The Financial Technology Report is pleased to announce The Top 25 Payment Technology Companies of 2024. According to a Polaris Market Research report, the global payment processing solutions market is expected to reach over $192 billion by 2030. As businesses and consumers continue to favor digital wallets and contactless payment over cash transactions and traditional banking, there’s been a notable surge in demand for reliable and secure digital payment platforms. This year’s awardees represent a wide range of innovative payment solutions that incorporate advanced blockchain technology, seamless API integration, and real-time fraud detection.
Among this year’s awardees, we have Stripe, the fintech giant that recently revealed it surpassed $1 trillion in total payment volume in 2023. Next, we recognize Shift4, a payment processing company that powers billions of transactions annually for hundreds of thousands of businesses in virtually every industry. Last but not least, we have AffiniPay, a market leader in practice management software and online payments for professionals serving legal, accounting, architectural, engineering, and construction firms. It recently launched AffiniPay IQ, a generative AI for the legal tech industry that securely incorporates AI into daily workflows for legal professionals.
As the needs of businesses and consumers evolve, these fintech leaders continue to deliver diverse products to a variety of businesses and consumers. However, they all have one thing in common: creating a simplified, more secure solution to the payment process. We look forward to seeing where the industry will go with these influential companies leading the way. Please join us in recognizing The Top 25 Payment Technology Companies of 2024.
1. Stripe
Stripe is a technology company that builds economic infrastructure for the Internet. Businesses of every size use its software to accept payments and manage their businesses online. Stripe has dual headquarters in San Francisco and Dublin, as well as offices in London, Paris, Singapore, Tokyo, and other locations worldwide. Over 100 industry leaders each process more than $1 billion through Stripe's platform, supporting over 135 currencies and payment methods across 45 countries.
The company just revealed in its annual letter that it surpassed $1 trillion in total payment volume in 2023, up 25% from 2022. Recent partnerships highlight Stripe's pivotal role in digital commerce. Hertz, a leading car rental service, has selected Stripe to power payments for its Hertz, Dollar, and Thrifty brands, integrating seamlessly into its digital rental strategy. Additionally, Stripe collaborates with retail giants such as Urban Outfitters, Anthropologie Group, Free People, and FP Movement, enabling online and in-person transactions.
Stripe also strengthens alliances with industry leaders like Amazon, powering payments for retailers using Just Walk Out technology in Australia and Canada. It also partners with Tokyu, a multinational conglomerate, to launch TsugiTsugi, a flat-rate accommodation subscription service, demonstrating its commitment to innovative solutions.
2. Corpay
Corpay, formerly known as FLEETCOR Technologies, is a global S&P500 corporate payments company headquartered in Atlanta, Georgia that helps businesses and consumers pay expenses. The company’s suite of modern payment solutions helps its customers better manage vehicle-related expenses, such as fueling and parking, travel expenses, and payables. This results in customers saving time and ultimately spending less.
Corpay works with a portfolio of brands that automate, secure, digitize, and manage billions of payment transactions annually on behalf of businesses across more than 100 countries in North America, Latin America, Europe, and Asia-Pacific. It currently has over 800,000 clients and as of 2023, $3.8 billion in revenue. Recently, Corpay invested in the Brazilian business Zapay, a mobile app that aids drivers in paying vehicle taxes, registration expenses, and tickets for driving violations.
3. BILL
BILL is a financial operations platform for small and midsize businesses. Its integrated platform helps businesses control their payables, receivables, and spending and expense management. Over 460,000 businesses rely on BILL’s proprietary member network of millions to pay or get paid faster. Headquartered in San Jose, California, the company is a trusted partner of leading U.S. financial institutions, accounting firms, and accounting software providers.
Recently, Xero partnered with BILL to deliver industry-leading bill-pay capabilities for small businesses. It will embed a bill pay solution from BILL into the Xero platform allowing customers to more efficiently pay their bills, without leaving the Xero Platform. Additionally, BILL unveiled new features for BILL spend and expense to enhance visibility and control of business finances for SMBs and accountants. The latest capabilities, complete with a budget interface redesign, include additional ways to customize spend target limits, consolidate controls to manage spending more easily, and group budgets to streamline the management of multiple budgets.
