Feb 21, 2025

Like Image: 2025 Forbes Fintech 50 (Illustration by Óscar Raña for Forbes) What We Can Learn from the Forbes Fintech 50 in 2025 Every year, Forbes publishes their annual ranking of the top Fintech companies. Checkout the Forbes Fintech 50 in 2025 , showing fintech companies that continue to grow despite pressure on company valuations and a slowdown in investment in the sector. According to the judges who select and rank the top 50 at Forbes, this year there’s been a rise of business-t0-business fintechs, as well as the increasing importance of fraud prevention and financial security companies. Category 1. B2B Fintechs Strong Showing More than half of the companies on the list provide fintech services to other businesses rather than consumers. Categories like Payments and B2B Banking are seeing strong growth as businesses turn to fintechs to automate and improve their operations, reduce costs and streamline regulatory challenges. Fintech goes well beyond innovative consumer digital banking, it’s morphing into improving financial systems at scale. Wall Street & Enterprise fintechs are also playing an outsized role in modernizing financial infrastructure at the institutional level. Image: Total # of Fintech Companies by Category (Forbes Fintech 50, 2025) The chart below shows the total funding received by fintech category, showing which categories are bucking the trend despite the downturn. Total Funding by Fintech Category Forbes Fintech 50, 2025 Payments fintechs still lead the pack with over $4.4 billion in total funding. This aligns with their critical role in powering e-commerce and digital transactions worldwide. 2. Focus on Profitability Amidst a Funding Slump In the early 2020s, fintech companies focused on rapid growth but times have changed and they are now after profitability and sustained growth. This year, 13 companies on the list reported official profits (up from just eight last year). Investors and businesses alike are prioritizing financial health over unchecked expansion. Even though global fintech funding fell from $144 billion in 2021 to $34 billion in 2024, most companies on this year’s Forbes Fintech 50 have shown resilience. Major players like Stripe and Ramp have adapted by pivoting, reducing costs while focusing on efficiency. 3. Fraud Prevention and Security Are More Important Than Ever As digital transactions increase so do fraud risks. Security based fintechs are gaining traction as businesses need stronger protections against cyber threats and fraud. DataVisor, a company that uses advanced machine learning to detect fraudulent transactions experienced a 67% increase in revenue in 2024, reaching $50 million. 4. Lending Fintechs Comeback Companies like Arc, Aven, and Imprint have made their way onto this year’s list, showing that the lending market is regaining investor confidence. Nova Credit, for example, previously fell off the list but re-emerged this year with a renewed focus on cash flow underwriting and a fresh approach to risk assessment. 5. One Canadian Contender, Relay While much can be argued about the methodology of actually being selected for the Forbes Fintech 50 list. To be honest there are several significant Canadian fintechs that should be on the list but aren’t for whatever reason, such as Wealthsimple. But Relay made it so something to cheer about. They are a Toronto-based digital banking platform for small businesses and provide financial management tools that integrate with accounting software, making it easier for businesses to manage their money. In 2024, they raised $32.2 million in a Series B funding round, strengthening their market position and offerings. Top Fintech Companies by Category Here’s a closer look at a couple of standout fintech firms within each category: Payments DailyPay – Helps employees access earned wages before payday, improving financial flexibility for millions Business-to-Business (B2B) Banking Parafin – Uses marketplace data to underwrite loans, achieved 100% revenue growth in 2024 Wall Street & Enterprise Alloy – Provides identity verification solutions for financial institutions, automating compliance and security processes Personal Finance Chime – A digital bank providing fee-free accounts and early direct deposits Insurance At-Bay – A cyber insurance company that proactively monitors digital risks for clients Blockchain & Cryptocurrencies Fireblocks – Provides secure infrastructure for handling digital assets Real Estate Valon – A mortgage service provider making home loan management simpler and more transparent Why This Matters The 2025 Forbes Fintech 50 shows the race for scale is now about profitability with payments, security, infrastructure, and B2B services leading the way. For Canada, Relay’s presence on the list is promising but begs the question, why aren’t more Canadian fintechs on the list? The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada’s Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org Related Posts