The 50 Hottest FinTech Startups That Are Driving The Industry

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Forbes

Business News, News, Entrepreneurship, Business

4.8 • 6 Ratings

🗓️ 15 February 2024

⏱️ 8 minutes

🔗️ Recording | iTunes | RSS

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Summary

The past year has been painful for the financial technology industry, with publicly traded fintech stocks languishing 50% below their late 2021 peak, even as the S&P 500 has surged to new highs. Venture capital funding for fintech startups is even more depressed–it fell more than 70% from $141 billion worldwide in 2021 to $39 billion in 2023, according to CB Insights. Both layoffs and fire sales have spread. Yet our new 2024 Fintech 50 list is packed with extraordinary entrepreneurs who have adapted and flourished in this environment. Three categories that primarily serve other businesses—Payments, Wall Street & Enterprise and Business to Business Banking–made the strongest showing, accounting for 27 of our 50 picks and seven of the 13 first-time honorees on this year’s list, our ninth annual honor roll of the most innovative private businesses in fintech. Forbes Senior Editor, Jeff Kauflin, and reporter Emily Mason sat down in studio to break down this year's list and highlight some of its newcomers and trends. Stay Connected Forbes newsletters: https://newsletters.editorial.forbes.com Forbes on Facebook: http://fb.com/forbes Forbes Video on Twitter: http://www.twitter.com/forbes Forbes Video on Instagram: http://instagram.com/forbes More From Forbes: http://forbes.com Forbes covers the intersection of entrepreneurship, wealth, technology, business and lifestyle with a focus on people and success. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Hi everyone. My name is Jeff Kofflin. I'm a senior editor at Forbes and I'm joined by my
0:07.2	colleague Emily Mason who's a reporter at Forbes. We both cover FinTech and we're going to be here talking about our 2024 FinTech 50 list which is our ninth annual version of our list of the most innovative private FinTech companies.
0:22.0	Thanks for the intro Jeff. of the most innovative private FinTech companies.
0:22.8	Thanks for the intro, Jeff.
0:24.5	So I guess list overall, like what are some themes
0:26.9	that you're noticing?
0:27.6	Any notable trends pop out?
0:30.0	Yeah, a few things.
0:31.3	I would say among the companies that were doing better are payments companies,
0:36.8	companies providing business banking services and other kind of back-end technology providers.
0:42.1	And we see that a lot when, you know,
0:44.7	the industry isn't doing as well.
0:47.0	You can't spend as much money on marketing
0:49.1	to attract consumers.
0:50.4	And so that's what we're seeing is some of these back-end infrastructure companies
0:54.2	doing better and among the companies that aren't doing as well and had kind of a
0:59.5	lesser showing on the list are personal finance companies,
1:04.1	cryptocurrency companies, and real estate companies.
1:08.9	Who are some of the top players on the list this year? Yeah, so speaking of payments companies, I think too that really stand out in that category are going to be Stripe and Plaid.
1:19.1	They might not be on the list for too much longer because we only feature private companies and they've kind of been stirring
1:24.0	IPO rumors for a couple years now.
1:27.1	Stripe reportedly at the end of last year told employees that they would make a decision about
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