What are the largest fintech companies in the US?
January 16, 2024 | Article. Fintechs are companies that rely primarily on technology and cloud services—and less so on physical locations—to provide financial services to customers.
| Rankings | Name | Country |
|---|---|---|
| 1 | Visa | United States |
| 2 | Mastercard | United States |
| 3 | Intuit | United States |
| 4 | Shopify | Canada |
| Rank | City | Country |
|---|---|---|
| 1 | San Francisco | United States |
| 2 | New York | United States |
| 3 | London | United Kingdom |
| 4 | Los Angeles | United States |
January 16, 2024 | Article. Fintechs are companies that rely primarily on technology and cloud services—and less so on physical locations—to provide financial services to customers.
The sector has matured much faster than in other countries. As of November 2021, there were 10,755 fintech startups in America, making it the region with the most startups globally according to Statista's 2021 research. Out of this, only approximately 1% of the 10,755 fintechs are unicorns valued at $1 billion or more.
Visa and Mastercard are the two biggest fintech firms by market value, with a collective market capitalization of $800.7 billion.
Financial technology (better known as fintech) is used to describe new technology that seeks to improve and automate the delivery and use of financial services. At its core, fintech is utilized to help companies, business owners, and consumers better manage their financial operations, processes, and lives.
San Francisco (Silicon Valley)
Top of our list of the world's top fintech hubs is San Francisco, namely Silicon Valley. There are (at the time of writing) a whopping 506 fintech organisations based in the area, which have seen a total investment of US$32bn across 828 funding rounds.
New York City
New York is home to major investment banks, hedge funds, and law firms. It's also a central global player in asset management, with firms managing trillions of dollars in assets, as well as major firms in foreign exchange, financial technology, insurance, and private equity.
However the most popular FinTech services included: Digital Payments:Venmo: A mobile payment service that allows users to transfer money to others quickly. Cash App: Enables peer-to-peer payments and the purchase of Bitcoin. PayPal: Offers online payment solutions and money transfers.
Is Zelle a fintech company?
Who Owns Zelle? Zelle is a product of Early Warning Services, LLC, a fintech company owned by seven of America's largest banks: Bank of America, Truist, Capital One, JPMorgan Chase, PNC Bank, U.S. Bank and Wells Fargo.
While PayPal is still a leading fintech service for both consumers and merchants, rising competition and a lack of innovation have caused investors to sour on the stock. As PayPal currently sits at a crossroads, some investors might be wondering if it's time to move on.
The J.P. Morgan Payments approach
Our dedicated global Payments Partnership team offers deep local expertise in payments and engagement in the fintech ecosystem, focusing on identifying, executing, and managing our strategic partnerships.
In the previous year, there were 8775 fintech start-ups in America. Digital payments are the leading fintech segment in the United States, with a market value of more than $1.2 trillion.
The fintech industry as we know it today did not exist before the late 1990s and early 2000s. Nonetheless, fintech's origins can be traced back to the advent of computer systems and the growth of electronic banking in the financial services industry in the 1970s and 1980s.
As of January 2024, the Americas (North America, South America, Central America, and the Caribbean) were the region with the largest number of fintechs globally. There were approximately 13,100 fintechs in the Americas, almost 1,500 more than a year before that.
Razorpay Awarded 'Best Fintech Company' at Business Today & KPMG's Awards 2024; Acknowledged for Transformative Innovations and Market Leadership.
There are currently over 26,000 fintech startups worldwide.
Combined, the U.S. produces the most value in terms of fintech, with eight of the top 15 highest-valued financial technology companies in the world worth a combined $1.2 trillion based stateside.
The Consumer Financial Protection Bureau (CFPB), which is tasked with ensuring consumers are treated fairly by entities offering consumer financial products. It provides consumer protection across all consumer financial products, whether they're offered by a bank, a fintech, or any other entity.
What is fintech in simple words?
Fintech is a portmanteau of the words “financial” and “technology”. It refers to any app, software, or technology that allows people or businesses to digitally access, manage, or gain insights into their finances or make financial transactions.
Fintech is progressing at a breakneck pace thanks to continuous digital advancements. This means that as a career path, it's attractive to those who are looking to work with and be part of the latest technological innovations, while still being part of the world of finance.
Coinbase. Perhaps the greatest example of fintech's disruptive capabilities, cryptocurrency, has changed the way the world views finance by splitting off currency from the influence of banks and governments.
As of Mar 19, 2024, the average annual pay for a Fintech in the United States is $123,495 a year. Just in case you need a simple salary calculator, that works out to be approximately $59.37 an hour. This is the equivalent of $2,374/week or $10,291/month.
India is amongst the fastest growing Fintech markets in the world. Indian FinTech industry's market size is $50 Bn in 2021 and is estimated at ~$150 Bn by 2025.
