A report by PwC observes that up to 28 percent of the payments sector may be taken over by fintech by 2020. This demonstrates the emerging significance of fintech in the financial sector. The following are the top 10 fintech payment companies and their worth:
Based in San Francisco, Square is a fintech firm with an estimated value of US$ 5.5B. The company offers mobile payment services. It has launched its app in over 100 countries and in multiple languages. Currently, the company accepts Apple Pay and is also working closely with Snapchat.
Based in San Francisco, Stripe is a Fintech Company that allows payment via mobile app or the internet. According to Stripe insider Lewis Clark, Stripe’s valuation is $9.2bn and has raised $440m to date. Stripe has partnered with Apple, Facebook and twitter to provide e-commerce solutions.
PayPal was founded in 1998 with headquarters in Palo Alto, United States. In 2002, the company became a wholly owned subsidiary of eBay. PayPal offers online money transfer across the world and is worth $2.8 billion. To open a PayPal account, you only need an email address. This email is then linked to your PayPal account. Money can then be securely paid into or transferred directly through your PayPal account. You can also send money to other people using your account.
With a value of US$2 billion, Adyen is a financial technology company based in Amsterdam. It provides a platform that allows you to make payments despite your physical location. The company has been expanding aggressively to other parts of the world, notably Asia Pacific. Moreover, Adyen has signed up close to 4000 merchants including Groupon, Facebook, and AirBnB.
Transferwise is a London based fintech company providing international money transfer. The company was launched in 2011 and currently has over 1 million customers who send more than £800m via the platform every month. Transferwise is valued at US$1.5 billion.
Klarna is based in Stockholm and is worth over US$1.2 billion. It provides a wide range of financial technology solutions but focuses on online payments. Other services offered include payment for public transport and peer-to-peer cash transfer.
Boku operates in over 70 countries and is worth $1.2 billion. The company allows consumers to make payments for their online purchases using mobile phones. Boku has a huge potential to serve even more consumers especially in jurisdictions where many people do not operate the traditional bank accounts.
8) Apple Pay
Apple Pay is a product of the US tech giant; Apple, based in Cupertino, California. Apple Pay is a feature built in Apple mobile phones and Apple watch. Although Apple is an established tech company worth $1.4 Trillion, Apple Pay is a new creation and is worth about $500 million.
M-PESA is a mobile phone-based money transfer and financing service, launched in 2007 by Vodafone for Vodacom and Safaricom, the largest mobile network operators in Tanzania and Kenya. The mobile money transfer company was first launched in Nairobi, Kenya and spread to several other African countries. Currently, M-PESA is being used even outside Africa in countries such as Pakistan. It is estimated to be worth close to $400 million.
Paytm is a mobile money transfer service provider based in New Delhi. The company targets the large Indian population that does not have bank accounts. This gives the company a great potential for growth. Paytm is estimated to be worth about $400 million.