A booming fintech market is not a post-pandemic phenomenon. Since the launch of the first handheld calculator and the first ATM installed by Barclays bank, technology has been intervening in the financial systems to make transactions faster, easier, and more secure. In the 1980s, the world witnessed the introduction of mainframe computers, and by the 1990s, online banking flourished with the Internet and e-commerce business models. Today, fintech as a thriving industry is more about new players emerging from every nuke and corner of the world.
Alongside the existing big names in the financial world, fintech offers an excellent level-playing field for startups to open their shop and proliferate with their intelligent solutions. The increasing number of fintech unicorns is an indicator of this. According to Tracxn, there are 280 unicorns, excluding exits through M&A and IPOs. The average funding raised by a company till it becomes a unicorn in 2022 (YTD) is USD 179 M, which is 47% higher than last year. While challenger banks, cryptocurrency, Wealthtech, and the Paytech sector lead the fintech industry in the highest number of unicorns consecutively, the industry has also seen a rise in deca-corns.
In this issue, we celebrate the success of fintech firms across the world by featuring the ‘10 Most Innovative Fintech Companies – 2022’ that are leveraging cutting-edge technologies like to provide a smooth and secure financial transaction within a short period. On the cover, we feature Sunrise Banks, a certified B Corporation, a certified Community Development Financial Institution, and a member of the Global Alliance for Banking on Values, striving to provide innovative financial solutions that empower financial wellness and combat financial inequality.