GGV Capital U.S. Launches the 2024 Fintech Innovation 50

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Jan 23, 2024, 07:00 ET

Convenes 44 Investment Firms to Highlight Rising Stars in Fintech Innovation

NEW YORK, Jan. 23, 2024 /PRNewswire/ -- GGV Capital U.S., an American venture capital firm focused on early- and growth-stage startups, today announced its second annual fintech list in partnership with Crunchbase and 44 prominent venture capital firms. The 2024 Fintech Innovation 50 (www.fintechinnovation50.com) recognizes the 50 most promising fintech companies in the eyes of investors. In celebration of the launch, honorees will ring the Opening Bell at the Nasdaq MarketSite.

Fintech Innovation 50 Logo

GGV Capital convened 44 fintech investment firms to nominate and vote on 150 companies in order to select the 50 honorees. Some of the participating firms include Benchmark, Bessemer Venture Partners, Coatue, Founders Fund, General Catalyst, ICONIQ Growth, Lightspeed, PayPal Ventures, QED Investors, Ribbit Capital, Sequoia Capital, and Wellington.

The Fintech Innovation 50 honorees have raised approximately $12 billion collectively. Half are early-stage Series A or B companies that have raised less than $60 million. Fifteen honorees are mid-stage companies that have raised $60-150 million. Ten honorees are late-stage companies that have raised more than $150 million. About 80% of the companies are based in New York or San Francisco.

The fintech sector experienced significant volatility in 2023, including decreased valuations and increased interest rates. Yet positive signals are emerging in the early innings of fintech innovation, notably the visible achievements by Affirm, Stripe, and Nubank that highlight the shifting dynamics of the financial services industry.

The financial services industry has $12 trillion of market cap, with less than 5% of this market cap held by fintechs compared to traditional financial services companies. In addition, fintech companies are growing three times faster than traditional financial services, underscoring significant potential to continue capturing value from incumbents and the opportunity to create new financial products over the next decade as AI plays an important long-term role. Combined, these factors point to a new era of value creation within the financial services ecosystem.

"Despite a rocky 2023, the list celebrates the innovation, perseverance, and the future potential of fintech," said Hans Tung, Managing Partner, GGV Capital U.S. "We believe the long-term tides are in fintech's favor with disruptors and value-added enablers like the Fintech Innovation 50 honorees leading the charge."

GGV Capital U.S. is a longtime investor in the global fintech sector, with more than 10 investments, including Affirm (AFRM), Aven, Block (SQ), Divvy Homes, and Novo in the U.S.; ADDI, Clara, Frubana, IDwall, and Stori in LatAm; and Rupeek and Turtlemint in India. The firm launched the list to track the evolution of this important ecosystem and recognize the rising stars of the fintech sector annually.

Methodology
For the 2024 list, 150 fintech companies were nominated by 44 investment firms, including GGV Capital U.S., and in partnership with Crunchbase. To ensure a representative and inclusive list, investment firms submitted an equal number of portfolio and non-portfolio companies. Participating firms then voted on the aggregate list, and the top 50 were recognized as honorees on the Fintech Innovation 50. Nomination criteria included companies with a primary product focus on fintech, the U.S. as a primary market, and Series A stage financing or beyond. For more information about honorees, participating investors, and methodology, visit: https://www.fintechinnovation50.com.

About GGV Capital U.S.
GGV Capital U.S. is an American venture capital firm focused on early-to-growth investments in technology companies across North America, Israel, Europe, Latin America, and India. We are dedicated to fostering innovation and supporting the next generation of leaders in the tech industry, including Affirm, Airbnb, Block, Bowery Farming, Drata, Handshake, HashiCorp, Ibotta, Quince, Slack, Slice, StockX, Vercel, Zendesk, and more.

More information can be found at www.ggvc.com and @ggvcapital.

2024 Fintech Innovation 50 Honorees:
Alloy
Altruist
Ansa
April Tax
Arc
Array
Arta Finance
Aven*
Banyan
Brex
Canopy
Clara*
Coast Pay
Column Tax
Constrafor
Deel
Farther
Finch
Finley
Footprint
Forage
Fragment
Incognia
Kalshi
Kard
LamaAI
Lead Bank
Ledge
Lendflow
Lithic
Meow
Merge
Modern Treasury
ModernFi
Moov
Nova Credit
Novo*
Pagos
Parafin
Peach Finance
Plaid
Pomelo
Ramp
Sardine
Sentilink
Slope
Stripe
Stori*
Teamshares
Vestwell