In 2014, KPMG together with AWI and FSC released the “50 Best Fintech Innovators” report, one of the first papers that examined the most prominent Fintech players globally. 5 years on, CFTE is taking an in-depth look at the evolution of these 50 companies.
Of the 50 Fintechs listed in the 2014 KPMG report, 33 can be considered to be part of the B2C segment, with their client base today numbering a whopping 315 million! This is a sum that is greater than the 306 million clients serviced by City, Bank of America and HSBC combined, and almost equivalent to the entire population of the United States of America!
Out of the 33 companies, 29 provide publicly accessible data – with an average of 10.87 million clients served by each. Crowdfunding platforms were also categorised as B2C firms in our #Fintech50 report, with investors considered as clients. The average figure is just below the 11 million served by Canadian Imperial Bank of Commerce, and just over the 10.76 million brokerage account serviced by Charles Schwab.
This growth can be largely attributed to the success of several companies, namely WeCash (130 million users), Credit Karma (85 million users), M-Pesa (33.4 million users) and Coinbase (25 million users). Is the ease of service provided by these firms in their respective segments a key factor in the rapid scaling of their customer base?
The details and more will be available in the Fintech 50: Back to the Future Report available on July 22. Sign up here to automatically get it, for free, upon release.
The “Fintech 50: 5 Years in Fintech” report by CFTE presents their milestones, investment deals, growth and talent trends. We examine their hiring, survival rate, changing business models, success against incumbents, and expansion both geographically and in terms of market share.
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