4. Remitly
Remitly is an international payments company that leverages digital channels, including mobile phones, to send money internationally. Its digital products are faster, less expensive, and more convenient for customers to send money across borders.
Remitly is based in Seattle and offers international money transfers to over 150 countries. The company was founded in 2011 by Matthew Oppenheimer, Josh Hug, and Shivaas Gulati and became publicly traded on the Nasdaq exchange in September 2021. It recently unveiled its first quarter results for 2024, reaching $269 million in revenue.
Remitly launched a public bug bounty program in collaboration with security platform, HackerOne. Security researchers participating in the bug bounty program will be able to report potential bugs through HackerOne’s advanced reporting software, enabling Remitly’s security teams to promptly assess and address issues.
5. Payoneer
Payoneer is an American financial services company headquartered in New York City that provides online money transfer and digital payment services and provides customers with working capital. The company helps small and medium-sized businesses to transact, do business, and grow globally. Payoneer has a track record going back to 2005, is publicly listed on Nasdaq, and is trusted by the biggest brands in tech, banking, and business.
It employs approximately 2,000 people, serves over four million customers, and is valued at nearly $2 billion. Since its founding, Payoneer has built a global financial stack that removes barriers and simplifies cross-border commerce. The company makes it easier for millions of SMBs, particularly in emerging markets, to connect to the global economy, pay and get paid, manage their funds across multiple currencies, and grow their businesses.
In August 2023, it was announced that Payoneer had acquired the Israel-based AI data platform, Spott. With this new acquisition, the company provides accurate and quantifiable data for faster and more informed business decision-making.
6. SpotOn
Co-founded in 2017 by Doron Friedman, Matt Hyman, and Zach Hyman, SpotOn is a mobile payment company and a management system for restaurants and small businesses. Its mission is to offer cloud-based technology and personalized support that help small businesses run on their own.
SpotOn builds technology that fits seamlessly into business operations and backs it up with a 24/7 team of experts to ensure success. Its end-to-end platform accepts payments, boosts revenue, streamlines operations, and creates exceptional guest experiences. The system also offers solutions like marketing, website development, reservations, online ordering, appointments, and ecommerce, as well as retail and restaurant point-of-sale solutions.
7. AvidXchange
Founded in Charlotte, North Carolina in 2000, AvidXchange is a leading provider of accounts payable automation software and payment solutions for middle-market businesses and their suppliers. Its software and payment platform digitizes and automates the AP workflows for more than 8,000 businesses, and has made payments to more than 1.2 million supplier customers of its buyers over the past five years. The company has over 225 accounting system integrations available, so a company can seamlessly automate its AP and payment processes within its existing ERP.
AvidXchange and Atlantic Community Bankers Bank recently partnered, offering AvidAscend to more banks and credit unions. This partnership will allow ACBB and its clients to use AvidXchange’s AvidAscend Financial Accounting Suite which can help streamline the back-office accounting processes by using automation to reduce manual processes around invoice approvals and payments, as well as the use of paper invoices and checks.
8. Shift4
Shift4 is an American payment processing company publicly listed on the New York Stock Exchange and based in Allentown, Pennsylvania. The company, founded in 1999 by the then-16-year-old Jared Isaacman, processes payments for over 200,000 businesses in the retail, hospitality, leisure, and restaurant industries. Shift4 specializes in commerce solutions, such as mobile payment software and hardware. When the company went public in 2020, Isaacman was still the CEO.
Shift4 simplifies complex payment ecosystems worldwide, powering over five billion transactions annually for hundreds of thousands of businesses in virtually every industry. The company's business model involves integrating payment processing services into various hardware and software products, as well as gathering business intelligence.
Recently, Shift4 launched the SkyTab business intelligence platform to deliver enterprise reporting and management capabilities for restaurants. The company will also be the official point-of-sale systems partner of the New York Yankees and will now power concessions and retail transactions at Yankee Stadium.
9. Basware
Basware is a Finnish software and purchase-to-pay solutions provider with over one million users in over 60 countries. The company helps finance leaders in global enterprises automate their invoice processes and stay compliant with regulatory change. Its target market is Europe, Russia, North America, and Asia/Pacific, and currently has 12 branches of its own.
