Fintech: payments, digital banks, lending, wealth, insurtech and finance software
Fintech has no industry code. This page maps payments, digital banks, lending, wealth, insurtech and finance software to NAICS. It sizes the market with official data: 79% of adults have an account, 1.3 billion do not, and U.S. noncash payments were $140 trillion in 2024. Leading companies get figures from their own filings. Each of the 60 companies on CNBC's 2026 list, most of them lenders, is checked against its own site or a regulator. The page also covers the Synapse failure and the open-banking rules taking shape in the U.S., EU and Canada.
80 sources · 66 tier A · 32 tier C · 3 tier B · prepared 2026-10-17
01
What fintech is, and where it sits in NAICS
Fintech is not an industry code. NAICS has no fintech category, so a fintech company is classed by what it actually does: moving money, lending, holding deposits, trading, insuring, or selling software to firms that do. This atlas uses NAICS Canada 2022, which splits the U.S. code 522320 (payment processing) into 522321 and 522329. The rows below map each fintech segment to the codes and market records we already cover.
| Payments and card processing NAICS 52232Embedded payments for vertical softwareNAICS 5223 activities related to credit intermediation Card processing, electronic funds transfer, clearing houses and payment networks (in the U.S. this is 522320). Covers payment processors, acquirers and wallets. Embedded payments sold inside vertical software also sit near here. |
NAICS 52232 / 522329A |
| Lending without deposits (consumer, SMB, BNPL, mortgage) Non-depository credit: consumer lending (522291), sales financing (522220, where most buy-now-pay-later sits) and other non-depository credit such as mortgage and SMB lending (522299). Online lenders that fund through partner banks or capital markets are classed here. |
NAICS 5222A |
| Digital banks and neobanks A neobank with its own charter is a deposit-taking bank (522111 personal and commercial banking). One that offers accounts through a partner bank is usually software plus program management, not a bank. |
NAICS 5221A |
| Brokerage, wealth and robo-advice Capital markets and post-trade systemsSecurities exchange operationFinancial data and credit analyticsNAICS 5239 Securities dealing and brokerage (5231), exchanges (5232) and portfolio management and advice (5239). Trading apps and robo-advisers are brokers or portfolio managers in this scheme. |
NAICS 523A |
| Insurtech A digital insurer that carries risk is an insurance carrier (5241). A digital broker or comparison site is an agency or brokerage (524210). Most insurtechs are one or the other. |
NAICS 524A |
| Funds and private capital Funds, trusts and other financial vehicles. Fund administration and private-markets software serve this group. |
NAICS 526A |
| Software sold to financial firms Firms that sell core-banking, compliance, lending or payments software are software publishers (513211). Custom builds are computer systems design (541514), and hosting or data processing is 518210. This is where 'B2B fintech' and most regtech is classed. |
NAICS 513211 / 541514 / 518210A |
| Crypto and digital assets Exchanges, custodians and stablecoin issuers have no code of their own either. They are covered on the sister page. |
See /markets/cryptoA |
02
How big is fintech? What public sources can measure
No official body measures 'the fintech market'. What central banks and the World Bank do measure is the activity fintech competes for: how many people have accounts, and how many payments move without cash. The headline market-size numbers from analyst firms are paywalled or unaudited, so they are not shown here. The company filings in the sections below give a sense of scale.
| Adults worldwide with an account (2024) Up from 74% in 2021 and 51% in 2011. Accounts at a bank or similar institution, a mobile-money provider, or both. Global Findex 2025. |
79%A |
| Adults still without an account The World Bank's count of unbanked adults worldwide. Mobile phones drove much of the recent gain. Global Findex 2025. |
1.3 billionA |
| Adults in low- and middle-income economies who made or received a digital payment (2024) That is 82% of account owners, up 27 points since 2014. Digital merchant payments (in stores or online) reached 42% of adults, up from 35% in 2021. |
61%A |
| U.S. noncash payments (2024) Cards made up 79% of the number of payments but only 8% of the value. ACH transfers carried $104.06 trillion, 74% of the value. Debit card payments: 120.6 billion. Credit card payments: 67.1 billion. Federal Reserve Payments Study. |
236.6 billion payments, $140.01 trillionA |
| Euro-area non-cash payments (second half of 2025) Up 6.9% by number on a year earlier. Cards were 57% of payments, credit transfers 21%, direct debits 14% and e-money 6%. Contactless card payments: 32.9 billion. ECB, 22 July 2026. |
83.5 billion payments, €117.8 trillionA |
| Canada: payment companies now need a licence Payment service providers in scope applied to the Bank of Canada in November 2024. Rules on risk management and safeguarding customer funds took effect on 8 September 2025. The Bank publishes a registry of approved firms. |
Registered under the Retail Payment Activities ActA |
| Payment volume on Stripe (2025) The largest private payments company says businesses on Stripe generated $1.9 trillion in 2025, which it puts at 1.6% of global GDP. Stripe's own figure; it is private and unaudited. |
$1.9 trillionC |
| PayPal total payment volume (2025) Up 7% on 2024, across 25.4 billion payment transactions. PayPal had 439 million active accounts. 2025 Form 10-K. |
$1.79 trillionA |
03
Payments
Payments is the biggest and oldest part of fintech. It covers acquiring (taking card payments for merchants), wallets, cross-border transfers and card-issuing platforms. Revenue is mostly a small share of volume, so scale decides who wins. Figures are from each company's latest annual filing.
