Although fintech remains a foreign concept to many people, there are far more service providers in this segment than one may think. Most people have probably interacted with fintech companies before. Below are a few prominent companies people may have used or heard of.
Fintech Companies Are Rather Common
The easiest way to describe a fintech company is a firm – often a financial institution – providing services and products through innovative technologies. These players often augment, streamline, digitize, or modernize their solutions to cater to the needs of younger generations. Moreover, there is a constant influx of new fintech startups tackling new business models.
It is common to encounter fintech companies across crucial industry verticals, including:
- Challenger Banks
- Open Banking
Some of the most common financial products and services used today started as fintech initiatives at one point. The finance industry undergoes constant change and evolution, allowing startups to develop new ideas and products. Remaining relevant in such a competitive industry is tricky, though. Consumer needs and preferences can shift at any time.
Intuit is a common option for those who regularly interface with accounting software – primarily in the United States. It is a very innovative yet simple-to-use account tool developed by one of the more prominent fintech companies. Moreover, the company is valued at over $126 billion, indicating the business is booming for Intuit.
Merchants and other entities handling eCommerce transactions will likely have looked into Stripe for payment processing. The paytech firm has made a name for itself worldwide and remains one of the few private companies on the market. Moreover, Stripe based out of Ireland – is straightforward to set up and is currently valued at over $74 billion. Other paytech brands one may know include Adyen, Square, and Checkout.com, all of which are fintech companies in different ways.
Challenger banks are excellent examples of fintech companies. They often take a digital-first approach, catering to the needs of younger users. Moreover, entities like Revolut appear less constrained in their service and products than traditional financial institutions. As a result, the challenger bank has seen tremendous growth since its inception and is currently a top 15 fintech company by market valuation at roughly $25 billion.
The name Bolttech might not ring a bell for people outside of Asia, although that can always change. BoltTech is an insurtech company attempting to modernize insurance in the financial industry. Moreover, as one of the few private fintech companies on the market, it continues to perform pretty well. With a current valuation of $11 billion, the future looks bright for this insurtech firm.
Cryptocurrencies are a form of digital and monetary innovation the world has yet to come to terms with. Even so, there is growing interest in cryptocurrency exchanges, which qualify as fintech companies. KuCoin may not be a household name like Coinbase or Binance, but the Seychelles-based organization is a top crypto trading platform by users and volume. Moreover, they keep raising funds and giving back to the community at every possible turn.