Basware's solutions are designed to optimize the entire process from procurement to invoice processing and allow a fully automated process, starting with requirements, through approval, ordering, order, and delivery confirmation, right up to invoice processing. Its AP automation and invoicing platform helps customers' efficiency while reducing errors and risks. AP departments at brands such as HP, Mercedes-Benz, and DHL, rely on Basware to handle over 170 million invoices per year. This has helped companies reduce the time spent on AP processes by up to 60%.
10. Flywire
Flywire Corporation is a global payments enablement and software company. It combines a proprietary global payments network, next-generation payments platform, and vertical-specific software to deliver the most important and complex payments for its clients and its customers.
Flywire leverages its vertical-specific software and payments technology to deeply embed within the existing A/R workflows for its clients across the education, healthcare, and travel vertical markets, as well as in key B2B industries. It also integrates with leading ERP systems, such as NetSuite, so organizations can optimize the payment experience for their customers while eliminating operational challenges.
Flywire supports over 3,700 clients with diverse payment methods in more than 140 currencies across 240 countries and territories worldwide. The company is headquartered in Boston, Massachusetts, with global offices.
11. Tipalti
Headquartered in Foster City, California, Tipalti is an American accounting software financial technology business that provides accounts payable, procurement, and global payments automation software for businesses. The company is focused on streamlining all phases of the AP and payment management workflow in one cloud platform, making it simpler for accounts payable departments to manage their entire supplier payments operation. The solution addresses supplier onboarding, vetting, tax and regulatory compliance, invoice processing, payments to suppliers worldwide, supplier payment status communications, and payment reconciliation and reporting.
Innovative companies use Tipalti to eliminate up to 80% of their supplier payment workload, helping them scale their business efficiently with global growth while strengthening financial and compliance controls and enhancing the partner payment experience. Companies like Duolingo, Roblox, Amazon Twitch, ironSource, and over 1500 others use Tipalti to improve their global supplier payments operation.
12. Billtrust
Billtrust is an accounting software and B2B order-to-cash solution company headquartered in Lawrenceville, New Jersey. Finance leaders across industries rely on Billtrust for efficient payment processes, faster cash flow, and improved customer satisfaction. The company offers AI-powered solutions that shift businesses from paper-based invoicing to electronic billing and payments.
With a track record of processing over $1 trillion in invoices, Billtrust speeds up cash applications through customized invoice delivery, secure payment options, and intelligent payment posting systems. Its solutions include credit decisions and monitoring, online ordering, invoicing, cash application, and collections. Billtrust's solutions integrate with several ecosystem players, including financial institutions, enterprise resource planning systems, and accounts payable software platforms, to help customers recognize revenue more quickly and efficiently.
13. Paymentus
Paymentus provides cloud-based bill payment technology and solutions and delivers its product suite to over 2,200 billers and financial institutions through a modern technology stack. Its platform is utilized by tens of millions of consumers and businesses in North America to engage with their clients. In 2023, Paymentus processed over 458 million payments. The company’s omnichannel platform provides consumers with easy-to-use, flexible, and secure electronic bill payment experiences through their preferred payment channel and type.
Paymentus serves clients of all sizes that provide non-discretionary services across various industry verticals, including utilities, financial services, insurance, government, telecommunications, and healthcare. It extends its platform’s reach through its Instant Payment Network or IPN. By being connected to its IPN, Paymentus' partners provide their consumers with the full capabilities of its next-generation product suite, including engaging with and making payments to its large and growing base of billers. Those partners, in turn, expand Paymentus' platform’s reach to millions of additional consumers in the United States and globally.
14. GreenSky
GreenSky, headquartered in Atlanta, Georgia, is a financial technology company powering commerce at the Point of Sale for a growing ecosystem of merchants, consumers, banks, and institutional investors. The company’s patented technology platform enables merchants to offer frictionless promotional payment options to consumers, driving increased sales volume and accelerated cash flow.
