In 2014, KPMG together with AWI and FSC released the “50 Best Fintech Innovators” report, one of the first papers that examined the most prominent Fintech players globally. 5 years on, CFTE is taking an in-depth look at the evolution of these 50 companies.
17 startups in the 2014 KPMG report can be categorised as B2B players, and like their B2C counterparts, they have also rapidly grown since the release of the report, reaching a total of 4.4 million businesses today. The forerunner is the accounting firm Xero, boasting a client base of 1.8 million businesses, followed by payments companies SumUp and Stripe, with both numbering at least 1 million clients.
The 11 Fintechs that do provide information on their database have on average 396,000 business clients. Out of all the B2B startups in the list, it is highly likely that Square has the largest clientele, but it has not made public any business client data growth since disclosing that it was serving 2 million businesses back in 2016. If we assume that the company has maintained slight growth year-on-year, it is highly possible that it remains the leader in the pack.
So how have these companies maintained steady and healthy growth since the release of the report?
The details and more will be available in the Fintech 50: Back to the Future Report available on July 22. Sign up here to automatically get it, for free, upon release.
The “Fintech 50: 5 Years in Fintech” report by CFTE presents their milestones, investment deals, growth and talent trends. We examine their hiring, survival rate, changing business models, success against incumbents, and expansion both geographically and in terms of market share.
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