Top crypto companies rank amongst the largest Fintech companies in America despite market challenges.
Forbes has released its annual list of the top ten largest fintech companies in the US, providing insights into the dynamic landscape of the financial technology industry. However, this year’s list includes a disclaimer due to the market downturn’s impact on fintech valuations.
First on the list was payment processing giant Stripe. The crypto-friendly firm, founded by Irish brothers Patrick and John Collison, ranked first on the list despite experiencing a valuation decline from $95 billion recorded in 2021 to $50 billion in March 2023. The company has been topping the chart since 2021.
The payment processor has played a pivotal role in facilitating online business transactions, processing a staggering $817 billion in transactions last year. Some of its high-end clients include ChatGPT creator OpenAI, Microsoft, and Ford.
Followed by Stripe is Chime, which emerged second on the list. The financial services firm has received $2.3 billion in financing, one of the criteria for the rankings, from venture capital firms such as Sequoia Capital and Menlo Ventures.
Ripple Ranks the Third Largest Fintech Company in the US
Blockchain payments infrastructure Ripple was third on the list, demonstrating resilience and innovation in the face of challenges.
The company faces one of the most prolonged legal battles in the history of crypto, with the United States regulator, the Securities and Exchange Commission (SEC), over its XRP token. It recorded a valuation of $15 billion.
The payments firm was launched in 2012 by Chris Larsen, the executive chairman, and Brad Garlinghouse. According to reports, Ripple raised an undisclosed amount of funds in January this year.
Three years ago, Ripple earned a spot on the same Forbes list through fundraising and strategic partnerships. It raised around $200 million in a Series C funding round during the year’s final quarter.
Ripple was followed by another crypto-focused company, Blockchain.com, taking the fourth position with a valuation of $14 billion. The firm operates as a digital asset trading platform, data hub, and wallet provider.
It allows users to self-custody their crypto assets and access multiple services within a single platform. With a presence in over 200 countries and support for 25 languages, Blockchain.com has gained recognition as a leading player in the crypto space.
OpenSea Faces Competition with Blur
OpenSea, a non-fungible token (NFT) marketplace, also made the list. The company ranked sixth on the Forbes list after Plaid, an American-based company that connects customers’ data to other financial applications.
The NFT marketplace, launched in December 2017, is valued at around $13.3 billion. The valuation earned its founders, Devin Finzer and Alex Atallah, the title of NFT billionaires.
OpenSea experienced a highly successful year in 2022, generating a remarkable $472 million in revenue. The platform achieved this through a 2.5% transaction fee applied to a substantial trading volume of $18.8 billion. However, the company now faces increasing competition from emerging contenders such as Blur, which surpassed OpenSea as the dominant marketplace in terms of NFT trading volume earlier this year.
This shifting landscape presents OpenSea with the challenge of maintaining its position in the market amidst the rise of formidable rivals.
Meanwhile, other Fintech companies such as Brex, GoodLeap, Bolt, and Alchemy made the Forbes list with $12.3 billion, $12 billion, $11 billion, and $10.2 billion, respectively.