For our seventh annual Fintech 50, 25 of our picks have never appeared on the list. Crypto companies and startups trying to make banking cheaper and more accessible for small businesses made a particularly strong showing.
Reported by Nina Bambysheva, Margherita Beale, Jason Bisnoff, Isabel Contreras, Michael del Castillo, Kevin Dowd, Steven Ehrlich, Jeff Kauflin, Jonathan Ponciano and Hank Tuckerast year, as the pandemic continued to push more buying and banking online and the price of both bitcoin and tech stocks climbed, venture capitalists poured money into fintech— a total of $133 billion globally, almost three times the $49 billion they invested the year before, according to CB Insights.
Among this year’s newcomers is a big contingent of startups working to make banking faster and more accessible for other businesses. For example, Plaid cofounder William Hockey and his wife Annie Hockey bought a federally chartered bank for $50 million, renamed it Column, and are using it to provide non-bank fintechs with a suite of banking services like holding deposits and interbank transfers.
With bitcoin hitting nearly $68,000 last year, crypto startups saw an influx of new customers–and our list contains four new crypto and blockchain honorees. Sam Bankman-Fried’s trading platform FTX reached an 11% market share of the $2.4 trillion in global derivatives traded each month. OpenSea became the go-to place for people to buy and sell nonfungible tokens, processing about $3 billion in transactions a month.
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