FinTech News
GGV Capital Unveils Inaugural Embedded FinTech 50 List
Today, an inaugural list of 50 startups were named the top FinTech innovators. This project was spearheaded by GGV, which has a long history of investing in major FinTech firms, having participated in funding rounds for the likes of Square, SoFi, Affirm, Karat, and many more. Additionally, the list was compiled with participation from top FinTech investors, such as Ribbit Capital, Sequoia Capital, Thrive, and others. In total, 57 VC firms nominated 175 startups before voting on the top 50.
Among the 50 startups named to the list were some that have made their own news as of late such as smart credit card firm X1, freelancer banking app Lili, and ACH automation tool Astra. Although the list is described as being comprised of “rising stars,” it also includes some giants of the industry such as Plaid, Stripe, and Chime — which is far and away the largest neobank in the United States. The complete list of companies can be found on the Embedded FinTech 50 site. In celebration, some honorees will ring the Closing Bell at the Nasdaq MarketSite today (February 1).
According to GGV, the companies on this inaugural list have raised a combined total of more than $12 billion. Nevertheless, a full half of those included are early-stage startups that have raised less than $100 million to date and who have yet to raise beyond a Series B round. Another 15 selected companies have raised between $100 million and $250 million, leaving 10 late-stage honorees.
Commenting on the list and the sector in general, GGV Capital managing partner Hans Tung said in a statement, “Embedded fintech is a bright spot in today’s market, and it is exciting to see how companies are democratizing access to financial services through technology.” Tung added, “We believe the continued development and innovation in today’s embedded FinTech landscape will drive growth and account for a much larger slice of the financial services market over time.”
Overall, this inaugural edition of the Embedded FinTech 50 list showcases how many impressive startups there are in the sector. What’s more, beyond the behemoths that landed on the list, there are a number of younger firms just starting to leave their mark on the industry. Plus, while it’s easy to write off lists from random sites or companies, the roster of venture capital firms that helped craft this list gives it far more weight. With that, it will be interesting to see where this year’s honorees are come 2024 — and to see which startups will join the list next time around
