Fintech (short for Financial Technology) around the world is a very hot industry. From consumers to investors, it’s literally on everyone’s mind. Although Fintech’s origin can be traced back to 1851, it’s during recent years the industry has witnessed a significant boom, especially after Cvoid hit.
If you want to know what the current Fintech space looks like, continue reading to learn about these top 20 financial technology companies that are changing almost everything around us in a very dramatic fashion.
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PayPal is a global financial technology company that operates an online payments platform in most countries that allow online money transfers. Through the facilitation of online payments, the company provides an electronic alternative to checks, money orders, and other traditional paper methods. Online merchants, commercial users, and auction sites use PayPal as a payment processing solution for a small fee.
The platform has more than 140 million active accounts in 26 currencies across 193 markets in the world. This allows PayPal to enable 9 million plus payments every day. Individuals and businesses use PayPal for online transactions anytime and anywhere.
Starting in 1966, Mastercard is the 2nd largest payment processing company in the world. Its headquarter is in Purchase, New York. The company’s mission is to use innovative technology for making transactions simple, smart, accessible, and safe for everyone.
The company connects and powers businesses, organizations, and individuals in over 210 worldwide countries and territories. Before becoming a publicly traded entity in 2006, Mastercard was under the ownership of Mastercard Worldwide, which is a global membership organization. More than 25,000 banks and various other financial institutions joined forces to bring Mastercard World into existence.
As per the latest financial reports of Mastercard, the company has current revenue of $22.23 billion with a workforce that’s around 29,900 people.
3. American Express
Founded in 1850, American Express is a multinational payment and travel corporation headquartered in New York City. The company’s principal line of offerings includes credit card and travel-related services to businesses and consumers across the world.
The company started its journey as an express delivery service which remained its core business for nearly 70 years. During the early 1900s, the company introduced various financial products and travel services to its product lines.
Today, American Express is 170+ years old, employs over 77,000 team members, and generates more than USD 50 billion in revenue. During these years, the company has won numerous awards and honors. For instance, Forbes named them as one of the most valuable brands in international financial services.
Fiserv is an American fintech and payments corporation having headquarters in Brookfield, Wisconsin. It provides financial tech services to corporate clients, consumers, small businesses, and financial institutions, such as banks, credit unions, retailers, securities broker-dealers, insurance, and more.
Fiserv’s history is a symbol of rapid growth. It went public within 2 years of its foundation in 1984. The company followed an assertive strategy to acquire its rival financial companies over the years. Plus, it continued to launch innovative digital-first banking products and payment solutions. As a result of this, Fiserv has now become a company that manages more than 12,000 financial transactions per second. The total number of account holders who use Fiserv to meet their financial goals is around 1.4 billion.
Visa is one of the most valuable financial technology companies in the world. Having headquarters in San Francisco, California, Visa works to facilitate electronic fund transfers all across the world. The company itself doesn’t issue cards or extend credit, etc. Rather, it provides Visa-branded products to financial institutions. The financial institutions then use these products to offer prepaid, debit, and credit access programs and solutions to their consumers.
The company works to make digital payments seamless for billions of cardholders, millions of merchants, as well as over 15000 financial institutions and government entities across 200 nations and territories. In 2021 alone, Visa facilitated around 232.5 billion transactions with a net worth of $13 trillion. The total number of Visa cards in the world right now is over 3.8 billion and the company strives to serve more in the coming years.
Headquartered in London, Finastra is one of the most innovative financial technology companies. It offers a broad range of software apps, solutions, and marketplaces. Finastra strives to serve transaction banking, retail banking, treasury capital, and lending markets with its services.
Due to its commitment and pioneering approach to open finance, more than 85,000 institutions place their trust in Finastra. This includes 90 of the top 100 banks in the world. In June 2018, the company also launched an open platform, FusionFabric that allows banks and fintech companies to develop applications, connect ecosystems and promote collaboration between themselves.
Intuit is a leading business software company with a specialization in financial software. It’s the company behind legendary products such as TurboTax which is a tax preparation application; Mint, a personal finance app; QuickBooks, an accounting program for small businesses; Credit Karma, a credit monitoring service; and Mailchimp, an email marketing platform.
Having 20 offices in nine different countries, the platform employs over 14,000 team members around the world. It harnesses the latest in fintech breakthroughs and posted $12.7 billion in revenue in 2022.
8. Guaranteed Rate
Victor Ciardelli founded the Guaranteed Rate in 2000. It’s an American residential mortgage lending service with 10,000+ employees and over 850 nationwide offices. The company has its footprints in all 50 states. In the Midwest, it’s the fast-growing mortgage lending company that showed 317% growth in just two years.
Witnessing tremendous fiscal achievements over the years, Guaranteed Rates remained at the forefront of the residential mortgage industry. Its net promoter score is 88, more than two times the industry average. This score is an indicator of customer happiness who after positive experiences refer Guaranteed Rate to their families and friends.
From its founding date in 2009 to up until December 10, 2021, the company has been doing business with the name “Square, Inc.”. But in December 2021, it changed its name from Square to Block. The company has a namesake product to benefit small businesses and its title still remains “Square”.
