Hangzhou, China
Turnover: 17.6 Billion USD
Founded in: 2014
The largest financial technology company in the world is Ant Group. It was founded in 2014 and is a subsidiary company of the Alibaba Group in China. One of the biggest online payment systems in the world, Alipay, is owned by Ant Financial. It contends with major international fintech firms like Paypal and VISA.
Nubank
Location: Mexico
Turnover: 1.69 Billion USD
Founded in: 2013
Nubank is a technology business that creates straightforward, safe, and digital solutions for your financial life. The NU method of doing things emerged from nonconformity and has since grown into a force to create honest and open products for its customers.
Plaid
Location: California
Turnover: 200 Million USD
Founded in: 2013
A fintech business called Plaid makes it easier for consumers' banks and credit card companies to communicate with financial services apps. To keep your login information confidential, Plaid talks with your bank throughout a transaction. Plaid asserts that it protects user information with top-tier encryption technologies.
Razorpay
Location: Bangalore, India
Turnover: 500 Crore
Founded in: 2014
The first full-stack financial solutions provider in India is Razorpay. It seeks to make it easier for Indian businesses of all sizes to take payments digitally with the least amount of hassle. In addition to offering a wide range of products to receive and disburse payments, generate capital, and park money, Razorpay is a solutions-driven business.
PayPal
Location: California
Turnover: 25 Billion USD
Founded in: 2000
One of the biggest online payments businesses, PayPal Holdings, Inc., enables parties to exchange money online. The business's online payment system provides electronic substitutes for customary payment methods including checks and money orders. The business charges a fee for each transaction made on its platform, which it uses to provide a platform for online vendors, auction sites, and e-commerce customers to make secure payments from anywhere in the world.
Revolut
Location: London, Uk
Turnover: 222 million Euros
Founded in: 2015
A fully worldwide banking super-app is being developed by Revolut.
It gives clients more control over their finances, assists them in enhancing their personal and company accounts, and enables smooth global connections.
Monzo
Location: London
Turnover:67 million Euros
Founded in: 2015
The convoluted and opaque old banking model is being challenged by Monzo, a digital bank. Instead of pushing financial items, Monzo focuses on finding solutions to problems. No monthly minimums, account charges, or fees are associated with its banking accounts.
N-26
Location: Berlin, Germany
Turnover: 112.4 Million Euro
Founded in: 2013
In less than 8 minutes, a phone or computer can be used to open an N26 bank account. This "deposit account" is free of charge. Users are able to deposit cash as frequently as they'd like and transfer money between accounts as frequently as they'd like. Users can also transfer money between accounts, make purchases with a bank card, set up a direct debit, and withdraw money from their accounts using an ATM. This is all made possible thanks to the unique IBAN (International Bank Account Number) linked to the account.
RIPPLE
Location: 29 Million Dollars
Turnover: US
Founded in: 2012
Ripple's enterprise-grade solutions are quicker, more transparent, and more affordable than traditional financial services thanks to proven crypto and blockchain technology. They enable quick payments, empower treasuries, engage new audiences, reduce capital requirements, and generate new revenue for their clients.
Avant
Location: Chicago, US
Turnover: 316 Million Dollars
Founded in: 2012
Avant is a fast-growing financial technology firm that combines technology, analytics, and top-notch customer care to create premium digital banking solutions for the middle class. Over 2 million customers have been connected by Avant to over $7.5 billion in loans and 1 million credit cards since 2012.
Location: London
Turnover: 188 Million Euros
Founded in: 2014
One of the first banks in the UK to offer personal, joint and business accounts exclusively via mobile is Starling Bank. The Starling bank employs cutting-edge technology with the goal of assisting customers in managing their finances through a single app. Innovative money management tools from Starling include automatic expenditure categorization, a goals tool to move money into savings, and in-app overdraft limits.
Adyen
Location: Amsterdam. Netherlands
Turnover: 5.23 Billion USD
Founded in: 2006
Adyen is a fintech company with headquarters in the Netherlands that enables companies and merchants to accept payments from all over the world using local payment methods and card networks like VISA and Mastercard. To provide data-rich insights on transactions and business revenue optimization, it uses machine learning techniques.
Future of Fintech
Fintech startups drive financial inclusion and can help address the gaps in financial inclusion left by the traditional models of banking and finance.
Fintech has the potential to solve credit availability issues by providing capital to mini and micro-level businesses. With several FinTech start-ups offering easier and quicker access to loans, customers are no longer required to go through the tedious process of documentation, paperwork, and multiple visits to a bank.
FinTech start-ups offer convenience, personalization, transparency, accessibility, and ease of use - factors that empower customers to a great extent.
The FinTech industry is trying to develop unique and innovative models for assessing risks relating to cyber security.
Leveraging big data, machine learning, and alternative data to underwrite credit and develop credit scores for customers with a limited credit history will improve the penetration of financial services around the globe.