According to Forbes Fintech 50 analysis, investors worldwide contributed over $53 billion into financial tech startup ventures in the year 2019. The data collected by Accenture saw businesses and entrepreneurs focusing more on digital banks and insurtechs.
The Fintech 50 list released this week includes six blockchain companies under the “Blockchain and Bitcoin” category. The companies listed include Axoni, Chainalysis, Coinbase, Everledger, MakerDao and Ripple among the top 50 players in the financial tech category for 2020.
Digital Contenders Bag the Top Spot
Money Lion a neobank boasting more than 6 million users, makes its first appearance on the Fintech 50 list. MoneyLion’s application offers free checking accounts, debit cards, and advance paychecks to its registered users on top of managing their ETF portfolios.
Another app, Dave, with over 5 million users is estimated to be valued at $1.2 billion. The application runs on a dollar a month payment by its users in return of increasing credit scores, checking accounts with 0 minimum and overdraft fees. Billionaire Mark Cuban has reportedly invested more than $76 million into the app.
In the blockchain and crypto sector, Coinbase emerged victorious, grabbing the top spot with the most funding at $525 million. Ripple came in a close second with funding of $293 million and Everledger with funding of $20 million finished off at the last spot.
Startups on the Rise
The year marked a victorious trend for startups with 19 companies grabbing multiple spots for the first time at the Fintech 50 list. Propel for instance is valued at $55 million with investments of $18 million from Andreessen Horowitz and Serena Williams. 13 of the year’s top picks are valued at over $2 billion. Stripe, an online payment company witnessed a massive surge from $13 billion to $35 billion in just a year alone. To sum up, blockchain as a technology is sure making heads turn worldwide.