The way in which people manage their money has been transformed by the innovation of new technology and increasing connectivity. Fintech companies, however, are growing with this change in our way of living. Plaid and The Harris Poll have conducted a survey which shows that during the COVID-19 pandemic almost 59% of Americans are considering Fintech apps to handle their money. IDC which is a market research firm represents in its report that in 2020 a growth rate of 25% is expected to be achieved by the fintech companies with a $309 billion market value. Various consumer-based applications and services are developed by fintech companies that can be used to manage funds, make investments, trade stocks, and for insurance purposes. Digital payment is the largest product by fintech companies. In 2020 the total transaction value grew to $5.2 trillion and in 2021 it is expected to reach $6.6 trillion. A mixture of entertainment, finance, and technology is experienced by this industry. PwC mentioned in its survey conducted in 2019 that fintech has been incorporated by 47% of FS and TMT (Telecom, Media, and Technology) organizations in their functions. A study by the World Economic Forum, World Bank, and the Cambridge Centre for Alternative Finance at the University of Cambridge’s Judge Business School that on average fintech companies have experienced a 13% increase in transactions at the beginning of 2020 in comparison to 2019. Read more about Top 5 Growing Fintech Companies below.
An online finance company situated in Shanghai; China is named Lufax (Shanghai Lujiazui International Financial Asset Exchange Co, Ltd). In our 15 fastest-growing fintech companies list, it is on 5th rank. The company was established in 2011 to offer financial, credit facilitation, and wealth creation services. The focus of the company is to promote financial inclusion by incorporating online and offline resources using technology. Moreover, it allows to the digitization of financial organizations. Adyen is a Dutch e-payment business that allows the company to handle the point-of-sale payment. In the list of 15 fastest-growing fintech companies, it is in 4th rank. Payments for the business services can be received over the internet. This technology platform offers risk management, is a payment gateway and service provider platform. Pieter Van Der Does and Arnout Schuijiff have established this company in 2006. The Company aims to make the online payment process easy. The headquarters of the company is in Amsterdam, Netherlands. Adyen achieved a 22.29% increase in revenue in 2020 despite the Pandemic hit on the economy. You can read more at 15 Fastest-Growing Fintech Companies.