| PayPal Digital wallets (PayPal, Venmo) and merchant checkout in about 200 markets. 439 million active accounts and $1.79 trillion total payment volume at 31 Dec 2025. 2025 Form 10-K. |
Revenue $33.17 billion (2025)A |
| Block (Square, Cash App) Square serves sellers ($259.6 billion gross payment volume in 2025). Cash App had 59 million monthly transacting actives in December 2025. Net income $1.30 billion. 2025 Form 10-K. |
Revenue $24.19 billion (2025)A |
| Stripe Private, so no audited accounts are public. The volume figure is from Stripe's own 2025 annual letter. |
$1.9 trillion volume (2025)C |
| Toast Point-of-sale and payments for restaurants. About 164,000 locations at 31 Dec 2025, up 22%, processing about $195 billion in the prior 12 months. 2025 Form 10-K. |
Revenue $6.15 billion (2025)A |
| Wise Cross-border transfers and multi-currency accounts. Over 18.0 million active customers in the year, and net income of $498.7 million. Primary listing moved from London to Nasdaq on 11 May 2026. Form 20-F. |
Net revenue $2.5 billion (year to March 2026)A |
| Marqeta Card-issuing platform used by other fintechs to launch cards. $382.5 billion total processing volume in 2025, up 31%. 2025 Form 10-K. |
Net revenue $624.9 million (2025)A |
04
Digital banks and neobanks
A neobank is a bank that has no branches. Some hold their own banking licence (Nubank in Brazil, SoFi in the U.S.). Others, like Chime, offer accounts through partner banks. That difference matters when something goes wrong; see the Synapse row in the risks section.
| Nu Holdings (Nubank) Brazil-based digital bank. 131 million customers in 2025: 113 million in Brazil (62% of the population, it says), 14 million in Mexico and over 4 million in Colombia. Revenue up 37%. 10,027 employees. Form 20-F. |
Revenue $15.77 billion (2025)A |
| Chime U.S. consumer banking app with 9.5 million active members at 31 Dec 2025. Chime is not a bank: checking accounts are provided by its bank partners, The Bancorp Bank, N.A. and Stride Bank, N.A. 2025 Form 10-K. |
Revenue $2.19 billion (2025)A |
| SoFi Technologies Holds a U.S. national bank charter through SoFi Bank, National Association. Lending, deposits and investing. About 13.6 million members to date, using about 20.2 million products. 2025 Form 10-K. |
Net revenue $3.61 billion (2025)A |
05
Lending: consumer, small business and buy now, pay later
Online lenders either keep loans on their own balance sheet, pass them to partner banks, or sell them to investors. Buy-now-pay-later (BNPL) is short instalment credit at checkout. Most of the CNBC 2026 names below are lenders, so this section shows the largest listed ones.
| Affirm U.S. buy-now-pay-later and Affirm Card. $50.2 billion gross merchandise volume, up 37%, and 27.8 million active consumers. Form 10-K. |
Revenue $4.26 billion (year to June 2026)A |
| Klarna BNPL and payments, with about 118 million active consumers and about 960,000 merchants in 26 countries. Licensed as a bank in the EEA since 2017 (Swedish Financial Supervisory Authority). Net loss $273 million. Form 20-F. |
Revenue $3.51 billion (2025)A |
| Upstart Lending marketplace that uses AI to price personal loans for bank and credit-union partners. 1.50 million loans worth $11.0 billion in 2025. Its top three lending partners made 83% of the loans. 2025 Form 10-K. |
Revenue $1.04 billion (2025)A |
| SMB and revenue-based lenders Small-business lenders (iwoca, Funding Circle, OakNorth, YouLend, Pipe, Parafin and others) are verified one by one in the CNBC section below. |
See CNBC listB |
06
Wealth and brokerage
Trading apps and robo-advisers are brokers and portfolio managers (NAICS 523). Their revenue rises and falls with trading volume and interest on customer cash.
| Robinhood U.S. trading app. 27.0 million funded customers at year-end, up 7%. Total platform assets $322.1 billion, up 67%. Net income $1.88 billion. 2025 Form 10-K. |
Revenue $4.47 billion (2025)A |
| Wealthsimple (Canada) Wealthsimple Trade is offered by Wealthsimple Investments Inc., a member of the Canadian Investment Regulatory Organization (CIRO). Client accounts are covered by the Canadian Investor Protection Fund within limits. |
Investing, trading and chequing appC |
07
Insurtech, and software sold to financial firms
Most insurtechs are licensed insurers (NAICS 5241) that sell online. The other big group is software sold to banks, lenders and businesses: payables, card issuing and lending inside other platforms ('embedded finance').
| Lemonade Digital insurer (renters, home, car, pet, life). 2,984,513 customers at 31 Dec 2025, with $1,236.5 million in-force premium. 2025 Form 10-K. |
Revenue $737.9 million (2025)A |
| Root U.S. car insurer that prices on driving data. 481,869 policies in force, and it operates in 36 states. Net income $40.3 million. 2025 Form 10-K. |
Revenue $1.52 billion (2025)A |
| BILL Accounts payable, receivable and spend software for small businesses. About 479,300 businesses used it, with $371.3 billion total payment volume in fiscal 2026. Form 10-K. |
Revenue $1.65 billion (year to June 2026)A |
| Embedded lending Lenders whose loans are offered inside other platforms. All five are on the CNBC list below, with verified facts. |
Banxware, finmid, Parafin, Pipe, YouLendB |
08
CNBC World's Top Fintech Companies 2026: who is on it
These are the 60 companies on CNBC's 2026 list as supplied to us (25 of them marked as previously awarded). We did not open cnbc.com, because its robots.txt bars our crawler, so the list is as copied by the site owner. Most of them lend money or run lending platforms (consumer, small-business, revenue-based, peer-to-peer or mortgage). Each fact below comes from the company's own site or from a regulator, registry or filing. 51 names are verified. The 9 we could not verify are listed under Unverified at the bottom of the page.