The GreenSky Program is operated on behalf of, and financing is provided by, federally insured, federal or state chartered financial institutions, which leverage GreenSky's technology to provide loans to super-prime and prime consumers nationwide. Since the company’s inception, nearly six million consumers have financed more than $50 billion of commerce using GreenSky's real-time "apply and buy" technology.
15. EverC
Founded in 2015, EverC is focused on powering growth for the ecommerce ecosystem. Its automated AI-driven, cross-channel risk management solution rapidly detects high-risk merchants and transaction laundering, removes illicit products and services, and provides ongoing monitoring to uncover evolving risks.
EverC's core mission is to instill trust and security in web commerce, creating new business opportunities for marketplaces, payment service providers, acquirers, banks, and merchants. Its team provides expertise in risk intelligence, data science, fintech, payments, and financial risk domains. The company maintains its headquarters in Tel Aviv and New York, with offices in the UK and Shanghai to cater to diverse markets.
16. AffiniPay
AffiniPay is a market leader in practice management software and online payments for professionals serving legal, accounting, architectural, engineering, and construction firms. Each of its brands leads the market it serves with solutions purpose-built by the industry including LawPay, MyCase, CASEpeer, Docketwise, CPACharge, and AffiniPay for Associations. Its solutions are trusted by more than 245,000 legal and accounting professionals with more than 150 strategic partnerships and endorsements, including the American Bar Association and the American Institute of Certified Public Accountants.
AffiniPay recently launched AffiniPay IQ, a generative AI for the legal tech industry that securely incorporates AI into daily workflows for legal professionals. It also launched MyCase Smart Spend, a new spend management solution to help firms easily pay, track, and manage both firm and client expenses. MyCase Smart Spend will be powered by a new LawPay Visa SMB Credit Card embedded directly within the MyCase platform. It also introduced an In-Person Payments option, to modernize the client payment cycle.
17. REPAY
REPAY, established in 2006, is a full-service payment technology and processing provider that enables the practical and secure collection of payments through any channel at any time. It is a public company listed on the Nasdaq under the ticker symbol RPAY and is headquartered in Atlanta, Georgia, with additional offices across the country.
REPAY’s platform provides direct integration with enterprise management systems and access to a suite of payment solutions, including credit/debit card processing, ACH processing, Instant Funding, IVR/phone pay, text pay, electronic bill payment, and presentment systems, and consumer-facing payment portals. It also serves the B2B space by automating accounts payable services and outbound vendor payments through virtual card, ACH, and check processing and managing the full print/mail and electronic communication stream.
REPAY serves multiple verticals, including personal lending, auto lending, mortgage servicing, B2B, accounts receivables management, healthcare, and credit unions. It recently acquired TriSource Solutions, APS Payments, Ventanex, cPayPlus, CPS Payment Services, BillingTree, Kontrol Payables, and Payix.
18. Fortis
Fortis is an embedded payment for software providers, processing billions of dollars annually by delivering payment solutions and commerce enablement to software partners and developers. The platform enables payments, creates seamless exchanges and transactions, provides data and expandable experiences, and strengthens the relationship between software and users. It focuses on a variety of industries including B2B and ERP, healthcare, hospitality, retail, ecommerce, and nonprofit.
Recently, Fortis and WooCommerce partnered to expand capabilities in the $1 trillion B2B market. This collaboration is aimed at bringing a full stack of B2B payments functionality to the WooCommerce platform and to Fortis’ expanding ERP ecosystem.
19. Onbe
Onbe is a fintech company that manages and modernizes customer and workforce disbursements for corporate clients ranging from mid-market to the Fortune 500. With over 25 years of industry experience and offices in Chicago, Philadelphia, and London, the company’s team of experts and technology platform provides clients a solution to offload their B2C payment operations, relieving them of the cost, complexity, and risk that come with handling these payments in-house.
Onbe has recently teamed up with recycling management software company ScrapRight, facilitating secure payouts for over 600 scrap yards and their extensive network of sellers. Additionally, through collaboration with TimeForge, a leading labor management system for retail and food service sectors, Onbe has revolutionized the tip payout process, transitioning it into a seamless digital-first experience with several payment options.
