Together, CNBC and the independent market research company, Statista, have collaborated to create a comprehensive list of top companies developing innovative technology-enabled products and services related to the financial sector, commonly known as Fintech.
To compile the list of the top 200 companies in the industry, Statista examined over 1,500 fintech companies across various market sectors, using relevant criteria such as revenue volume, user base, and total funds raised.
For the compilation of this ranking, CNBC issued a notice in March 2023, allowing eligible fintech companies to participate by providing additional details about their business models, revenues, transaction volumes, and other essential information. Statista conducted a review of over 10,000 data points, including annual financial statements, company websites, and various industry information sources.
The selected companies were categorized into nine financial sectors: neobanking, digital payments, digital assets, digital financial planning, digital wealth management, alternative financing, alternative lending, digital banking solutions, and digital business solutions. This categorization was made considering that the performance of fintech companies in different financial sectors cannot be directly compared.
As can be deduced, innovation in the financial sector is making significant strides. Numerous companies are investing in fintech companies able to develop tools that can effectively support their customers in managing their budgets and anticipating their future financial status.
Moreover, in the context of digital assets, there is a growing interest in the development of technologies aimed at addressing the most significant challenges in the financial services industry. Investments in fintech are revolutionizing critical aspects such as international fund transfers and real-time settlement. This evolution in the sector is promoting the adoption of more efficient and accessible financial solutions for an increasingly broader audience.
Italy on the global podium of top Fintech companies
In the list of the top 200 global fintech companies, six Italian representatives have also secured their positions: Banca AideXa, Folk Funding, Notarify, Opyn, Moneyfarm and modefinance, the latter specializing in digital business solutions.
Digital business solutions for enterprises have recently garnered significant attention from investors. Companies operating in this field offer a wide range of financial solutions to businesses, encompassing everything from financial and accounting management to human resources and anti-fraud strategies.
In a context where the current economic landscape has become uncertain for many businesses, there is a growing need for products that can adapt quickly and flexibly to this specific situation. Italy, increasingly influential in this context, is significantly contributing to the promotion of innovative financial solutions that support businesses in their financial growth and compliance with regulations.
modefinance stands out in the field of Digital Business Solutions
modefinance has positioned itself among the top 25 companies in the digital business solutions sector identified by Statista, tools that play a key role in financial innovation.
modefinance offers a wide range of customized solutions designed to seamlessly integrate into business processes. Leveraging cutting-edge Artificial Intelligence technologies to analyze vast amounts of data, we operate as a Credit Rating Agency (CRA) in full compliance with Regulation EC No.1060/2009 issued by the European Parliament and Council.
Our company is authorized to operate as a Credit Rating Agency under the EU Regulation N.1060/2009, for the risk assessment of both non-financial companies and banking institutions. Our credit assessments are processed using the MORE methodology, and are employed across all our credit risk analysis and management activities.
Lastly, we are proprietaries of Tigran, a patented, modular, and customizable cloud platform designed for credit risk management. Tigran integrates the functionalities and services of a Fintech rating agency into a modular web platform for counterparty risk assessment, as well as portfolio investment and exposure management, tailored for financial institutions, investment funds, Fintech companies, and holding corporations. The range of modefinance solutions covers the entire credit supply chain, from financial institutions to SMEs.