| The list As copied from CNBC's page by the site owner. 25 are marked as previously awarded. Labels below are company names; values say what each one does. |
60 companiesB |
| 365 Finance London, United Kingdom. Provides revenue-based finance (merchant cash advances) of up to £500K to UK small businesses, repaid as a share of future card sales. Its site says it is a trading name of 365 Business Finance Limited, registered in England and Wales, company number 08267810 (site footer, 2026). |
Revenue-based finance for small businessesC |
| 4finance Riga, Latvia. Digital consumer lending group offering online loans. Its unaudited results for 2025 (27 Feb 2026) report net receivables of €1,605.5 million at 31 Dec 2025. |
Digital consumer loans across EuropeC |
| 4G Capital St. Helier, Jersey. Mobile-money working-capital loans and business training for small businesses in Kenya and Uganda. Its site says it has disbursed US$1 billion and served over 791,000 customers. |
Working-capital loans for African MSMEsC |
| Aventus Group Vilnius, Lithuania. Group of digital lenders offering short- and long-term consumer loans (plus car leasing) in Europe, Asia, Africa and the Americas since 2009. Its site says its loan portfolio was €468.6M and equity €262.8M at end of H1 2026. |
Digital consumer loans in 22+ countriesC |
| Banxware Berlin, Germany. Embedded-lending provider that lets B2B platforms offer SME loans and credit lines. Its legal notice lists Banxware GmbH, Amtsgericht Charlottenburg HRB 218697 B, with a §34c GewO permit dated 13.11.2020. |
Embedded SME lending for B2B platformsC |
| Best Egg Wilmington, United States. Online consumer lender offering personal loans (made through a partner bank) and other credit products. Its licences page lists Marlette Marketing, LLC (NMLS ID 1849194) and Marlette Servicing, LLC (NMLS ID 1849345), with state consumer-lender licences. Previously awarded. |
Online personal loans and credit cardsC |
| Better.com New York, United States. Digital mortgage lender (Better Home & Finance Holding Co, Nasdaq: BETR) offering home purchase, refinance and HELOC loans via its Tinman platform. Its 2025 Form 10-K (filed 13 Mar 2026) reports Funded Loan Volume of $4.7 billion and revenue of $164.9 million for 2025. |
Digital mortgage lending and home loansA |
| Bluevine Jersey City, United States. Small-business checking and lines of credit, provided through partner banks. Its site says financing may be made under California Financing Law licence No. 6054789, and that it has agreed to be acquired by Valley National Bancorp (2026). Previously awarded. |
Small-business banking and credit linesC |
| Branch San Francisco, United States. Mobile app offering instant loans, transfers, savings and bill payment in Kenya, Nigeria, Tanzania and India. It says it has 20 million+ customers, has issued 75 million+ loans and has disbursed US$3 billion+. |
Smartphone loans in Africa and IndiaC |
| C2FO Kansas City, United States. Working-capital marketplace where suppliers get invoices paid early at a discount rate they choose (Name Your Rate). Its site says it has provided US$500B+ in supplier funding to date, accelerated 42M+ invoices in 2025 and serves 160+ countries (undated web page, read 2026-10). Previously awarded. |
Early invoice payment for suppliersC |
| CapBay Petaling Jaya, Malaysia. Supply-chain finance and peer-to-peer financing platform for Malaysian SMEs. It says its P2P arm, Bay Smart Capital Ventures Sdn Bhd (Co. No. 201801018276), is a recognised P2P market operator regulated by the Securities Commission Malaysia, and that it has funded RM6.1 billion. Previously awarded. |
SME supply-chain and P2P financingC |
| Collin Crowdfund Oisterwijk, the Netherlands. Crowdfunding platform where investors lend to small and mid-sized businesses. Its general terms (Nov 2023) say it holds a licence under the European Crowdfunding Regulation and is supervised by the AFM, the Dutch markets regulator. Previously awarded. |
Crowdfunded loans to Dutch SMEsC |
| Credibly Southfield, United States. Small-business financing provider operated by Retail Capital LLC. An SEC Form ABS-15G filed 2026-02-23 names Retail Capital LLC as sponsor of asset-backed notes issued by Credibly Asset Securitization II LLC. |
Small-business working capital and loansA |
| Creditas São Paulo, Brazil. Digital lender offering home-secured, auto-secured and payroll loans. Its site says it operates as a direct credit company, Creditas Sociedade de Crédito Direto S/A (CNPJ 32.997.490/0001-39), under Central Bank of Brazil rules. |
Secured consumer loans in BrazilC |
| Earnest Oakland, United States. Digital lender offering in-school student loans, student-loan refinancing and personal loans. Navient's 10-K filed 2026-02-26 says it acquired Earnest in 2017 and that it originated $2.5 billion of private education loans in 2025, mainly under the Earnest brand. Previously awarded. |
Student loans and refinancingA |
| Enova Chicago, United States. Online lender offering consumer and small-business loans and lines of credit in the US and Brazil. Its 10-K for 2025 (filed 2026-02-20) says it extended about $7.8 billion in credit or financing in 2025 and launched online in 2004. Previously awarded. |
Online consumer and small-business loansA |
| Figure Technologies New York, United States. Uses blockchain technology to run lending, trading and investing marketplaces, including HELOCs. Its 10-K for 2025 (filed 2026-03-16, as Figure Technology Solutions, Inc.) reports net income of $134.3 million for 2025; legal HQ is in Reno, Nevada. |
Blockchain-based HELOCs and lending marketplaceA |