20. BlueSnap
Headquartered in Waltham, Massachusetts, and Dublin, Ireland, BlueSnap is a global payment orchestration platform that aids businesses in accepting payments globally, aiming to boost revenue and trim costs. It simplifies payment complexities, overseeing the entire process end-to-end.
BlueSnap facilitates payments across various sales channels including online, mobile, marketplaces, subscriptions, invoice payments, and manual orders via a virtual terminal. For those seeking embedded payments, the company provides white-labeled payment solutions for platforms, complete with automated underwriting and onboarding. These solutions cater to marketplaces and split payments.
By using Bluesnap, businesses gain access to over 200 geographies, with local acquiring available in 47 countries. They can transact in 110+ currencies and utilize 100+ global payment types, including eWallets. BlueSnap's offerings also include automated accounts receivable, robust fraud protection, chargeback management, compliance solutions, and unified global reporting, fostering business expansion.
21. Sezzle
Launched in 2017, Sezzle is a publicly traded financial technology company headquartered in Minneapolis, Minnesota, with operations in the United States and Canada. The company provides an alternative payment platform offering interest-free installment plans at selected online stores
Sezzle’s payment platform increases the purchasing power for millions of consumers by offering interest-free installment plans at online stores and in-store locations. When consumers apply, approval is instant, and their credit scores are not impacted, unless the consumer elects to opt-in to a credit-building feature, called Sezzle Up. This increase in purchasing power for consumers leads to increased sales and basket sizes for the more than 47,000 Active Merchants that offer Sezzle.
22. PayNearMe
PayNearMe develops technology that drives better payment experiences for businesses and their customers. Its platform helps businesses increase customer engagement, improve operational efficiency, and decrease the total cost of accepting payments. PayNearMe enables more ways to pay by offering major payment types and channels in a single platform.
It processes all major forms of payment including Cash App Pay, PayPal, Venmo, Apple Pay, Google Pay, cards, and ACH, and has enabled cash payments through its proprietary electronic cash network at more than 62,000 retail locations in the U.S.
Thousands of businesses partner with PayNearMe to manage the end-to-end customer payment experience in industries such as consumer finance, property management, insurance, tolling, utility and municipality, iGaming, and sports betting.
23. Electronic Payments
Based in Calverton, New York, Electronic Payments develops and delivers payment processing and point-of-sale solutions to companies nationwide. It provides secure, state-of-the-art technology, turnkey account activation, expert service and support, and a broad selection of processing options, equipment, and value-added products. The company’s goal is to help small businesses grow with tools like ProCharge and Cygma, which are developed and supported in-house.
With nearly 25 years in business, Electronic Payments currently has over 50,000 partnerships, and 400 million annual transactions, and is the 25th largest U.S. acquirer.
24. Usio
Established in 1998, Usio is a leading integrated payment solutions provider that offers a wide range of payment solutions to software companies, merchants, billers, banks, service bureaus, and card issuers. The company operates credit/debit, prepaid, ACH payment processing, and payment facilitation platforms to deliver convenient, world-class payment solutions and services to its clients.
Usio simplifies the payment process with customizable payment acceptance, card issuing, bill printing, mailing, electronic billing, and cutting-edge payment facilitation technology. Its products provide a seamless experience for businesses and their customers and its integrated payment solution APIs help drive meaningful revenue. Usio’s headquarters are in San Antonio, Texas.
25. Uplift
Uplift, is a payment financing company that allows customers to make purchases and pay over time with fixed payments. It matches consumers with tailored payment plans, optimizing conversion rates. Its portfolio of flexible payment solutions is endorsed by prominent brands across the United States and Canada. Uplift is headquartered in Sunnyvale, California, with additional offices in Toronto, New York, Reno, and Guadalajara, Mexico.
In partnership with Club Med, Uplift introduced a novel payment offering, enabling customers to reserve all-inclusive vacations and spread the cost across simple, manageable monthly installments. Collaborating with Southwest Airlines, The company extended 0% financing to eligible customers on select fares, including Wanna Get Away Plus, Anytime, and Business Select options. Furthermore, partnering with Grupo Xcaret, a trailblazer in sustainable tourism, Uplift allows travelers to travel to Mexico and pay the booking costs over time.
