Fintech (short for financial technology) is more profitable than ever. According to Goldman Sachs, the fintech industry is worth $4.7 trillion a year, and an increasing number of traditional financial institutions are looking to incorporate new technologies to avoid losing their customer base. One of the best ways to understand the massive impact this industry has had is to learn more about its biggest success stories. Check out this list of the top fintech companies and startups worldwide to see just what makes these products such a big hit with users.
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25 Popular Fintech Companies and Startups
1. Ant Financial
This China-based company is widely recognized as the most successful fintech software development company of all time. Its current valuation is $150 billion. Ant Financial owns the largest online payment platform, Alipay, along with many other popular financial services.
Klarna ranks as the largest fintech company in Europe. It offers innovative financial services for businesses, such as debt collection and credit payment. Founded in 2005, the company is now worth $5.5 billion and has over 80 million end-users.
Another popular European fintech company is TransferWise, which allows users to send and receive money internationally regardless of currency. It has millions of customers worldwide and an overall valuation of $3.5 billion.
Fintech products that make financial decisions easy for consumers have become some of the most popular apps and services. Robinhood suits this category by making it easy and affordable for users to invest their money in the U.S. stock exchange. It currently has a valuation of $7.6 billion.
Based in the U.S. and valued at $800 million, Betterment is another option for online investing. It has some very intuitive and helpful tools that help users make important investment decisions.
SoFi is one of the top fintech startups in the loan sector. They handle many common lending needs, such as personal loans and mortgages. The company originally made a splash for its simplified student loan refinancing services. Today, SoFi is worth $4.3 billion.
This Chinese fintech firm specializes in lending. Qudian mostly offers microloans with installment payments, which are widely used in China where credit cards are less common. When it launched in 2017, Qudian had raised $900 million in funding.
This private lending startup offers modest loans for those in the middle-income range. Avant has become a popular choice for debt consolidation thanks to its speedy approval process. It currently has a valuation of $2 billion.
Another popular lending company is Kabbage, which focuses its services on helping small businesses. Now valued at $1.2 billion, Kabbage uses an advanced tool to analyze customer data to determine a maximum lending amount.
One of China’s biggest fintech lending startups is Lufax. The company focuses on peer-to-peer lending to help small businesses and entrepreneurs find investors.
Ayden is a popular platform for accepting payments. Founded in 2006, it has scored some of the biggest brands as its clients over the years, including Microsoft, Facebook, Netflix, Uber, and Spotify. In 2018, Ayden’s revenue grew to nearly $497 million.
When cryptocurrency became popular, Coinbase was ready to cash in. This company is a trading platform for digital currency, including Bitcoin. It generated over $1 billion in revenue in 2017 and has continued to grow since then, now boasting an impressive $8 billion valuation.
Accounting software is a highly profitable sector of the fintech industry. Based in New Zealand, Xero has become one of the most successful companies in this category with more than 1.8 million subscribers. It offers a wide range of helpful accounting tools for its users.
14. Root Insurance
Root Insurance is one of the top companies in insurtech, which is the insurance sector of the fintech industry. It’s a U.S. car insurance company that uses smartphone technology to monitor driving behavior for lower premiums. It achieved unicorn status (valuation over $1 billion) when it was founded in 2015, and its current valuation is $3.6 billion.
Another successful insurtech startup is Oscar, a health insurance company that makes it easy to file and process medical claims. Since it was founded in 2013, Oscar has continued to grow at a rapid pace and find some high-profile investors, including Google Capital and Fidelity.
In China, ZhongAn is one of the biggest insurtech companies, specializing in online-only insurance policies. Founded in 2013, it gained over 150 million clients in its first year.
17. Credit Karma
When it comes to fintech startups, Credit Karma has the best name recognition in the credit sector. The company is widely known for its credit score monitoring, but it also offers select financial management and tax preparation services. It’s now valued at $4 billion.
Can fintech replace banks? With simplified and affordable online banking trending within the fintech industry, it appears so. Chime is one of the most successful in this category with a current valuation of $5.8 billion. The company has accrued millions of customers since its 2013 debut.
Valued at $36 billion, Stripe is one of the most successful payment processing services in the fintech industry. It’s become a highly popular software platform for internet businesses and is used in dozens of countries around the world.
Another heavy hitter in the payment processing sector is Square, currently valued at $6 billion. With physical devices like card readers, contactless pay-enabled stations, and online payments, Square offers payment solutions for a wide variety of businesses.
Opendoor is a premier real estate startup within the fintech industry. It specializes in all-cash offers and makes it easy for both sellers and buyers to facilitate a fast, hassle-free transaction. Its current valuation is listed at $3.8 billion.
Affirm’s personal finance tools have made it an exceptionally popular fintech product. It is used for point-of-sale loans that are offered during the online checkout process. A newer development is an app that allows users to pre-qualify for Affirm financing. The company’s latest valuation is $2.9 billion.
One of the most popular fintech products for insurance is Lemonade. It is used primarily for renters’ and homeowners’ insurance and features a fast approval process. It is growing rapidly and has a valuation of $2.1 billion.
One of the newer entries into the point-of-sale software market is Toast, now valued at $2.7 billion. This product is designed for restaurants and, in addition to handling payments, can also be used for reservations, online ordering, loyalty programs, and employee payroll.
Valued at $4.5 billion, GreenSky is one of the premier online lending services. It partners with banks and financial institutions to provide easy, accessible loans for its users. Since its debut in 2016, it has grown rapidly.
Now that you know more about some of the best examples of fintech companies and who use fintech, you’re ready to make a name for yourself in the industry. Let this list of the best fintech startups and companies inspire you to create your innovative product with the help of a fintech app development company.
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I’m Jimish Shah, the person who started SkyZ Infotech, a Powerful and Result-Driven Most Reliable Digital Partner. I’m a professional blogger, digital marketer, and content marketer also with over 8 years of experience. My focus is on providing the most researched information to new startups, entrepreneurs, freelancers, and bloggers. My objective is to educate the youth of today on a broad range of subjects.