FinTech News
CNBC Names Top 250 FinTech Companies for 2024
The popular financial network CNBC has released its latest list highlighting the top 250 FinTech companies in the world.
About the list:
To compile this list, CNBC partnered with Statista. Although the companies were nominated by themselves via an application — which included sharing 2023 revenues, year-on-year sales growth rate, and total employee count — Statista conducted analysis on each and considered their key performance indicators (KPIs). Specifically, overarching KPIs held a weight of 40% with segment-specific KPIs making up the other 60%.
The 2024 list is broken down into eight different categories:
- Alternate finance
- Banking solutions
- Business process solutions
- Digital assets
- Financial planning
- Neobanking
- Payments
- Wealth technology
For the second straight year, the payment sector saw the greatest representation, making up 25% of the list. This was followed by alternate finance (16%) and neobanking (14%).
Once again, the United States also dominated the list with 116 of the FinTech firms hailing from there. Behind the U.S. was the United Kingdom with 30 and India with 11. Singapore (9), Brazil (7), Germany (7), and Canada (7) were also well represented.
This year, CNBC also selected “Editor’s Picks” in each section. While these were handpicked as standout companies, the network notes that they were chosen for their newsworthiness and not because their KPI-based analysis score was any higher.
In the Neobanking segment, the Editor’s Pick was Sao Paolo-based Nubank, which surpassed 100 million customers across Brazil, Mexico, and Colombia in May. The company is currently valued at $56.56 billion. Meanwhile, ClearScore was the Editor’s Pick in Financial Planning. The London-based startup was once set to be acquired by Experian but the deal fell through following regulatory scrutiny.
My thoughts:
Considering my recent rant about the possible death of the neobank, this was obviously the segment of the list that I was most interested in. Looking at who made the cut, I saw a number of familiar names, including Chime (AKA that largest neobank by far), Current, Dave, Revolut, SoFi, Upgrade, and Varo. But the one that surprised me most was Aspiration. That surprise is not because Aspiration hasn’t been a well-funded startup but because the company has seemingly been pivoting away from its consumer banking services.
Speaking of issues facing neobanking, the Synapse-Evolve fallout is something CNBC acknowledges in the Bank Solutions section. That’s because this sector includes many “banking-as-a-service” platforms, which is what Synapse was. Thus, this is another area that could see some shakeup before the 2025 list is published.
In any case, to see the full list, you can check out CNBC.
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