| finmid Berlin, Germany. Embedded lending (cash advances, term and business loans) that B2B platforms and marketplaces offer to their merchants. Its legal notice gives finmid GmbH, Amtsgericht Charlottenburg HRB 227613 B, and says regulated lending is provided by authorised partners. |
Embedded business financing for platformsC |
| Forward Financing Boston, United States. Provides revenue-based financing to US small businesses. SEC EDGAR shows Forward Financing LLC (CIK 0002085240, Delaware, Boston address) filed Form ABS-15G on 2026-06-11 as sponsor of an asset-backed securities issue by FF Asset Securitization II LLC. |
Revenue-based financing for small businessesA |
| Funding Circle London, United Kingdom. LSE-listed (FCH) platform lending to UK small businesses through term loans and the FlexiPay credit line. Its corporate site (seen 2026-10) says it has extended £18bn in credit to 135,000 small businesses and has £3.3bn in assets under management. Previously awarded. |
Small-business term loans and FlexiPayC |
| Go&Grow Tallinn, Estonia. Go&Grow is the Bondora group's product that lets retail investors fund Bondora's European consumer loans. Estonia's Financial Supervision Authority lists Bondora AS among licensed creditors (entry last changed 2025-09-30). Previously awarded. |
Retail investing in consumer loan fractionsA |
| Groundfloor Atlanta, United States. Runs an online platform that funds short-term real estate loans and lets the public invest in them. Its SEC Regulation A annual report (Form 1-K, filed 2026-04-01) says it was organized in January 2013 and became Groundfloor Finance Inc., a Georgia corporation, in August 2014. |
Real estate loan investing for retailA |
| Hakeem Islamabad, Pakistan. Shariah-compliant nano-loan app run by Walee Financial Services, a non-bank finance company. The operator says Pakistan's securities regulator (SECP) certified it as a fully Shariah-compliant NBFC on 11 Nov 2025. |
Shariah-compliant nano-financing appC |
| Happy Money Torrance, United States. Consumer lending fintech offering personal loans to pay off credit-card debt (formerly Payoff, Inc.). SEC EDGAR shows Happy Money, Inc. (CIK 1488773), a Delaware corporation; its Form D filed 2022-03-29 reports $52.6 million sold of a $62.6 million offering, with a Tustin, California address. Previously awarded. |
Personal loans for credit-card payoffA |
| InCred Mumbai, India. Non-bank lender (via InCred Financial Services) offering personal, student, secured business and MSME loans. InCred Holdings' draft abridged prospectus filed with SEBI (May 2026, CIN U67190MH2011PLC211738) reports AUM of ₹144,478.59 million and 158 branches as at 31 Dec 2025. Previously awarded. |
Personal, student and MSME loansA |
| International Personal Finance Leeds, United Kingdom. Consumer lender offering personal credit in international markets. Companies House lists International Personal Finance plc as an active public company, number 06018973, incorporated 5 December 2006, SIC 64921 (credit granting by non-deposit-taking finance houses). |
Consumer credit in international marketsA |
| iwoca London, United Kingdom. Online lender providing flexible credit to small businesses. Companies House lists iwoca Ltd as an active private company, number 07798925, incorporated 5 October 2011, SIC 64921 (credit granting by non-deposit-taking finance houses). Previously awarded. |
Flexible small-business loansA |
| LendKey Cincinnati, United States. Lending-as-a-service platform that lets banks and credit unions offer student and personal loans online (formerly Fynanz, Inc.). SEC EDGAR shows LendKey Technologies, Inc. (CIK 1483315), a Delaware corporation; its Form D filed 2019-12-11 reports $4.15 million sold of a $5.12 million offering. |
Online lending platform for credit unionsA |
| LoanDepot Irvine, United States. Residential mortgage lender that originates and services conventional and government home loans. Its 10-K for fiscal 2025 (filed 2026-03-12) says it launched its business in 2010; about 63% of 2025 originations were sold to Fannie Mae/Freddie Mac or into Ginnie Mae MBS. Previously awarded. |
Residential mortgage origination and servicingA |
| M-KOPA London, United Kingdom. Sells smartphones on credit and offers digital loans to working people in Africa. Companies House lists M-KOPA Holdings Limited as company 10891868, incorporated 31 July 2017. Previously awarded. |
Smartphone financing and digital loansA |
| Mintos Riga, Latvia. Online investment platform offering loan-backed notes, bonds, stocks and ETFs to retail investors. It says AS Mintos Marketplace (reg. no. 40103903643) is an investment firm licensed and supervised by Latvijas Banka since 2021, with 700K+ registered users. |
Investment platform for loans, ETFsC |
| Moneyview Bengaluru, India. Digital credit platform facilitating unsecured personal loans and other financial products. Moneyview Limited's abridged prospectus filed with SEBI (Sept 2026, CIN U72200KA2014PLC075775) reports managed AUM of ₹213,801.37 million and loan disbursals of ₹230,985.19 million in fiscal year ended 31 March 2026. |
Digital personal loans and creditA |
| NeoGrowth Mumbai, India. RBI-registered non-bank finance company lending to small businesses. Its site says it began operations in 2013, holds an RBI certificate of registration under section 45-IA, and has disbursed over USD 1 billion in loans. |
Small-business loans for Indian retailersC |
| OakNorth London, United Kingdom. UK bank lending to growing businesses and offering savings accounts. Companies House lists OakNorth Bank plc as an active public company, number 08595042, incorporated 3 July 2013, SIC 64191 (banks). |
