The emerging industry of fintech has revolutionised traditional finance, including services such as fintech payment companies. The payments sector has contributed to the growing trend of implementing technology to improve efficiency, security, and consumer satisfaction in financial services.

Here are the Top 10 Largest Payments Companies in 2022:

Find the complete ranking of payments companies in fintech in our full list of fintech unicorns by market capitalisation

Which countries do Payments unicorns come from?

Countries with the largest Payments unicorns include the United States (19 unicorns), the United Kingdom (8 unicorns), India (5 unicorns) and Israel (4 unicorns).

Payment solutions and their penetration level is substantial due to the surge of online transactions caused by the pandemic. Furthermore, the capitalisation of projects focusing on online payments also contributed to the surge.

What were the biggest trends in Payments in 2021-2022?

According to Finaria.it, the global digital payments industry is expected to hit $6.6 trillion in value in 2021.

The top 5 trends in payments:

• Rise in Innovative Payment Products

Globally, people today are trying to go contactless in every possible area. Products such as NFC and EMV, where things like tap and go QR codes and contactless cards would are more popular than ever.

• Focus on stronger security

Due to increasing cybersecurity threat, improving existing cybersecurity framework is a must. The best approaches that are currently being taken is AI (Artificial Intelligence) and ML (Machine Learning) powered systems.

• Integrated Payments

According to Accenture, 50% of adults are comfortable letting third party’s initiate payments on their behalf, mainly due to the offering of a seamless checkout experience for customers.

• B2B Payments Redefined

Integrated payments will allow the B2B payments sector to connect with payment facilitators and take a revenue cut from the transaction cost.

• Evolution of P2P payments

Platforms like PayPal and Stripe have seen a growth in popularity with their customers broadening from tech-savvy millennials to older generations. The pandemic contributed to this, making the platforms see a surge in their average transaction volumes

What is the future of Payments in the next 5 years?

According to analysis by PwC and Strategy&, Global cashless payment volumes are set to increase by more than 80% from 2020 to 2025. Figures include about 1tn transactions to almost 1.9tn, and to almost triple by 2030.

With respect to continients:

• Asia-Pacific will have cashless transaction volume growing by 109% until 2025 and then by 76% percent from 2025 to 2030
• Africa will have cashless transaction volume growing 78% until 2025, 64% from 2025 to 2030
• Europe will have cashless transaction volume growing 64%, 39% from 2025 to 2030
• Latin America will have cashless transaction volume growing 52%, 48% from 2025 to 2030
• US and Canada growing least rapidly at 43% until 2025, 35% from 2025 to 2030

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Israel is a leader not just in tech, which is home to the highest number of startups per capita in the world. According to IVC Research Center and Meitar Law Offices, Israeli fintech startups raised $1.1 billion in the first quarter of 2021 and holds over a dozen fintech unicorns in sectors such as payments, insurtech, lending, banking and more.

1. Raypd

Raypd highlighted how developers need to easily integrate functionality to collect and disburse funds in any local currency, issue cards, extend ewallet functionality, manage KYC and compliance processes, all without having to worry about local regulatory issues. This lead them to launch “Fintech-as-a-service” and provide a full stack of integrated payments, commerce and financial services capabilities that can be embedded into any application.

2. Melio

A B2B payment platform for small businesses. Melio offers easy account payables services, simplifying the paperwork process for small businesses, and allowing them to pay vendors with credit or debit cards.

3. Papaya Global

Papaya Global provides a cloud-based HR and payroll platform for global workforce management. They aim to reinvent global payroll, payments, and workforce management with their automated platform that helps companies hire, onboard, manage, and pay people in more than 140 countries.

4. Payoneer

As a Paytech company, Payoneer strive to provide the most advanced services by focusing on their customers’ business needs in the global commerce industry. It offers any business, in any market, the technology, connections and confidence to participate and grow in the new global economy, from bourderless payments to boundless growth.

5. Fundbox

Fundbox offers credit solutions to small and medium-sized businesses. They developed a platform that enables small and medium enterprises to quickly receive credit lines based on future invoices, with the approval process being carried out by artificial intelligence tools.

6. Riskified

Riskified is a publicly traded company that provides software as a service fraud and chargeback prevention technology. They have built an eCommerce risk management platform that allows online merchants to create trusted relationships with consumers.

7. Earnix

Earnix is a leading provider of mission-critical systems for global insurers and banks. Through Earnix, customers are able to provide prices and personalized products that are smarter, faster, and safer in full alignment with corporate business goals and objectives

What have the Investments in Fintech been in Israel

Israeli fintech startups had raised over $1.8 billion in 2019 and the following year, 2020, they were said to have raised around $1.48 billion. This occured despite the pandemic which shows a rapidly maturing fintech ecosystem. Just in the first quarter of 2021, Israeli fintech startups raised $1.1 billion with 136 new unicorns born in the second quarter of 2021 worldwide. This was a record high achievement as it was nearly six times the 23 unicorns born in the same period in 2020

Israeli fintech startups had raised over $1.8 billion in 2019 and the following year, 2020, they were said to have raised around $1.48 billion. This occured despite the pandemic which shows a rapidly maturing fintech ecosystem. Just in the first quarter of 2021, Israeli fintech startups raised $1.1 billion with 136 new unicorns born in the second quarter of 2021 worldwide. This was a record high achievement as it was nearly six times the 23 unicorns born in the same period in 2020.

• VC funding hits $2.3B in the first half of 2021, surpassing the 2020 full year total by 28%
• Demand for payment solutions grew to 35% of Israeli FinTech funding due to COVID-19 – making it the high-tech industry’s largest subsector
• Based on Start-Up Nation Finder insights, investments in FinTech made up 19% of the total funding in Israeli innovation technology companies

How many Fintech Unicorns does Israel have?

There are now several hundred unicorns globally and according to Tech Aviv, which tracks the industry, Israel has a total of 71 tech unicorns founded by Israelis, 35 of which were formed this year – the most unicorns per capita in the world!

Although Israel is placed a respectable 12th in Findexable’s 2020 Global Fintech Rankings, it has leapt over the competition to secure a place in the top three, behind only the US and UK. Tel Aviv was no less impressive: it rose from 18th to 5th in the fintech hub rankings. Israel has more unicorns per capita than any other country – with a population of just 8.9 million, that’s 1.58 unicorns per capita and makes Israel No. 1 in the world

Which Fintech Sectors have the most Fintech Unicorns in Israel?

Israeli founders first and foremost have brought to the table a distinct perspective and understanding of where the gaps exist within their respective focus industries — whether it was Hippo and Lemonade in the world of property and casualty insurance, Rapyd and Melio in the world of business-to-business payments, or Earnix and Personetics in the world of banking.

Over the last two years, 70% of Israeli FinTech funding was funneled into three prominent subsectors: Payments, Anti-fraud and Insurtech.

The demand for online payments skyrocketed during restrictions imposed by COVID-19. Companies that offered a multi-currency mobile wallet, eCommerce fraud prevention nd supplier payment platforms were well-positioned to benefit from the shift in habits and are expected to continue to grow going forward. This new demand was largely spurred by the pandemic-induced rush for corporate innovation which created an opportunity to modernise legacy processes.

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