It wasn’t easy to pinpoint the Fintech50 2020 top ten, but we did it anyway! Did you know that more than 20% of Americans use fintech daily? The percentage is similar in other developed countries too. It’s hardly surprising — financial technology is all around us, making our fast-paced lives more convenient one app at a time.
Fintech50 2020: Top 10 Dominating Fintech Firms
Below you can find the top ten biggest fintech companies based on the Forbes magazine’s Fintech 50 annual list. They represent a variety of services — from open banking and custom insurance to cryptocurrency trading, and more. This top 10 offers just a sneak peek into how diverse the financial services industry is and how many aspects of our lives it can improve.
Now, let’s see which ten fintechs dominated 2020 and made the biggest impression on financial experts.
With a valuation of $35 billion, Stripe is the best-performing fintech company of 2020. The company has developed software for processing payments that is so powerful that some of the biggest tech companies trust it. For example, Facebook and Amazon both rely on Stripe to handle online payments, among other financial institutions.
In addition, Stripe has also diversified its services by offering credit cards and loans for corporate clients.
As it continues to expand its robust network, Stripe will remain a company to keep your eye on in the future.
Ripple is certainly a household name to cryptocurrency enthusiasts around the world. Known for its blockchain network and its native token XPR, Ripple is the sixth most successful cryptocurrency in terms of market cap.
But did you know Ripple has other notable achievements that bring its valuation to $10 billion? The company actually processes international payments for several high-profile clients such as Santander bank and has a huge stake in MoneyGram.
Another big name from the crypto industry, Coinbase is one of the most well-known crypto exchanges in the world. Cryptocurrency traders flock to it daily to turn one token into another, driving Coinbase’s valuation to $8.1 billion.
What’s more, Coinbase now also offers wallets to its customers. It also handles the crypto portfolios of some corporate and institutional investors, serving as a custodian of their investments.
Robinhood is one of the leading brokers in the United States. Even in the face of stiff competition, it remains among the top fintech companies in the US. It offers trading instruments such as stocks, futures, cryptocurrencies, and ETFs.
Chime is one of the most impressive digital-only banks in the fintech industry. Besides offering traditional banking services, Chime has also won customers over with its automatic round-up service, which gathers spare change into the client’s savings account without them even noticing. It also supports advances on customers’ salaries. Chime has all it takes to drive sustainable finance and replace traditional banks.
This fintech startup helps customers keep track of their money. Its software aims to link users’ bank accounts to any other financial services they might be using (e.g., Acorns, Square Cash, etc.). It coordinates between these private companies to give you a nice overview of your finances for better wealth management.
SoFi appeared to address one of the most pressing issues for youths in the United States — student debt. Namely, the company’s original function was to help people find the best refinancing plan for their student loans. Thus, it has the potential to save consumers money in the long term. The company later grew to offer a broad range of banking services as well.
8. Credit Karma
Credit Karma is a leading credit score provider. The company’s free services also include tax filing. It is an excellent example of fintech improving financial inclusivity by making essential legal services free of charge.
Opendoor is carving out a space for itself in the real estate market. This fintech permits homeowners to create a digital listing of their property and allows potential buyers to take an online tour of their house. Opendoor also helps speed up buying or selling a home significantly.
Root harnesses the power of technology to help people get affordable insurance for their cars. What’s interesting about it is that it evaluates the quality of your driving through its mobile app. By simply having your phone with you in the car, Root can tell how much you travel and what your driving habits are like. This, in turn, permits it to properly assess how risky of a driver you are and provide you with a personalised insurance plan.
Were the companies mentioned above dominating the fintech industry in the past as well? Visit our previous Fintech50 lists to find out:
- The Fintech50 2016 List
- The Fintech50 2016 Part 2
- The Fintech50 2017 List
- The Fintech50 2018 List
- The Fintech50 2019 List
- The Fintech Hot 10 2019
Statements made in this article do not constitute investment advice. We encourage you to do your research and seek professional advice before investing.
Remember that all financial trading involves risks. You may lose your invested capital. Always have a risk management strategy at hand.