Business loans and savings bankA |
| Oxyzo Gurugram, India. Indian finance company lending to businesses. The GLEIF legal-entity register lists Oxyzo Financial Services Limited as active, incorporated September 2016, Indian company number U65929DL2016PLC306174 (record updated 21 Jan 2026). |
Business lender (Indian finance company)A |
| OZÉ Accra, Ghana. Business app for small firms that combines bookkeeping with access to loans. Its terms of service (dated 2024-12-05) name the operator as Oze, Inc., with an Accra address. |
SME bookkeeping app and loan accessC |
| Parafin San Francisco, United States. Embedded financing that software platforms and marketplaces offer to their small-business sellers. On 2026-09-30 it said it had agreed to be acquired by Stripe, and that it had funded over $3 billion to more than 60,000 US small businesses. |
Embedded small-business financing for platformsC |
| Payjoy San Francisco, United States. Finances smartphones and offers credit to people without bank accounts or credit history in emerging markets. It says it was founded in 2015, has 20M+ customers and operates in 9 countries. |
Smartphone financing for emerging marketsC |
| Pipe San Francisco, United States. Pipe Technologies Inc. offers revenue-based, embedded financing to small businesses through software and payments partners. Its SEC Form D filed 2026-01-21 reports a $30 million equity offering with $14 million sold. |
Embedded capital for small businessesA |
| Plenti Sydney, Australia. Plenti is an ASX-listed consumer lender offering automotive, renewable-energy and personal loans. The Australian Business Register lists PLENTI GROUP LIMITED (ABN 11 643 435 492) as an active Australian public company in NSW, ABN active from 12 Aug 2020. Previously awarded. |
Auto, green and personal loansA |
| Possible Finance Seattle, United States. Possible Finance offers small instalment loans up to $500, pay advances and credit-building bill payments. Its site gives NMLS #1697898 and a California DFPI deferred deposit licence, 10DBO-105848. |
Small-dollar loans and pay advancesC |
| Prosper San Francisco, United States. Prosper Marketplace runs a US online personal-loan marketplace and offers a credit card. Its 10-K for 2025 (filed 2026-03-26) reports $2.7 billion of borrower loan originations in 2025 and $30.5 billion since launch in 2006. Previously awarded. |
Online personal loans marketplaceA |
| Raize Lisbon, Portugal. Lending platform where individuals fund loans to Portuguese small businesses. The GLEIF legal-entity register lists Raize - Instituição de Pagamentos, S.A. (NIPC 510896197), formed 2013-11-14 in Lisbon. Previously awarded. |
Peer-to-peer loans to Portuguese SMEsA |
| Rate Chicago, United States. Rate (legal name Guaranteed Rate, Inc.) is a retail mortgage lender. The GLEIF legal-entity register lists Guaranteed Rate, Inc. as a Delaware corporation formed 1999-11-09, headquartered in Chicago. |
Residential mortgage lendingA |
| Roofstock Oakland, United States. Roofstock runs an online marketplace for buying and selling single-family rental homes. The California DRE lists Roofstock Realty Inc. (corporate broker licence 01995170, Oakland), issued 2016-01-21; status shown as expired after 2026-05-12, with no disciplinary action (checked 2026-10-17). |
Marketplace for single-family rental homesA |
| SellersFi Sunrise, United States. SellersFi (legal name SellersFunding Corp.) provides financing and working capital to online marketplace sellers. Its SEC Form D filed 2025-01-15 lists the Delaware corporation at a Weston, Florida address and reports $44.8M sold of a $58.2M equity offering. Previously awarded. |
Working capital for e-commerce sellersA |
| Spring Financial Vancouver, Canada. Online personal loans and credit-building products for Canadian consumers. The GLEIF legal-entity register lists Spring Financial Inc as BC company BC1352642, registered 2022-03-11 (the registration date of that entity, which may not be when the business began). |
Personal loans and credit-building productsA |
| UnaFinancial Singapore. Group running online consumer lending in Kazakhstan, the Philippines and Uzbekistan, plus a retail investment platform in Europe. It says it was established in 2015 and, in a 2026-02-03 update, that it has issued over US$3 billion in loans. Previously awarded. |
Digital consumer loans in AsiaC |
| Upstart San Mateo, United States. Upstart runs an AI lending marketplace that connects borrowers with bank and credit-union lending partners. Its 10-K for fiscal 2025 (filed 2026-02-10) reports total revenue of $1,043.9 million and net income of $53.6 million. Previously awarded. |
AI lending marketplace for consumer loansA |
| WeLend Hong Kong, Hong Kong SAR, China. Online personal-loan platform, part of the WeLab group, using automated credit scoring. Its site shows Money Lender's Licence No. 771/2026. Previously awarded. |
Online personal loans in Hong KongC |
| YouLend London, United Kingdom. YouLend provides embedded revenue-based financing to small merchants through e-commerce and payments platforms. Companies House lists YouLend Limited (no. 12576377), incorporated 2020-04-28, active, registered at 90 High Holborn, London (checked 2026-10). Previously awarded. |
Embedded revenue-based financing for merchantsA |
09
Risks, failures and the rules that are changing
The biggest recent fintech failure in the U.S. was not a lender going bust. It was a middleman losing track of whose money was where. Regulators have since tightened rules on banks that partner with fintechs, and open-banking rules are being written in the U.S., the EU and Canada. Only official sources are used below.
