The Fast-Growing Fintech Companies: Reason Behind The Success 

  • Fintech companies apply financial technology to financial services. 
  • It made different sectors more convenient and cost-effective in financial services. 
  • Many fintech companies and startups showed fast growth in 2023. 

Fintech (financial technology) companies have experienced a shift from 2018 to 2022 and now many companies are growing because of this technology. It not only revolutionized the financial sector but has made financial services convenient in other sectors as well.   

What Are Fintech Companies?

Fintech companies are companies that apply financial technology to improve and automate the delivery of financial services quickly and in a better way. The technology is composed of algorithms and specialized software. It emerged in the 21st century and the shift has been experienced in consumer-oriented services from 2018 to 2022. It includes many sectors such as retail banking, education, investment management, fundraising, and nonprofits. It is also used in the development of cryptocurrencies such as Bitcoin, etc. 

The fintech applications include crypto apps, investment apps, payment apps, robo-advisors, and peer-to-peer (P2P) lending apps. Fintech has grown explosively since the internet revolution. Since the mid-2010s, fintech came up with many startups and revolved around the following areas such as cryptocurrency, NFTs, open banking, Insurtech, Robo-advisors, Regtech, cybersecurity, AI chatbots, etc. 

There are four broad categories of fintech users; Business-to-business (B2B) for banks, clients of B2B banks, Business-to-consumer (B2C) for small businesses, and consumers. Indian fintech startup, Zerodha is a great example where a trading platform is provided to stock brokers and tremendous achievements have been achieved by integrating financial technology.  

Examples of Fintech Companies

Examples of some fast-growing fintech companies and startups of 2023 are Chipper Cash, Sendwave, Tonik Bank, Rapyd, Cash App, Sunbit, Chime, BharatPe, Tradovate, Truist, Stripe, Trueaccord, Tickertape, Wise, InfinitePay, Affirm, Creditas, Nubank, Vivid Money, Monzo, Revolut, Bookipi, Gumroad, etc. 

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Reason Behind The Fast Growth Of Fintech Companies

The reasons behind the success of fintech are the successful strategies applied in the field as well as effective practices. It increased financial inclusion in the country. It provided ease of financial service. It saves operational costs, It adds reference loans with low interest. It supports a better standard of living in a better society. It provides access to more resources. It is a more personalized and convenient experience. It is cheaper, more efficient, and convenient financial services. 

The other USP of fintech technology is that it gives straightforward solutions to every kind of financial problem. It provides advanced technologies such as artificial intelligence (AI), data analytics, and innovative financial services. It targets consumer needs by using disruptive technologies and ‘disaggregating’ services.  


The fintech companies are reaching highs because of different benefits from a reduction of cost to more convenient financial services experience provision to users and clients. The technology has been spread to many sectors from educational to financial institutions. The reason behind its success is operational cost, effective practices, and many more that made financial services convenient.

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