There’s a fintech revolution going on – but who’s at the forefront of it?
New patent figures reveal that Visa has filed by far the most fintech patents, soaring 20 per cent ahead of its nearest rival, Bank of America.
Data from Aistemos and Relecura shows which companies hold the most patents, providing an overview of the top players in the rapidly-growing sector:
Several start-ups and newer companies are challenging the incumbents, using digital platforms to deliver products and services more efficiently and employing better business models.
The UK fintech industry is booming, as recent figures showed that the sector was worth £20bn last year, with £342m of investment flowing into the sector during the year – and it’s growing rapidly.
17 of Europe’s 40 “unicorns”, or startups valued at $1bn or more, are in the UK, and more than half of these are fintech companies, making it the biggest sector by far.
Analysing what technologies are powering fintech patents shows that data analytics and the Internet of Things are the biggest tech categories enabling fintech innovation, powering new payment solutions especially.
Over 18,000 data and analytics patents have been filed in the payments sector alone.
At the other end of the scale, cryptocurrency technology is far more niche, powering less than 1,000 fintech patents across all categories.