Fintech entrepreneur Michael Zetser believes that there are some fintech startups and companies that people should keep their eye on in 2023. Anyone who is interested in the financial technology (fintech) sector is well-aware that it is disrupting the way traditional financial organizations have operated for decades. As a matter of fact, 88% of these traditional entities believe that they will lose at least part of their businesses to fintech firms in the next 5 years.
But, which fintech companies will be able to stick it out in the long-term? There is tough competition in the space, which means not every startup will manage to survive or keep up with the changing trends.
Besides, we recommend not only watching fintech startups but also keeping a close eye on fintech development companies. A fintech development company provides the technological backbone and innovative solutions that propel many of these startups to success. The influence of such companies on the trajectory of the fintech space cannot be underestimated, and they too play a crucial role in reshaping the financial landscape.
Now, some of the top fintech companies you should keep track of are highlighted as follows.
Chipper Cash
Based in San Francisco, California, Chipper Cash was founded in 2018 and this cash-transfer app works in the same way as Venmo and Cash App. This means that users can send personal payments via the app for free. The app is primarily available in African countries, such as Nigeria, Kenya and Ghana and it was valued at $2 billion in 2021. Its search growth in the last five years has been an impressive 4,100%.
Tonik Bank
According to fintech development company, it is also essential to keep an eye on Tonik Bank, which was established in 2018 and has its headquarters in Singapore. This digital only operates via digital channel and its 5-year search growth is a whopping 9,566%. It uses technology for delivering accessible and seamless banking services to its clients. It boasts user-friendly online and mobile platforms that can be used for loan applications, opening saving accounts and efficiently managing finances, thereby delivering an outstanding banking experience to every user.
Sendwave
One of the top money transfer services, Senwave was founded in 2014 and is based in Boston, Massachusetts. It enables secure and quick cross-border remittances and is primarily available in Europe and North America. As compared to traditional channels of sending remittances, Sendwave is a cost-effective and efficient alternative that can be used for sending money to Asia and Africa. Michael Zetser points out that this service has gained popularity very quickly due to its capability of connecting communities and families worldwide.
Sunbit
Offering point-of-sale (PoS) financing solutions to merchants and customers alike, Sunbit was first launched in 2016 and is based in Los Angeles, California. Michael Zetser believes that it has a lot of potential is because it makes products and services affordable for consumers by offering them instant installment plans at checkout. Plus, this also supports the sales growth of merchants. In fact, Sunbit has eliminated a number of barriers that exist in traditional finance due to which it improves the buying experience and also delivers financial inclusivity to customers in various industries.
Rapyd
Focusing on international card payments, Rapyd is a payment gateway and offers ecommerce websites easy localization. The startup was founded in 2014 and is based in London, United Kingdom. Ikea and HotMart are some of the top clients of the company.
Cash App
Another mobile payment solution that Michael Zetser has recommended is Cash App, which was founded in 2013 and is located in San Francisco, California. It also has a great deal of potential because it not only helps in sending and receiving money, but can also be used for buying and selling Bitcoin and investing in equities. There are more than 70 billion users and it is being used for managing personal finances, peer-to-peer payments and for conducting transactions with small businesses.
Truist
A renowned financial services company in the U.S., Truist was formed when SunTrust and BB&T Banks merged in 2019. It is located in Charlotte, North Carolina and has seen exponential growth because it offers a wide range of investment, banking and insurance services to institutions, businesses and individuals. It has a diverse customer base and to fulfill their evolving needs, Truist offers innovative digital solutions and financial products.
Tradovate
Based on his fintech expertise, Michael Zetserhas also named Tradovateas a company you should monitor because this online brokerage firm is empowering traders to keep up with the options and futures markets. Both novice and experienced traders can get access to real-time market data, powerful trading tools and competitive pricing when they wish to engage in options and futures trading. Tradovatecan help in effectively executing trades and managing portfolios and it has put special emphasis on cutting-edge technology and user experience.
Chime
A neobank, Chime was founded in 2013 and operates from San Francisco, California. Michael Zetser has lauded its zero-fee banking solutions that has helped its customer base increase to 12 million. Most importantly, it is also FDIC insured, which adds a layer of security.
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