The Financial Technology Report is pleased to announce The Top 25 Banking Technology Companies of 2024. In recent years, the banking technology sector has witnessed extraordinary growth and transformation. With the integration of cutting-edge innovations like artificial intelligence, blockchain, and cloud computing, banking technology has revolutionized how financial institutions operate and serve their customers. From the emergence of neobanks to the expansion of digital payment solutions, the landscape of banking technology is continually evolving, presenting endless possibilities for efficiency, security, and customer experience enhancement. This year’s honorees represent a broad spectrum of entities within the industry, ranging from established giants to agile newcomers.
Among this year’s awardees we have Mambu, with its innovative SaaS cloud-core banking platform, it is leading the charge in modernizing banking operations worldwide. Another standout is ClearBank, which stands at the forefront of real-time payments and technology-enabled clearing banking, equipping over 200 clients with fully regulated infrastructure and access to global clearing networks. Finally, we have SolarisBank. Its modular B2B technology stack and scalable licensing system enable seamless collaboration with a diverse array of partners, marking it as a trusted leader in the evolving landscape of modern banking.
The stringent criteria of the selection process highlights the exceptional innovation within the banking technology sector. Each nominee is evaluated based on factors including technological expertise, impactful contributions, leadership initiatives, and overall influence on the banking landscape. Please join us in acknowledging the achievements of The Top 25 Banking Technology Companies of 2024.
1. Finastra
Finastra is a global provider of financial software applications and marketplaces. The company launched its open platform for innovation, FusionFabric.cloud, in 2017. It serves institutions of all sizes, providing software solutions and services across lending, payments, treasury and capital markets, and universal banking for banks to support direct banking relationships and grow through indirect channels, such as embedded finance and Banking as a Service. It is trusted by over 8,000 institutions, including 45 of the world’s top 50 banks.
Recent partnerships include a collaboration with UNITAS, to bring treasury solutions to banks in South Korea. It also maintains a partnership with SYSTEX, which enables Finastra to offer its treasury solutions to banks in Taiwan, leveraging SYSTEX’s expertise in conjunction with Finastra’s Kondor and Risk solutions. Furthermore, Allied Banking Corporation migrated its core banking operations to the cloud, facilitated by Finastra.
2. Square
Square is a financial services platform by Block, Inc. for small and medium-sized businesses. It enables the ability to accept credit card payments using smartphones as POS registers and facilitates various business operations. As of 2023, Square reports four million merchant clients and an annual payment value of $210 billion.
Square offers software to run complex restaurant, retail, and professional services operations, versatile e-commerce tools, embedded financial services and banking products, buy now, pay later functionality through Afterpay, staff management, payroll capabilities, and more. It includes features to manage operations such as e-commerce, customer bookings, inventory, payroll, shifts, banking, and loan financing. As of 2023, it serviced markets in the U.S., Canada, Australia, New Zealand, Japan, the United Kingdom, the Republic of Ireland, France, and Spain.
3. Revolut
Revolut is a global neobank and financial technology company that offers banking services for retail customers and businesses in over 150 countries and regions. Headquartered in London, it was founded in 2015 by Nikolay Storonsky and Vlad Yatsenko. It offers products including banking services, currency exchange, debit and credit cards, virtual cards, Apple Pay, interest-bearing “vaults,” personal loans and BNPL, stock trading, crypto, commodities, human resources and more.
With over 40 million personal customers and over 500,000 business customers, Revolut introduced an AI-driven feature to combat card scams, aimed at disrupting fraudulent activities. Additionally, the company has made strides in the travel sector with the announcement of a new payments partnership with Aer Lingus, further expanding its reach and influence in the financial landscape. Revolut employs over 8,000 people in more than 25 countries and in November 2020, Revolut became the U.K.’s most valuable fintech company with a $4.4 billion valuation. More recently, in 2023, Revolut became the most downloaded app in the Finance category across nine countries and in the top three in 15 countries in Europe.
