202

Introduction

For several reasons, the last year has been challenging. As a result of the pandemic breakout, the war-induced energy crisis, the cryptocurrency market meltdown, and high inflation rates, companies throughout the globe have gotten used to constantly adapting to new situations. Because of the aftershocks from the previous two years, 2023 may be much more difficult, particularly for the top fintech companies.

People throughout the globe are likely to continue living their lives and interacting with one another in new and diverse ways shortly. The following are a few financial technology sector trends and firms to watch in 2023.

Statistics about the FinTech Industry

According to the PCW Global FinTech Survey, more than 47% of financial sector organizations are incorporating Fintech into their future strategy in 2019. Fintech, like any other industry, was developing and experiencing problems during COVID-19.

It led to a massive increase in interest in cryptocurrencies and blockchain in 2020. Businesses began to investigate, test, and uncover the new functions that cryptocurrency may play in the current financial system. Many financial services have expanded the scope of their everyday interactions by implementing embedded banking, economic goods, and insurance.

The year 2021 was particularly notable for the top fintech companies, with a record number of agreements reported in all main areas – EMEA, Americas, and Asia-Pacific.

Fintech investments were terrific all year. However, as interest in cryptocurrencies, blockchain, and cybersecurity grew, so did the solutions that attracted investment.

In 2021, there was a strong feeling of renewal as numerous trends drove big corporations and startups to reinvent the current world of financial services. Fintech investment will exceed $310 billion by the end of 2022.

In the first quarter of 2022, top fintech companies raised $32.4 billion worldwide. On the other hand, unicorns are surviving, with PayPal, Ant Technology, and Stripe leading the list of fintech companies as of August 2022. There are presently 473 finance unicorns worldwide.

Only the most advanced technologies can meet today’s customer expectations. As a result, we will discuss the top fintech trends for the following year.

Fintech Trends to Watch in 2023

Blockchain innovation

In 2023, blockchain technology will be well-established in the financial industry. The blockchain is a decentralized public ledger that keeps data in chronological order and makes it available to the public.

Blockchain technology says to be decentralized since it manages by a network of computers rather than a single body, such as a bank. This technology is crucial because it is one of the most secure methods of storing data and employs a decentralized platform that does not control by a single entity, allowing for transparency.

Intelligent automation

Banks are now among the most lucrative organizations on the planet; consequently, they are among the first firms to adopt artificial intelligence in the financial industry. Due to AI’s assistance in studying consumer behavior, banks may further tailor client communication, offers, and advice, as well as AI-enabled payments. AI also assists bank investors in making judgments based on market trends and data research.

Artificial intelligence helps combat cybercrime, money laundering, and financial fraud. Consequently, it allows the automation of complicated high-value procedures while also detecting compromised data and possible data breaches, ensuring client security and privacy. Therefore, incorporating AI into finance will gain momentum, driving broader usage and acceptance of AI technology.

Credit and peer-to-peer lending

Peer-to-peer (P2P) finance and credit will likewise be a key trend in 2023 and subsequent years. Customers may connect one-on-one with a myriad of financial firms. Some companies enable customers to lend money to other customers without giving financial security. This sort of financial communication is growing more popular among millennials and Generation Z, who traditionally saw financial transactions in a different light.

Individuals initially used P2P technology to pay money to one another. However, the technology is now used by various financial organizations, including banks, credit unions, and even non-financial enterprises. 

Contactless transactions

Because of the COVID-19 epidemic, most transactions were conducted online. It occurred as a result of health rules about social separation. The emergence of contactless payments was the most crucial trend in payment technology. Most payment and financial technology projects now accept contactless payments through credit cards, debit cards, and mobile wallets.

Apple Pay was launched, allowing Apple consumers to pay for things using their iPhones or Apple Watches. Soon after, payment systems like Google and Samsung got on board. Fintech improvements will likely result in more changes to the payment environment in specialized areas such as education and government.

The Revolution of SaaS Platforms

Stripe is a name that everyone has heard of. They have grown into the fastest-growing fintech payments firm in history, with a valuation of $95 billion by 2021. Stripe is an excellent illustration of the rising utilization of financial technology for costs. Stripe caters to both people and corporations.

List of 7 top fintech companies for 2023

1. Razorpay

Razorpay is a suite of payment gateways. Among their hundreds of goods are checkout page tools, automatic vendor payment systems, virtual accounts, and other services. Razorpay is a rare kind of fintech unicorn with a $1 billion value. Magic Checkout, their newest feature, captures customer information on their initial purchase and prefills it for their subsequent purchase. Razorpay is one of the fastest growing fintech companies.

2. Rapyd

Rapyd is a payment gateway that accepts foreign credit cards. In other words, it facilitates eCommerce site localization. HotMart and Ikea are two well-known clientele.

3. Treasuryspring

TreasurySpring works in the wholesale money market. The program intends explicitly to reduce risk while optimizing profit using fixed-term funds (FTFs). Currently, the company provides sovereign, financial, and corporate FTFs.

4. Upstox 

Upstox offers financial services such as stock, mutual funds, derivatives, commodities, ETFs, and digital gold investments. It provides complete price transparency by charging no brokerage for equities transactions and up to INR 20 per order for intraday, commodities, and currencies. Upstox is one of the best fintech companies to work for.

5. Cred

Kunal Shah, the creator of FreeCharge, established Cred, a financial firm. The app’s goal is to make paying credit card bills easier and to reward you for doing it on time. The software requests your phone number to check your credit score with Cibil, CRIF, and Experian. Cred is also one of the fastest growing fintech companies.

6. Instagrammojo

In September 2012, Sampad Swain, Akash Gehani, and Aditya Sengupta co-founded Instamojo. Instamojo began as a digital payment solution provider and has now evolved into a powerful online platform enabling micro, small, and medium entrepreneurs to establish, run, and grow their operations online. Instamojo is the best option if you are looking for top fintech companies pre-IPO.

7. PolicyBazaar 

PolicyBazaar is an online insurance aggregator that compares multiple insurers’ packages based on pricing, quality, and significant advantages. It allows consumers to compare insurance plans and pick the most appropriate coverage that can bring online or offline.

Bottom Line

Fintech’s prospects are limitless since innovation builds on continually growing emergent technology. Based on our extensive expertise in fintech product development, keeping up with fintech developments and adopting technology into your organization is critical to survival. We have discussed the top fintech companies in the above guide. We hope you liked the list of fintech companies.

At (Client name), we assist financial institutions in building investment management solutions, card and payment systems, digital and mobile banking products, financial and payment services applications, and web/mobile app development.

Contact us if you need a skilled development team to embrace financial trends and grow your business. Tyke investment can help.