The financial technology (FinTech) services industry continues to attract tech companies that transform how people and businesses spend, save, borrow, invest, and more. And, FinTech startups continue to attract a growing amount of entertainment media attention and private capital.
Effectively, these companies have transformed an already existing, and one of the world’s largest industries, finance, by minimizing the friction and pain points that are commonly connected with it.
Currently, the millions of these businesses’ customers and clients can simply go online to one of the many FinTech companies and transfer money to any location in the world in their currency at excellent exchange rates, and have the money deposited within a day, and in some cases, minutes.
Conversely, there are literally several hundred public and private FinTech companies offering a variety of products and services. The 2021 FinTech 250 list, shown below, features the most promising private FinTech companies from around the world, according to CB Insights’ Intelligence Unit.
Source: CB Insights
Some of the biggest names in the FinTech industry in 2021, according to www.reportsanddata.com, include:
- Ant Group
- Stripe
- Adyen
- PayPal
- Coinbase
- Robinhood
- Square
- Klarna
- SoFi
- Credit Karma
Many traditional financial companies have incorporated technology into their operations in order to respond to changing trends and become more innovative and inventive in order to attract new customers. However, FinTech still refers to new startups that have emerged in the last two decades or so and are co-existing with established large financial nce companies.
Don’t look past FinTech giant Amazon
Amazon is dipping its enormous enterprise toe into FinTech and financial services, according to CB Insights. From payments and lending to insurance and checking accounts, Amazon is engaging in financial services from every angle without even applying to be a conventional bank.
Amazon’s has an existing strategy in financial services and a vast array offerings — what they have launched and built, where the company is investing. The company remains very focused on building financial services products that support its core strategic goal: increasing customers participation in the Amazon ecosystem.
“What people never realize or truly understand about Amazon is that part of the recipe for success is daring to try things you have no idea whether will succeed or not, and if you think that you have a notion of how to succeed … you try again.” Patrick Gauthier, ex-PayPal employ and ‘Pay with Amazon’ team lead
References:
- https://www.cbinsights.com/research-fintech-250
- https://www.reportsanddata.com/blog/top-10-leading-fintech-companies-in-the-world
- https://www.forbes.com/fintech/2021/#33ba693931a6
- https://www.cbinsights.com/research/report/amazon-across-financial-services-fintech/
- https://millennialmoney.com/fintech-stocks/