4. Sopra Banking Software
Sopra Banking Software (SBS) is a global financial technology company that partners with more than 1,500 financial institutions and large-scale lenders in 80 countries worldwide, including Santander, Societé Generale, KCB Bank, Kensington Mortgages, Mercedes-Benz, and Toyota. Its cloud platform offers clients a composable architecture to digitize operations, ranging from banking, lending, and compliance to payments and consumer and asset finance.
The company was founded in 1968 and currently has 5,000 employees working out of 50 offices. SBS is recognized as a Top 10 European Fintech company by IDC and as a leading Digital Banking Platform by Omdia’s Universe. Its clients include 10 leading European banks and 10 major African banks. Additionally, its platform services 50% of U.K. mortgages and processes 25% of payments in France. SBS is a subsidiary of European digital consulting leader Sopra Steria (EPA: SOP), a 50,000-person company that generates annual revenue of approximately $5.4I billion. SBS is headquartered in Paris, France.
5. Monzo
Monzo is a financial institution that introduced a smartphone-centric approach. Founded in early 2015 by Tom Blomfield, Jonas Huckestein, Jason Bates, Paul Rippon, and Gary Dolman, Monzo was one of the earliest of several new app-based challenger banks in the U.K. With the attainment of regulated bank status in August 2016, Monzo expanded its operations and has a team of over 2,000 individuals working from its London headquarters and across the globe.
Currently, over 9 million individuals in the U.K. use Monzo to streamline their spending and money management. It added two million of those clients in 2023 alone. The company also has 400,000 business banking customers. Notably, Monzo recently secured $430 million in funding led by Alphabet, signaling its venture to launch in the U.S.
6. Q2ebanking
Q2 was founded by R.H. Seale III in 2004. It is a provider of digital transformation solutions for financial services, serving banks, credit unions, alternative finance companies, and fintechs in the U.S. and internationally. Q2 enables its financial institutions and fintech companies to provide digital engagement solutions for consumers, small businesses, and corporate clients. Headquartered in Austin, Texas, Q2 has offices worldwide and is publicly traded on the NYSE under the stock symbol QTWO.
Today, a significant portion of America’s top 100 banks is using the Q2 platform, and one out of 10 digital banking customers in the country is using Q2’s single platform to bank. As a global company, Q2’s charitable reach crosses borders, supporting organizations like International Relief Teams, which works to alleviate the suffering caused by poverty and disaster, and HelpAge India, dedicated to working with and for disadvantaged elderly. In 2020, Q2’s internship program adopted a community service component.
7. Starling Bank
Starling is a U.K.-based digital bank that aims to reshape the financial services industry. Founded in 2014 by Anne Boden, it was granted a banking license by the Bank of England in July 2016 and launched its first mobile personal current account in May 2017 available as a mobile app for both iOS and Android phones. It launched the U.K.’s first digital business bank account in March 2018. The Starling Marketplace provides customers with in-app access to a curated selection of third-party financial services. Starling also offers B2B banking and payment services.
Starling hosts over four million accounts and offers four account types. It is supported by a team of thousands, with four offices in London, Cardiff, Southampton, and Manchester. The company has also emphasized sustainable banking since its beginning in 2017, remaining a branchless and paperless company, and in 2021, Starling’s debit cards became the first U.K. Mastercard cards to be made from recycled plastic. More recently, in its annual report for the year ending March 31, 2023, Starling announced it had become the first challenger bank to become profitable for two consecutive years, reporting a pre-tax profit of $208 million on revenues of $483 million.
8. Zeta
Zeta is a banking tech company founded by founders Bhavin Turakhia and Ramki Gaddipati in 2015. The company provides credit and debit card issuer processing, Buy Now Pay Later (BNPL), and cloud banking. Zeta provides its products to banks and fintech companies globally.
