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Fintech Companies In North America – The cross-border payment industry has seen a lot of activity in 2024. Countries are introducing and connecting fast payment systems to reduce costs and increase the speed of cross-border payments according to the G20 roadmap in this area. In addition, the continued geopolitical instability in Ukraine and the Middle East is contributing to the growing number of migrants around the world, as well as the need for cashless and accessible remittances. Meanwhile, industry players are looking to cut costs and increase profits, some stepping up to expand their footprint and take advantage of the fragmented B2B payments market. Many of them are also looking for technological advances, especially artificial intelligence and instant payments.
Amid all the developments this year, one of the best ways to understand the industry is to keep an eye on its biggest players. That’s why FXC Intelligence has released the Cross-border Payments 100 2024, a market map that identifies and celebrates the 100 most important players in cross-border payments. Now in its sixth year, the Cross-Border Payments 100 has named the 100 most important companies in the sector.
Fintech Companies In North America
This year there have been some changes. The e-commerce division we created last year has grown to include Shein and Temu. Meanwhile, as the industry’s focus now shifts from crypto, we have eliminated the crypto sector this year. A number of players who have already made our list of promising cross-border payments companies have also been added, including SUNRATE, CAB Payments and Papaya Global, with Deel being one of two additions to the focus map.
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The impact of industry consolidation and diversification is also reflected in our 2024 roadmap. Payment processor Worldpay joins an independent company following its spin-off from FIS, while DolFinTech, a new company formed from a merger of remittances in LatAm for DolEx and Barri. also made its debut. Other new additions — Mexican retail group Grupo Elektra and B2B processor TransNetwork — are also focusing on US-Latin America corridors.
We’ve used our team’s combined industry expertise and our own data to turn this list into a definitive guide to the key players in the cross-border space. Scroll down to view the 2024 Cross-Border Payments Market Map 100 or select the links below to jump to the relevant section:
Joe is a senior writer at FXC Intelligence, writing and editing reports, news and analysis to support weekly clients and content projects. Prior to joining FXC Intelligence, he worked as a B2B writer, journalist and editor covering a variety of topics including technology, transportation, retail and the food and beverage industry. He holds a BA in Philosophy from the University of Warwick.
Callum is a senior sub-editor at FXC Intelligence, editing reports, news and analysis to support the firm’s weekly content and client projects. Before joining FXC Intelligence, he worked as a B2B editor covering a variety of topics including the energy, packaging and food and beverage industries. He holds a BA in English and American Literature from the University of Kent.
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Lucy is Head of Content & Editor-in-Chief for FXC Intelligence, overseeing all content and digging deep into trends and powering currency trend data. Before joining FXC Intelligence, Lucy worked as a technology reporter and editor, interviewing executives and big names in business technology, including fintech. She holds an MA in Development Anthropology from Durham University.
Daniel is the founder and CEO of FXC Intelligence. Daniel is an influential leader in the global payments space. He is regularly invited to speak at industry conferences and provide industry insight and information. Daniel has been widely quoted throughout the industry including The Economist, Wall Street Journal, Reuters and Daniel also contributes to Forbes.com. Newsletter FXC Intelligence’s weekly newsletter is the most widely read in the global payments market.
We use cookies to give you the best user experience. If you continue to use our website, we will take it as your consent to our use of cookies. If you would like to know more about cookies, please see our cookie policy. Financial services will remain the leading sector for venture capital in 2022 despite a general decline in venture capital investment and shock waves in the cryptocurrency industry. Fintech is expected to continue to grow strongly in 2023, with sectors ranging from payments to account management likely to lead the way.
Payments is likely to remain the most invested sector in fintech, especially for startups focused on B2B payments. On the other hand, cryptocurrency and blockchain, which have seen a massive investment boom in recent years, are likely to experience a setback after FTX’s fall.
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Capital investment in fintech companies reached $81 billion per year in 2022. December 14 – down 41% year-to-date from a 2021 peak of $137 billion. However, this figure of $81 billion is still more than the 2020 figure of more than $30 billion.
Overall, the sector has grown more than tenfold in the past decade from $7 billion in 2013.
Crunchbase data shows that within the fintech sector, payments-related startups and banks have received the most venture capital funding over the past five years. Initial investment in Cryptocurrency exceeded these two top categories in 2021, but declined slightly in 2022. Blockchain technology also received more investment in 2021 and increased its market share in 2022.
According to a recent report by the Coatue business analyzing the changes that modern fintech has brought to the financial world, the fintech sector is still in its early stages.
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The New York-based company, which is an investor in private and public companies, addresses the issue of value creation in the fintech sector in a State of Fintech report.
Of the $11 trillion in market value of financial services companies in October 2022, only $508 billion — 2% — belongs to modern fintech companies, Coatue noted. That share is higher than 5% in 2021 due to the high valuation of public technology stocks, but in previous years the share did not reach 1%.
“On the path to growth, everyone values growth,” Michael Gilroy, head of fintech and co-COO of growth at Coatue, said in an interview. “Going forward, everyone values profitability and retention. The most high-quality business models in the fintech space actually impact less than the rest of the market.”
There’s a lot of gross profit that modern fintechs can make: Across the financial services sector, global gross profit will reach $6.5 trillion by 2021, Coatue estimates.
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Not all fintech companies and business models are created equal. According to the report, new business models and certain uncertainties that have greatly affected the major markets are consumer finance, insurance and SMB funds.
Coatue analyzed the strength of public financial services companies through four metrics: revenue retention, gross margin, operating margin and revenue growth. Then they use the “200%” rule, which says that if these four factors add up to 200% or more, the company is in a strong position in that market.
Thus, the top public fintechs on the list are cross-border payments provider dLocal, Palo Alto and Bill com’s California-based financial office and banking platform nCino.
Ben Savage of Clocktower Technology Ventures said: “It is clear that it is easier than ever to offer financial services, either as a standalone business or as part of a growing revenue and non-financial business activity”. “And we believe that change will continue for the rest of our lives.”
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With a decline in new technology IPOs in 2022 and a decline in the price of public technology stocks, including fintechs, where do investors see opportunities in 2023? Below are some of the highlights.
Gilroy said Coatue continues to focus on B2B fintech. Based on the company’s investment analysis, the best business models are B2B. That’s because business-oriented financial services tend to have low turnover rates—compared to consumer fintech services—and business customers typically grow over time, driving up costs and creating new opportunities across products.
Gilroy said there is also an opportunity “in a more direct way if you go after the owners of the real estate market or restaurants.”
“There are a lot of underserved communities around the world,” said Emily Man, CEO of Redpoint and the company’s investor in early-stage fintech and B2B startups about access to even basic financial products.
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Coatue noted in his report that “traditional companies, which often struggle with customer service and innovation, find it impossible to do business in new markets because the speed of people’s local Internet access is increasing.
Fintech companies in Latin America that have gone public include cross-border payments dLocal, neobank Nubank and e-commerce platform MercadoLibre, which went public in 2007.
“There’s a lot of digitization that’s still going on. “A lot of it is around payments, but a lot of it is also around what we describe as the CFO team, all together the different functions of the CFO may eventually go. Savage said.
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