Every year, the American business magazine Forbes makes up a list of 10 biggest fintech companies in the U.S. It may seem that the list is predictable, as big companies get bigger, improving their performance and reinforcing their standing. However, the list for 2020 has brought some surprises.
Notably, among the 10 biggest fintech companies in the U.S. in 2020, there are three firms that focus on crypto-related activity. They are Ripple, Coinbase, and Robinhood that take 2nd, 3rd, and 4th positions correspondingly.
Let us start with Ripple. The company has shown good performance in 2019 and an incredible rise in value. After raising $200 million in an investment round, the company’s value surged to $10 billion. The company has also found new partners, including BitPay and Intermex, and introduced new features. Besides, Ripple has been named one of the best workplaces in the Bay Area.
Hopefully, Ripple will further keep its end up. In the nearest future, the company is planning to solve the major problems with remittance in the APAC region.
Coinbase has strengthened its position after making its mark as a safe and regulatory-compliant crypto exchange that offers crypto custodial service to institutions. In addition, Coinbase has also ventured into a personal wallet and added support for new currencies. With an $8.1 billion valuation, the exchange takes the 3rd position in Forbes’ list.
As for Robinhood, the company has also introduced new features. For example, it has launched fractional stock trading with zero fees. Besides, it expanded its geography. Now residents in 47 U.S. states have access to trading 7 digital assets free of charge on the Robinhood platform. Valued at $7.6 billion, Robinhood is the 4th in the list of the 10 biggest fintech companies in 2020.
Surprises on the List of Biggest Fintech Companies – Ripple and Coinbase
The top fintech company on the list is Stripe with a $35 billion value. In 2019, the world’s largest developer-oriented commerce company raised $250 million in a new round of funding, which led to an increase in its value. Besides, Stripe rolled out a new corporate credit card and small business loans, which are automatically repaid from payments it processes for borrowers.
The large surprise was Chime, a digital bank that provides access to mobile and online banking with no hidden fees. Just in nine months, its valuation increased from $1.3 billion to $5.8 billion.
Among other companies on the list are Plaid, SoFi, Credit Karma, Opendoor, and Root.
Three crypto-related companies out of ten are pretty much. It tells about the widening adoption of blockchain and cryptocurrencies. In another Forbes’ list, Fintech 50 list, there are six blockchain companies. Notably, 48 out of 50 firms consider the U.S. home.