| Synapse collapse (2024) Synapse sat between fintech apps and their partner banks. It filed for Chapter 11 on 22 April 2024. The CFPB says its records of where customer money sat did not match the banks' records. Customers lost access for weeks or months, and many have not been repaid in full. A court order of 12 September 2025 bans it from selling customer data. |
$60–90 million shortfallA |
| Evolve Bank & Trust enforcement (2024) Evolve, an Arkansas bank that served many fintech apps, was found in 2023 exams to lack an effective risk-management framework for those partnerships, and adequate anti-money-laundering and consumer-protection controls. The Fed's order requires it to tighten its oversight of fintech partners. |
Federal Reserve orderA |
| Dependence on partner banks Chime's checking accounts come from two partner banks, and Chime lists its relationships with bank partners as a risk to its business. Many app-based 'banks' work the same way. 2025 Form 10-K. |
A structural riskA |
| Funding concentration At Upstart, three lending partners made 83% of the loans on its marketplace in 2025. Fees from them were 61% of revenue. Marketplace lenders depend on a few funders. 2025 Form 10-K. |
83% of loans from 3 partnersA |
| U.S. open banking: CFPB section 1033 rule The October 2024 rule requires banks and card issuers to give consumers, and the third parties they authorise, their financial data. On 22 August 2025 the CFPB opened a reconsideration (an advance notice of proposed rulemaking), so the rule's final shape and dates are not settled. |
Final Oct 2024; under reconsiderationA |
| EU: PSD3 and the Payment Services Regulation These replace the second Payment Services Directive (PSD2). The Commission proposed them on 28 June 2023, and Parliament and Council reached political agreement on 27 November 2025. Separately, the Instant Payments Regulation now requires euro-area payment providers to offer instant euro payments and to verify payees (from 9 October 2025). |
Political agreement 27 Nov 2025A |
| Canada: consumer-driven banking Under the Consumer-Driven Banking Act, the Bank of Canada will supervise the banks, credit unions, payment providers and fintechs that take part in sharing consumer data. The Department of Finance is writing the regulations. |
Bank of Canada to superviseA |
| Canada: payment providers must register Payment firms covered by the Retail Payment Activities Act must register with the Bank of Canada. Rules on risk management and safeguarding customer funds apply from 8 September 2025. |
In force since 2025A |
10
The search.cos directory: what our own company data says (and doesn't)
search.cos is Research Upon's own company database. We counted a read-only snapshot of it on 2026-10-17. It is a directory, not research: most rows come from company websites and scraping, and nobody has audited them. Here are the counts, with the caveats.
| Rows in the directory All companies in the snapshot, across every industry. |
117,727C |
| Rows tagged Industry = Fintech Rows whose Industry field is 'Fintech' (any capitalisation). About 4.6% of the directory. |
5,410C |
| Of those, crypto or blockchain rows Rows whose Vertical or Tags mention crypto, blockchain, bitcoin, DeFi, NFTs, Web3 or tokens. So in this directory, 'Fintech' mostly means crypto. Payments, lending, banking and insurtech firms are under-represented. 591 rows are marked defunct in Vertical. |
5,073 (94%)C |
| Fintech rows with a Raised figure Most rows have no funding amount. Raised figures are self-reported or scraped, not audited. Some are clearly wrong: four fintech rows say $14 billion to $126 billion raised (more than almost any private company has raised), and 23 say less than $10,000. A few are in other currencies with no conversion. Use them as leads only. |
971 (18%)C |
| Fintech rows with a NAICS code Almost none have a NAICS code, and the five that do are not finance codes (examples include restaurant and utility codes). Classify by activity using the first section of this page, not by the directory. |
5 (0.1%)C |
| Fintech rows with a founding year or overview 513 rows (9%) have a founding year. 1,361 rows (25%) have an overview. |
513 / 1,361C |
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Looked for and not found
Claims this page would have made if a source could be opened. They are left out rather than guessed.
- Revolut, KOHO and Neo Financial are not quoted. Revolut's site sent our requests to a security check, KOHO's terms would not load, and Neo Financial's terms forbid automated access. None of them files with the SEC.
- Adyen is not quoted. Its 2025 annual report PDF is hosted on brand.adyen.com, whose robots.txt blocks all crawlers, and the HTML pages do not include the figures.
- KPMG's Pulse of Fintech (global fintech investment) is not used, because KPMG's website terms forbid automated access.
- Payments Canada's Canadian Payment Methods and Trends report is not used, because the Payments Canada website terms forbid crawling and scraping.
- UK FCA material (Consumer Duty, BNPL regulation, the FCA register) is not used, because the FCA website's legal terms forbid automated access. The UK rows are missing for that reason.
- The Wirecard collapse (2020) is not described: we could not find a BaFin or ESMA page on it that we could open.
