CNBC Names Trustly a Top 250 Fintech Company for 2024

Infrastructure
18.07.2024 02:30 pm

The past year has proven to be transformative for financial technology. Global venture funding into the fintech sector has declined sharply from the industry’s heyday in 2020 and 2021, and experts say the market is in a new normal, with valuations correcting from unsustainable highs.

In this climate, CNBC and market research firm Statista have listed the top 250 fintech companies globally. The World’s Top Fintech Companies 2024 report includes companies both big and small, across a variety of different market categories.

Each segment table is unranked, and the companies are listed in alphabetical order. This year, CNBC also handpicked standout companies from each individual market segment for their newsworthiness. These CNBC “editor’s picks” are selected from the overall list, and the companies chosen hold no higher prominence than others in Statista’s objective, KPI-based analysis.

Despite struggles facing the sector, innovation is continuing to happen — with artificial intelligence a key theme this year. Fueled by technological advancements, expanding global markets, and collaborative leadership, companies are shaping the future of financial services.

Fintechs considered for the report included companies that nominated themselves via an application form published by CNBC, as well as analysis conducted by Statista.

This year’s report identified fintech companies spanning eight different categories. The list is based on analysis and weighting of overarching general KPIs and segment specific KPIs focused on the individual categories.

To determine the top 250 firms, a team of analysts at Statista carried out in-depth research into relevant KPIs for more than 2,000 eligible companies between March and May 2024.

In the consideration for the top list, overarching KPIs had a weight of 40%, while segment-specific KPIs had a weight of 60% to derive a final score for their position on the list.

Alternate finance consists of digital platforms that offer companies and consumers a way to raise money online, using technologies like the cloud and AI algorithms.

The category includes crowdfunding platforms, which help businesses raise capital either by selling equity or offering rewards to supporters. Equity crowdfunding platforms are particularly popular with small, but fast-growing, companies.

It also includes non-bank lending institutions providing capital to businesses and platforms that facilitate personal loans funded by private or institutional investors via online platforms, as an alternative to traditional lending.

BANKING SOLUTIONS

Companies in the digital banking solutions segment include banking-as-a-service (BaaS) platforms and open banking services. It also includes companies offering digital solutions for banks, such as core banking and optimization of capital management.

BaaS refers to the provision of banking software for non-financial firms by third parties — for instance, a retailer wanting to offer banking and payments services. Open banking refers to systems that let third-party developers access financial data from traditional banks.

The BaaS space was rattled this year by a controversial startup called Synapse’s bankruptcy and its dispute with banking partner, Evolve Bank & Trust, which left hundreds of thousands of customers of consumer-facing fintechs without access to their money.