Block Inc. which we know today is one of the leading digital payments and financial technology companies that has changed the way people shop and sell in their day-to-day lives. It has brought innovation in many fields, thereby supporting new software and hardware products for Cash App, Weebly, Square, Tidal, and the buy now pay later service Afterpay.
Klarna is a Swedish payment services company with around 5000 employees. Most of its employees work from its headquarters in Berlin and Stockholm. Its product line includes online financial services, such as direct payments, post-purchase payments, and payment solutions for online storefronts.
According to 2021 statistics, the company managed online sales worth around $80 billion. As of 2011, around 40% of online shoppers in Sweden used Klarna to make their e-commerce purchases. The most popular services of Klarna include the buy now, pay later options that 147+ million consumers around the world enjoy. Moreover, what started as a modest startup in 2005 has now grown to facilitate about 2 million transactions per day.
HighRadius is a top name amongst financial technology companies that harnesses AI-based autonomous systems to deliver financial solutions for the world’s leading companies. Its customer line includes brands such as Unilever, 3M, Sanofi, Hershey’s, Kellogg Company, and so much more. All these organizations use HighRadius offerings to automate and transform their treasury, record-to-report, and order-to-cash processes.
In addition to these autonomous software services, HighRadius also launched Credit Cloud which is no doubt a game-changer. The Credit Could product allows enterprises to fast-track their credit decisions and onboard customers two times faster.
SoFi Technologies or SoFi is short for social finance. In the beginning, the company was focused on personal loans and student loan refinancing. Later, it branched out into various fields of personal finance, such as checking accounts, savings accounts, and investment accounts.
The company also offers mortgages, investing, credit cards, and online banking through a mobile application and desktop interfaces. Customers turn to SoFi as a one-stop solution for their financial needs related to marriage, home buying, starting a family, school, retirement, and more.
Revolut is a British financial company and online banking provider. Its digital monetary services are popular across 200+ countries and regions around the world. The company has more than 25 million personal users and over 500K business users. It provides accounts featuring virtual cards, debit cards, currency exchange, Apple Pay, crypto, stock trading, and more. These innovative products support about 250 million transactions every month. In the year 2022, Revolut’s revenue grew by 30% and went over 850 million pounds i.e USD 1.03 billion.
Paysafe is a top multinational provider of online payment solutions. It offers digital wallets, payment processing, mobile engagement, e-cash, card solutions, and more. Its products come under the brand name Paysafe as well as its subsidiary brands like Skrill, Neteller, Paysafecard, and Paysafecash.
Paysafe conducts over $120 billion every year in global transactions. 2022 has been the most spectacular year for the company’s growth as it entered new sectors such as auto loans in America. The revenues it posted in the year 2021 were almost $1.5 billion.
Oportun is an artificial intelligence-powered online banking platform that works to improve and upgrade the financial health of its customers that’s 1.5 million at the moment and counting. This financial technology company is based out of San Carlos and offers a variety of personal loans and other financial services. It has topped “Inc’s 5000 list” on a regular basis and is also one of the Bay Area’s best workplaces.
Affirm is very popular because of its buy now, pay later lending (BNPL) service. Customers use its fee-free installment loans to finance their purchases at the point of sale. The company has a customer base that exceeds 11 million. These customers use Affirm-provided loans with over 170,000 merchants across the globe. Some of its famous partnerships include Stripe as well as it being an exclusive BNPL partner with Amazon.
Adyen is a Dutch company providing payment solutions. It offers a platform that allows merchants and businesses to accept point-of-sale, mobile, and e-commerce payments. The methods through which Adyen enables payments include mobile wallets, card schemes, and various other local payment methods. In 2021, the company processed around 516 billion pounds in transactions. It has a team of over 2000 experts spread around 26 global offices.
18. Guidewire Software
Based in San Mateo, California, Guidewire Software is a software company that develops as well as publishes enterprise software directed at property and casualty insurance carriers in America and around the world. The company has been doing business since 2012 and became a public offering in 2012. It employs around 3000 people and has posted more than $700 million in revenue for the past many years. It’s due to such remarkable growth that Guidewire Software has turned out a leading software provider in the industry as important as insurance.
PayU provides payment services to internet retailers and merchants. It’s headquartered in Hoofddorp, Netherlands, and allows businesses to accept and process online payments via payment methods integrated with mobile and web applications. As of 2018, PayU supports 17 countries and facilitates over 10 million worldwide transactions every single day. Its global locations are in Europe, Africa, India, and Latin America. The company is making remarkable growth in African and Latin American markets by offering BNPL services and acquiring fintech companies.
Gusto is a cloud-based financial services provider. It provides a wide range of software solutions for payroll, health insurance, human resource management, and more. Companies in the United States use Gusto to onboard, pay, and ensure their teams. Operational in all 50 states, Gusto also helps its clients comply with laws related to tax, immigration, and labor. At the moment, it partners with over 200,000 American businesses and helps them provide billions of dollars in areas like payroll and employee benefits.
Wrapping it Up!
These are the top 20 financial companies that make financial transactions easy and hassle-free. All of these are reputed names and you can rely on them for worldwide transactions.