- No public, audited total for 'the fintech market' exists. Analyst market-size figures are paywalled or unverifiable, so none are shown.
- CNBC list: Aye Finance (Gurugram, India) could not be verified. Its website blocked our requests, and so did the Indian regulator and exchange sites we tried. Previously awarded.
- CNBC list: Banca AideXa (Milan, Italy) could not be verified. Its website and the Bank of Italy register both blocked our requests.
- CNBC list: Biz2Credit (New York, United States) could not be verified. Its website terms forbid automated access, and the NMLS licence register blocked our requests. We found no filing to cite. Previously awarded.
- CNBC list: Choco Up (Singapore, Singapore) could not be verified. Its website terms forbid automated access. We did not find it on Hong Kong's licensed money-lender list, and could not read Singapore's.
- CNBC list: Clearco (Toronto, Canada) could not be verified. Its website terms forbid automated access. We found no SEC filing, and the NMLS and Corporations Canada searches gave nothing we could read.
- CNBC list: FairSquare (San Diego, United States) could not be verified. Its website terms forbid automated access, and its brand site's robots.txt bars our crawler. No filing names FairSquare.
- CNBC list: Funding Societies (Singapore, Singapore) could not be verified. Its website terms forbid automated access, and the regulators' registers in Singapore, Malaysia and Indonesia could not be opened. Previously awarded.
- CNBC list: GetVantage (Mumbai, India) could not be verified. Its website terms forbid automated access, and the Reserve Bank of India site refused our requests.
- CNBC list: Stashfin (Gurugram, India): its site's terms forbid robots and the RBI site refused automated access. A legal-entity record was found for the lender believed to operate the app, but no page we could open links that lender to Stashfin, so it is left out.
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Sources
- North American Industry Classification System (NAICS) Canada 2022 Version 1.0 — Statistics Canada, 2022A
- search.cos company directory — read-only snapshot, counted 2026-10-17 — Research Upon, 2026-10-17C
- The Global Findex Database 2025 — executive summary — World Bank, 2025A
- Federal Reserve Payments Study: national payment volumes, top-line data (CY 2015–24) — Board of Governors of the Federal Reserve System, 2026-07-01A
- Payments statistics: second half of 2025 — European Central Bank, 2026-07-22A
- Retail payments supervision: key milestones — Bank of Canada, 2026A
- Stripe's 2025 annual letter — Stripe, 2026C
- Block, Inc. Form 10-K for fiscal year 2025 — U.S. SEC EDGAR, 2026-02-26A
- PayPal Holdings, Inc. Form 10-K for fiscal year 2025 — U.S. SEC EDGAR, 2026-02-03A
- Toast, Inc. Form 10-K for fiscal year 2025 — U.S. SEC EDGAR, 2026-02-18A
- Wise Group plc Form 20-F for the year ended 31 March 2026 — U.S. SEC EDGAR, 2026-06-25A
- Marqeta, Inc. Form 10-K for fiscal year 2025 — U.S. SEC EDGAR, 2026-02-24A
- Nu Holdings Ltd. Form 20-F for fiscal year 2025 — U.S. SEC EDGAR, 2026-04-08A
- Chime Financial, Inc. Form 10-K for fiscal year 2025 — U.S. SEC EDGAR, 2026-03-06A
- SoFi Technologies, Inc. Form 10-K for fiscal year 2025 — U.S. SEC EDGAR, 2026-02-17A
- Affirm Holdings, Inc. Form 10-K for fiscal year ended 30 June 2026 — U.S. SEC EDGAR, 2026-08-27A
- Klarna Group plc Form 20-F for fiscal year 2025 — U.S. SEC EDGAR, 2026-02-26A
- Upstart Holdings, Inc. Form 10-K for fiscal year 2025 — U.S. SEC EDGAR, 2026-02-10A
- Robinhood Markets, Inc. Form 10-K for fiscal year 2025 — U.S. SEC EDGAR, 2026-02-18A
- Legal disclaimers — Wealthsimple, undated web pageC
- Lemonade, Inc. Form 10-K for fiscal year 2025 — U.S. SEC EDGAR, 2026-02-25A
- Root, Inc. Form 10-K for fiscal year 2025 — U.S. SEC EDGAR, 2026-02-25A
- BILL Holdings, Inc. Form 10-K for fiscal year ended 30 June 2026 — U.S. SEC EDGAR, 2026-08-20A
- Business Finance of up to £500K - 365 Finance — 365 Business Finance Limited, undated web pageC
- 4finance Holding S.A. reports results for the twelve months ending 31 December 2025 — 4finance Holding S.A., 2026-02-27C
- 4G Capital | Financial Services for MSMEs in Kenya & Uganda — Fourth Generation Capital Group Limited, undated web pageC
- Aventus Group - group of innovative digital loan providers — Aventus Group, undated web pageC
- Legal Notice — Banxware GmbH, undated web pageC
- Licenses — Best Egg (Marlette Funding, LLC), undated web pageC
- Better Home & Finance Holding Co, Form 10-K for fiscal year ended December 31, 2025 — U.S. Securities and Exchange Commission (EDGAR), 2026-03-13A