Its platform allows issuers to launch next-gen credit card programs with its cloud-native and fully API-enabled stack that includes processing, issuing, lending, core banking, fraud, loyalty, and many other capabilities. Initially, Zeta payments exclusively relied on the MasterCard network; however, the company later expanded its reach by partnering with the National Payments Corporation of India’s RuPay.
Zeta has over 1700 employees with over 70% in technology roles across locations in the U.S., U.K., Middle East, and Asia. Globally, over 35 customers have issued over 15 million cards on Zeta’s platform. The company has raised $280 million from Softbank Vision Fund 2, Mastercard, and other investors at a $1.5 billion valuation. Zeta has 3.5 million online users, serving in over 17 locations. It has partners across the globe, including the Philippines, Vietnam, India, Italy, Spain, the U.K., the U.S., and Brazil.
9. Backbase
Headquartered in Amsterdam, Backbase is a Dutch financial technology company founded in 2003 by Jouk Pleiter and Gerbert Kaandorp. Specializing in engagement banking solutions, a wide range of financial institutions use Backbase, from large banks to credit unions and community banks. Through its platform, Backbase enables banks to modernize their operations and deliver solutions across retail banking, business banking, and wealth management.
Backbase’s “buy plus build” operating model allows banks to accelerate their modernization efforts by integrating powerful out-of-the-box platform features into their existing tech ecosystems. This approach provides immediate value delivery, fostering agility and innovation within financial institutions. Furthermore, Backbase’s platform is designed to coexist within open polyglot architectures, enabling developers to create tailored solutions.
With offices in multiple countries and a global workforce, Backbase’s presence in the financial technology sector continues to grow. Notably, the company announced a strategic partnership with Microsoft in 2021, positioning its Engagement Banking Platform as the engagement layer within Microsoft Cloud for Financial Services. Additionally, in June 2022, Backbase received a significant investment of $128 million from U.S.-based private equity firm Motive Partners, affirming its position as a key player in the industry.
10. Tide
Tide is a provider for U.K. small business (SME) accounts, gaining recognition in the small business banking market. With over 575,000 members in the U.K. and more than 200,000 in India, Tide’s platform is transforming how SMEs manage their finances. Established in 2015, Tide is one of the first digital-only finance platforms in the U.K. to provide current accounts for businesses. As of 2020, Tide is headquartered in London, with additional offices in Bulgaria and India.
Tide’s comprehensive set of admin tools, business accounts, and related banking services, are specifically designed for SMEs. The platform offers full integration with accounting systems for U.K. members, with plans to roll out the feature in India soon. Utilizing advanced technology, Tide enables quick onboarding, low fees, and other features that allow SMEs to save both time and money. The company also commits to supporting women in business, with a goal of welcoming 200,000 female-led businesses to Tide by the end of 2027, already having added 100,000 women entrepreneurs in 2023.
11. Chime
Chime, a financial technology company, operates in collaboration with regional banks to offer a selection of fee-free mobile banking services. These services, facilitated through partnerships with banks, include features such as early paycheck access, the absence of overdraft fees on negative account balances, high-yield savings accounts, peer-to-peer payments, and an interest-free secured credit card.
Established in 2012 by CEO Chris Britt and CTO Ryan King in San Francisco, Chime serves as an alternative to conventional banking practices. The company’s debut on the Dr. Phil Show in April 2014 marked its entry into the public sphere. Since then, Chime has garnered substantial private funding, amounting to $1.5 billion by 2020.
In September 2019, Chime introduced SpotMe, a service that allows customers to overdraw their accounts up to $100 without incurring fees. Once this overdraft limit is reached, purchases are declined, but traditional negative balance fees are waived.
12. Qonto
Qonto is a European business finance solution that works with small and medium-sized enterprises (SMEs) and freelancers throughout the continent. With a customer base exceeding 450,000, Qonto simplifies financial management by providing an online business account that integrates with finance tools like invoicing, bookkeeping, and spend management. Founded in 2016 by Alexandre Prot and Steve Anavi, Qonto has rapidly expanded its presence across four key European markets, launching its service in France in 2016 and expanding to Germany, Italy, and Spain in 2019. The company has a workforce of over 1,400 employees.
