In a recent ranking conducted by CNBC and Statista, several South African fintech companies have made significant strides, establishing themselves as top players among the world’s 200 leading fintech firms. This exclusive list features global heavyweights such as Robin Hood, Tencent, Stripe, PayPal, and SoFi, representing the diverse landscape of financial technology innovation. The categories span a wide range of fintech sectors, including neobanking, digital wealth management, and alternative financing.
Despite the challenges confronting the fintech sector, such as declining valuations and reduced funding opportunities, the spirit of innovation remains undaunted. Some of these forward-thinking companies are actively developing tools that empower customers to better manage their finances and forecast their financial future. Meanwhile, others are simplifying access to credit and lending, making financial services more accessible and inclusive.
In the domain of digital assets, there is a growing emphasis on creating technological solutions to address some of the most pressing challenges within the financial services industry, such as cross-border payments and real-time settlement.
To compile this list of the top 200 fintech companies, CNBC and Statista meticulously evaluated their performance based on key performance indicators, including user numbers, transaction volumes, and revenue figures.
Bank Zero: Pioneering Neobanking
In the neobanking category, Bank Zero has solidified its position as one of the top 30 neobanks globally, standing alongside international heavyweights like SoFi, Revolut, and Bunq. Neobanks, known for their disruptive approach to traditional banking, have faced scrutiny lately due to their business models heavily reliant on customer acquisition and generating revenue from card payments. However, they have adapted to changing market dynamics by venturing into lending.
Bank Zero, operating exclusively as a digital mutual bank in South Africa, offers banking services to both individuals and businesses. Established in 2018 by former executives of First National Bank, notably former CEO Michael Jordaan and executive Yatin Narsai, the bank has gained recognition for its innovative approach to banking. Jordaan serves as Bank Zero’s chairman, while Narsai holds the position of CEO.
Yoco: Enabling Payments for African Businesses
Based in Cape Town, Yoco has earned a place among the top 40 global digital payments companies, sharing the stage with industry giants like Stripe, Tencent, and PayPal. Yoco, an African payments platform, empowers businesses to thrive by facilitating in-person and online payments. The company provides a comprehensive suite of solutions, including card processing services, online payment capabilities, and business tools that prove invaluable to small enterprises seeking to streamline their payment processes and drive growth.
According to JPMorgan, the global digital payments industry is currently estimated to be worth over $54 trillion, underscoring its significance as a thriving sector with numerous participants. In Statista’s assessment, Yoco emerged as one of the leading global digital payments companies, standing shoulder to shoulder with major players such as China’s mobile wallet Alipay and tech giant Tencent’s WeChat Pay.
22seven: Transforming Digital Financial Planning
South African fintech entity 22seven has secured its position among the top 20 global digital financial planning innovators. With more than 580,000 South Africans utilizing its innovative budgeting software, 22seven simplifies financial management by allowing consumers to consolidate all their financial activities within a single, user-friendly platform.
Backed by the substantial resources of Old Mutual, 22seven has the necessary support to fuel its continued growth and innovation. In a rapidly evolving landscape where technology is reshaping financial planning, 22seven stands out as a pioneer, offering a digital alternative to the cumbersome paper-based financial management options of the past.
In Statista’s evaluation, 22seven was identified as one of the 20 companies at the forefront of global financial planning innovation. These companies encompass a wide spectrum, from those revolutionizing how individuals select and educate themselves about financial products (such as NerdWallet) to services dedicated to helping people enhance their credit scores (like Credit Karma).