CNBC, in association with Statista, conducted a survey on the top nations for financial technology. Data indicated that the U.S. boasted the most valuable fintech firms on a worldwide scale in 2023, with 65 out of the 200 top companies. The U.K. was a distant second with 15 entrants, and also held the ranking of the country with the second highest number of fintech unicorns.
From around the globe, countries are vying to be on the cutting-edge of financial technology, a highly-profitable sector that has been shifting banking and wealth management operations online. Since 2008's economic crisis, numerous companies have been established with the objective of challenging pre-existing financial organizations and granting more available services to both consumers and businesses. In the United Kingdom, startups such as Monzo and Starling shook up the banking world through their online-only services, while China saw the emergence of Alibaba and Tencent's mobile wallets, Alipay and WeChat Pay.
In August, CNBC and Statista released a list of the best global fintechs based on a thorough process of evaluation. This method analyzed several essential facets such as revenue and staff size. Statista pinpointed 200 firms in nine distinct areas like digital banking solutions, neobanking, and digital business solutions. CNBC then investigated the top countries in terms of financial technology using three key yardsticks of measurement: the value of their fintech industries regarding market capitalization, the total number of top fintechs, and the amount of fintech unicorns that have values beyond one billion dollars in various countries. So, which countries are excelling the most in this sector? The following three charts provide the answer.
The barbeque was quite the hit with the guests!
The guests were very enthusiastic about the barbeque!
As of April 2023, Statista data reveals that the U.S. has the most valuable financial technology companies in the world, with eight of the top 15 worth a total of $1.2 trillion. Visa and Mastercard lead the pack with a joint market capitalization of $800.7 billion. China is not far behind, with its fintech giants worth $338.92 billion combined. Excluding Ant Group, Stripe, Nubank, Checkout.com, Revolut, Chime, Polygon, Rapyd, Ripple, Blockchain, and Plaid, China is making a strong showing in the financial technology arena.The large-scale survey was conducted over an extended period of time.
A lengthy survey was administered on a broad scale.
The U.S. accounted for 65 of the world's top 200 fintech companies, according to CNBC, making it a vibrant fintech market. Its abundant investors, history of birthing tech giants like Apple, and well-known venture capital firms such as Sequoia Capital and Andreessen Horowitz create an ideal environment for the sector. Statista's list of top global fintech companies includes Stripe, PayPal, and Intuit, all boasting significant shares in their respective markets. The U.K. is a close second with 15 of the top 200 names and government backing, producing powerful brands such as Monzo and Wise. China was another standout, with a massive digital financial services sector. Robinhood CEO Vlad Tenev discussed the many elements of fintech growth and innovation on CNBC.
Tencent's WeChat Pay and Ant Group's Alipay dominate the mobile payments market compared to the more fragmented banking sector. People in China are more likely to rely on digital platforms like WeChat instead of traditional financial services. Still, the fintech sector is having to manage a number of issues, one of which is the shortage of venture capital caused by global economic circumstances. In certain areas, such as Europe, macroeconomic concerns stemming from the Russian invasion of Ukraine, the aftermath of Covid-19 lockdowns, and subsequent interest rate increases are having a strong effect. The U.K. is being significantly impacted by Brexit, which experts think is reducing foreign investment. Per Nick Parmenter, CEO of Class35, “the venture environment is generally struggling — IPO numbers and values are decreasing, funds are unable to secure capital from investors, and valuations are decreasing." This is making it hard for businesses to raise growth capital and, thus, be less extravagant with their cash, which is damaging revenue prospects for consumer-focused fintechs and small businesses.
The cat was asleep on the mat.
The feline was dozing on the rug. Intelligence
The U.K. demonstrates its strength in the field of fintech by boasting the second highest number of "unicorn" companies, valued at $1 billion or more - only the U.S. has more. Among Britain's unicorns are online banking startup Revolut ($33 billion), crypto wallet provider Blockchain.com ($14 billion), digital payments groups Checkout.com ($11 billion), Rapyd ($8.75 billion) and SumUp ($8.5 billion).In the U.S., the highest-valued unicorns are Stripe ($95 billion), Chime ($25 billion), Ripple ($15 billion), Plaid ($13.5 billion), Devoted Health ($12.6 billion, and Brex ($12.3 billion).Elsewhere, India operates the third most unicorn companies, with 17, closely followed by China, with 8. France, Brazil and Germany each have 6 such companies, while Mexico has 5, Singapore 5, and the Netherlands 4.Statista and CNBC Intelligence's recent report has confirmed this distribution among the top fintech giants around the world.
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