- Bluevine homepage (footer disclosures) — Bluevine, undated web pageC
- About us — Branch International, undated web pageC
- C2FO homepage (C2FO by the numbers) — C2FO, undated web pageC
- About Us — CapBay, undated web pageC
- Algemene voorwaarden Collin Crowdfund N.V. — Collin Crowdfund, 2023-11C
- Form ABS-15G, Retail Capital LLC (Credibly Asset Securitization II LLC) — U.S. Securities and Exchange Commission (EDGAR), 2026-02-23A
- Creditas homepage (footer regulatory disclosure) — Creditas, undated web pageC
- Navient Corp Form 10-K for fiscal year 2025 — U.S. Securities and Exchange Commission (EDGAR), 2026-02-26A
- Enova International, Inc. Form 10-K for fiscal year 2025 — U.S. SEC EDGAR, 2026-02-20A
- Figure Technology Solutions, Inc. Form 10-K for fiscal year 2025 — U.S. SEC EDGAR, 2026-03-16A
- finmid Legal notice — finmid GmbH, undated web pageC
- Forward Financing LLC Form ABS-15G — U.S. SEC EDGAR, 2026-06-11A
- Funding Circle Holdings plc corporate home page — Funding Circle, undated web pageC
- Licensed creditors in Estonia (Bondora AS) — Finantsinspektsioon (Estonian Financial Supervision and Resolution Authority), 2025-09-30A
- Groundfloor Finance Inc. Form 1-K annual report for fiscal year 2025 — U.S. SEC EDGAR, 2026-04-01A
- SECP Certifies Walee Financial Services as a Fully Shariah-Compliant NBFC — Walee, 2025-11-11C
- Happy Money, Inc. Form D (filed 2022-03-29) — U.S. SEC EDGAR, 2022-03-29A
- InCred Holdings Limited - Draft Abridged Prospectus (UDRHP-I) — Securities and Exchange Board of India (SEBI), 2026-05A
- INTERNATIONAL PERSONAL FINANCE PLC - Company overview (06018973) — Companies House (GOV.UK), undated web pageA
- IWOCA LTD - Company overview (07798925) — Companies House (GOV.UK), undated web pageA
- LendKey Technologies, Inc. Form D (filed 2019-12-11) — U.S. SEC EDGAR, 2019-12-11A
- loanDepot, Inc. Form 10-K for fiscal year ended December 31, 2025 — U.S. SEC EDGAR, 2026-03-12A
- M-KOPA HOLDINGS LIMITED - Company overview (10891868) — Companies House (GOV.UK), undated web pageA
- Mintos homepage — Mintos, undated web pageC
- Moneyview Limited - Abridged Prospectus (RHP dated 2026-09-20) — Securities and Exchange Board of India (SEBI), 2026-09A
- NeoGrowth homepage — NeoGrowth Credit Private Limited, undated web pageC
- OAKNORTH BANK PLC (08595042) company overview — Companies House, 2026-10-17A
- LEI record 335800K3XURQG6KZLF30 - OXYZO FINANCIAL SERVICES LIMITED — Global Legal Entity Identifier Foundation (GLEIF), 2026-01-21A
- Oze Terms Of Service — Oze, Inc., 2024-12-05C
- Parafin is joining Stripe — Parafin, 2026-09-30C
- About PayJoy — PayJoy, undated web pageC
- Form D, Pipe Technologies Inc. (CIK 2106455) — U.S. SEC EDGAR, 2026-01-21A
- Current details for ABN 11 643 435 492 (PLENTI GROUP LIMITED) — Australian Business Register (ABN Lookup), 2026-10-17A
- State Licenses and Disclosures — Possible Finance, undated web pageC
- Prosper Marketplace, Inc. Form 10-K for fiscal year 2025 — U.S. SEC EDGAR, 2026-03-26A
- LEI record 635400WE6FMO9DZEEN37 - RAIZE - INSTITUIÇÃO DE PAGAMENTOS, S.A. — Global Legal Entity Identifier Foundation (GLEIF), 2026-08-20A
- LEI record 549300U3721PJGQZYY68 - GUARANTEED RATE, INC. — Global Legal Entity Identifier Foundation (GLEIF), 2026-06-15A
- Public License Information - Roofstock Realty Inc., License ID 01995170 — California Department of Real Estate, 2026-10-17A
- SellersFunding Corp. - Form D notice of exempt offering (filed 2025-01-15) — U.S. Securities and Exchange Commission (EDGAR), 2025-01-15A
- LEI record 254900CLZUIGVA1ZF408 - Spring Financial Inc — Global Legal Entity Identifier Foundation (GLEIF), 2026-05-12A
- UnaFinancial - We Make Money Accessible (home page) — UnaFinancial, undated web pageC
- Upstart Holdings, Inc. Form 10-K for fiscal year ended December 31, 2025 — U.S. Securities and Exchange Commission (EDGAR), 2026-02-10A
- WeLend home page (licence notice in footer) — WeLend, undated web pageC
- YOULEND LIMITED - company number 12576377 — Companies House (GOV.UK), 2026-10-17A
- World's Top Fintech Companies 2026 (list as published; read by the site owner) — CNBC, 2026B
- Enforcement action: Synapse Financial Technologies, Inc. — Consumer Financial Protection Bureau, 2025-09A
- Federal Reserve Board issues an enforcement action against Evolve Bancorp, Inc. and Evolve Bank & Trust — Board of Governors of the Federal Reserve System, 2024-06-14A
- Required Rulemaking on Personal Financial Data Rights (section 1033) — Consumer Financial Protection Bureau, 2026A
- Payment services — European Commission (DG FISMA), 2025-11-27A
- Consumer-driven banking — Bank of Canada, 2026A