As online banks and cash management accounts grow in popularity, the word “fintech” has become part of everyday conversation. The fintech category describes a wide range of financial technology companies and services, from person-to-person payments to cryptocurrency exchanges. Keep reading to learn more.
10 Most Popular Fintech Companies
Today, people may think of fintechs as online banks but they’re more than that. They may offer cash management accounts, P2P payment services and other technology that makes banking and money management easier for businesses and individuals. But what are the best fintech companies for your banking needs? Here’s a look at the 10 most popular:
- Chime® — Best known for being one of the largest fintech companies in the U.S.
- Cash App — Best known for P2P payments
- Stripe — Best known for e-commerce payment processing
- Square — Best known for being a freelancer and small business payment platform
- SoFi — Best known for loans, credit cards and other financial services
- Aspiration — Best known for eco-friendly banking
- PayPal — Best known for P2P payments, crypto investing and more
- Wealthfront — Best known for automated investment services
- Varo Bank — Best known for being the first fintech to receive a national bank charter
- JPMorgan Chase — Best known for traditional banking with a fintech focus
With a market valuation of $25 billion, Chime* holds its position as one of the largest and most popular fintech companies in the US. Chime offers free checking1, no overdraft fees for eligible members up to $2002 and access to your paycheck up to two days earlier3 with direct deposit.
Fintech is a combination of the words “financial” and “technology.” Any website, app or service that uses technology for money management, payments, banking, investing and more can be considered a fintech.
Cash App began as a peer-to-peer payment service but has evolved into much more. The number one finance app in the App Store, Cash App is an easy-to-use cash management account, with an ATM card issued by FDIC-insured Sutton Bank. When you bank with Cash App, you can receive your direct deposit up to two days earlier than a traditional bank. You can also invest in stocks and crypto through the app.
Stripe holds the spot as one of the top fintechs based on market valuation. Stripe is best known for its online payment platform for businesses but it also provides financial reporting and other services, including a uniformed dashboard to manage business operations. Businesses of any size can benefit from Stripe’s services.
Like Stripe, Square is best known as a payment platform for businesses. You can open a Square Checking account to be able to access funds received through Square immediately. Ideal for entrepreneurs and small businesses, you can accept contactless payments, customize and send invoices digitally, or charge credit cards through a Web browser for over-the-phone payments.
SoFi, short for “social finance,” was founded in 2011 by students at Stanford. It was the first company to provide refinancing for federal student loans. Today, it offers one of the top online checking accounts with no fees, competitive APYs and generous sign-on bonuses. It has funded $73 billion in loans, to date, and also offers investment products and a portal to buy insurance.
Aspiration is one of the most popular fintech companies in the U.S. With a focus on sustainability, the company provides an eco-friendly debit card and rewards members for shopping sustainably. When you round up a purchase to deposit into your Spend & Save account, Aspiration plants a tree. Its unique “Pay What Is Fair” service fee makes it one of the best free fintech accounts available.
The original P2P payment platform and, arguably, the start of the modern fintech era, Paypal launched in 1998 as Confinity. At the end of 2022, the service had 435 million active consumer and merchant accounts and had processed 22.3 billion transactions totaling $1.36 trillion.
It provides peer-to-peer and merchant payment services, multiple credit products including a buy now, pay later program and crypto investing. Paypal Holdings, Inc. also owns the P2P payment platform Venmo.
For those just getting started investing in stocks or bonds, Wealthfront makes it easy with automated investing. They also offer the ability to buy fractional shares starting at $1 all with no commissions.
Wealthfront also offers a high-yield cash management account. This allows you to earn interest on the money sitting in your account awaiting investment opportunities. The cash management account carries no fees, allows unlimited withdrawals and offers early direct deposit.
While many fintechs are backed by FDIC-insured banks, fewer actually hold banking charters from the Office of the Comptroller of the Currency. In August 2020, Varo became the first. Today, it is joined by SoFi and others. Varo Bank offers accounts with no hidden fees, cash advances up to $250, high-yield savings accounts and more.
10. JPMorgan Chase
JPMorgan Chase is one of the largest traditional brick-and-mortar banks in the U.S. with a market capitalization of more than $433 billion. But it has also been at the cutting edge of fintech for decades. It was the first major U.S. bank to adopt EMV technology for chip-and-signature credit and debit cards. It has a robust mobile app and strong online presence, making it a leading fintech as it excels in traditional, relationship banking services and mobile banking.
Whether you’re looking for digital payment processing or no-fee banking services, today’s fintechs and neobanks put it all at your fingertips.
FAQHere are the answers to some of the most frequently asked questions regarding fintech companies.
- What is the most popular fintech company?
- "Popular" is a subjective term, and what qualifies as a fintech is also open to interpretation. Based on both market cap and name recognition, credit card processing company Visa, with a market cap of $487 billion, is the most popular fintech. However, in the new era of fintechs, Stripe leads the pack with a market valuation of $50 billion, according to Forbes.
- What are three examples of fintech?
- Popular fintech companies include:
- Paypal for P2P and business payments
- Coinbase for trading cryptocurrency
- Chime is one of the largest fintechs in the U.S.
- Popular fintech companies include:
- Is Google a fintech company?
- Although most people think of Google as the most popular search engine, it is also a successful fintech, offering the Google Pay digital wallet. Based on its fintech services, it wouldn't be the most popular of the fintech companies. But based on name recognition and size, it is within the top fintechs in the world.
Data is accurate as of Aug. 24, 2023, and is subject to change.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
*Chime is a financial technology company, not a bank. Banking services provided by, and debit card issued by, The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC.
1There’s no fee for the Chime Savings Account. Cash withdrawal and Third-party fees may apply to Chime Checking Accounts. You must have a Chime Checking Account to open a Chime Savings Account.
2Chime SpotMe is an optional service that requires a single deposit of $200 or more in qualifying direct deposits to the Chime Checking Account each at least once every 34 days. All qualifying members will be allowed to overdraw their account up to $20 on debit card purchases and cash withdrawals initially, but may be later eligible for a higher limit of up to $200 or more based on member’s Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. Your limit will be displayed to you within the Chime mobile app. You will receive notice of any changes to your limit. Your limit may change at any time, at Chime’s discretion. Although there are no overdraft fees, there may be out-of-network or third party fees associated with ATM transactions. SpotMe won’t cover non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. See Terms and Conditions.
3Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. Chime generally makes these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.
Editorial Note: This content is not provided by Chase. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Chase.
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- CFTE. "Largest Fintech Companies."
- Forbes. 2023. "The 10 Biggest Fintech Companies In America 2023."
- Office of the Comptroller of the Currency. 2022. "OCC Conditionally Approves SoFi Bank, National Association."
- CompaniesMarketCap.com. "Market capitalization of JPMorgan Chase (JPM)."
- TechCrunch. 2020. "Mobile banking startup Varo is becoming a real bank."