Since its inception, Qonto has secured substantial funding, totaling $663 million, from reputable investors. In 2022, the company was valued at $5 billion. Notably, Qonto recently joined forces with Regate, further enhancing its offerings to SMEs and accounting firms.
13. Solaris Bank
Solaris is an embedded finance platform within Europe, that offers a proprietary modular B2B technology stack and scalable licensing system. Founded in 2015, the platform is designed to empower its partners, ranging from large global non-financial companies to fintechs, enabling them to deliver distinctive and customer-focused financial services.
Solaris pioneered the Banking-as-a-Service market with a combination of tech and banking services. Today, over 750 individuals work for Solaris, including engineers, entrepreneurs, and seasoned banking experts from over 70 different nations. With operational hubs across ten locations in Europe and India, Solaris achieved net revenues of $138 million in 2022. As a tech company with a full German banking license, including a Digital Assets Custody license, and also an e-money license – covering the U.K. and EEA, Solaris is able to handle the regulatory and technological complexities of banking for its partners. The company’s clients range from startups to multinational corporations, and it is backed by international investors, having secured over $554 million in funding.
14. Mambu
Mambu is a SaaS cloud-core banking platform founded in Berlin and headquartered in Amsterdam. The company began with servicing microfinance institutions and fintech startups, and within two years its engine was adopted by 100 microfinance organizations, in 26 countries worldwide. In December 2021, Mambu reached a company valuation of $5.3 billion. Its approach offers independent engines, systems, and connectors the ability to be assembled in any configuration. Over 260 banks, lenders, fintechs, and retailers in 65 countries use Mambu.
Recently, Bank Muamalat has fully integrated Google Cloud infrastructure, security, and AI to enhance its Islamic Banking services, delivering personalized digital solutions to its clientele. Furthermore, xpate, a company in the e-commerce payment solutions sector, has announced its transition to Mambu’s cloud banking platform.
15. ClearBank
ClearBank is a technology-enabled clearing bank that was founded in 2015. The company enables clients to provide banking services, including real-time payments. Its clients range from fintechs and crypto platforms to traditional banks and credit unions, offering fully regulated banking infrastructure and access to real-time clearing.
The company has a client base of over 200 and a workforce of over 700 employees. Recent partnerships include those with incuto and Volopa. ClearBank continues to influence the banking landscape by providing real-time payments and other services on a global scale. Notably, in 2023, ClearBank achieved a full financial year of profit before tax totaling $19.6 million. The company also saw a record number of account openings and processed a record volume of transactions. By year-end, the total number of bank accounts held across all its product offerings reached 10 million, reflecting a notable 22% increase.
Key Takeaways:
- Innovative Solutions: The most influential banking technology companies in 2024 are those introducing groundbreaking solutions that streamline banking operations and enhance customer experiences.
- Security Enhancements: Leading firms are prioritizing advanced cybersecurity measures to protect sensitive financial data and ensure secure transactions.
- AI and Automation: The integration of AI and automation is a key trend, with top companies leveraging these technologies to improve efficiency and offer personalized banking services.
- Customer-Centric Technologies: Successful banking tech companies are focused on developing tools that enhance user engagement and satisfaction, providing seamless and intuitive digital banking experiences.
- Regulatory Compliance: The best firms are not only innovating but also ensuring their solutions comply with ever-evolving regulatory standards, maintaining trust and reliability in the financial sector.
Final Thoughts:
The banking technology landscape in 2024 is marked by rapid innovation and a focus on enhancing security, efficiency, and customer experience. The most influential companies are those that not only adopt cutting-edge technologies but also prioritize compliance and user satisfaction. As these firms continue to push the boundaries of what’s possible in digital banking, they set new standards for the industry, making banking more accessible, secure, and user-friendly for everyone.