Digital banks, or neobanks, are continuing to grow and develop new products. These are companies, typically with their own bank license, that have been set up with the aim of challenging large established lenders.
Statista identified 40 firms as top digital payments companies. These include major players such as Chinese mobile wallet Alipay and tech giant, which operates the WeChat Pay payment services, and U.S. online payments powerhouse Stripe. Binance, which features as one of the top digital asset companies, is under heightened scrutiny from regulators around the world.
In this field, Statista identified 20 names that fit the bill as companies leading the pack globally when it comes to innovating in financial planning. These companies have been under strain more recently, though. Interest from amateur traders has slipped from the heyday of the 2020 and 2021 retail investing boom. And, as with other areas of fintech, there's been a greater focus on profitability and building a sustainable business.
Meanwhile, revenue-based financing, or borrowing against a percentage of future ongoing revenues in exchange for money invested, became a more popular way for firms typically turned away by banks and venture capitalists alike to get access to funding. Banking-as-a-service has been a buzzword in fintech for some time now. It's not exactly a well-known term, but it refers to the ability for non-financial companies to provide their customers a range of financial products including checking accounts, cards, and loans.