Fintech companies transform relationships with money due to innovative software. An increasing number of financial institutions are adopting tech solutions for different operations – payments, exchanges, insurance, finance, and banking management, so forth. The demand for the fintech industry is growing and stimulating market growth. The global financial technology market was valued at $127.66 billion in 2018 and is expected to grow to $309.98 billion with an annual growth of 24.8% by 2022.

How to get products and services impactful for your business? The most effective way is outsourcing a project to specialists qualified in the fintech sector. So if you are struggling to find a reliable service provider, this article will be very useful for you – study this review of the best fintech companies to make the right choice. 

Effective Methods to Select a Top Fintech Company

How to Select a Top Fintech Company

It’s not always enough to enter “best fintech companies” on Google and turn to the first available one. So, it is highly recommended to thoroughly research each option. How have we compiled this list? Firstly, we’ve analyzed such platforms as Clutch, GoodFirms, LinkedIn. These platforms provide all the important information from the company size to portfolios and verified reviews. For greater convenience, we have grouped companies by size: small and medium enterprises (50 – 999 employees), and large fintech companies (1,000+ employees). In addition, it is possible to distinguish companies by location to know more details:

Characteristics of Fintech Companies by Location*

North AmericaWestern EuropeEastern Europe Asia
Diversity of companiesIncreasedConsiderableGrowingWide
Fields of expertiseWeb development, enterprise app developmentApp development & design, fintech consulting Web & mobile app development, fintech consulting Mobile app development & design, porting & migration
Client focusStartups, large enterprisesSmall and medium-sized enterprisesMedium-sized enterprisesSmall business, midmarket
Technologies / Programming languagesAI & ML, blockchain, cloud; Python .Net, C++AI & ML, NLP, Big Data; .Net, Ruby, JavaAI & ML, blockchain, cloud; Python, Java, RubyAI & ML, cloud; C#, Python, Java, JavaScript
Human resourceLargeSufficientLargeSufficient
Rates$100 – $149 / hr $50 – $99 / hr$25 – $49 / hr< $25 / hr

* Data was retrieved from Clutch, GoodFirms, and analyzed by Mangosoft team

According to our analysis presented in the table above, it is worth noting that 50% of services are focused on custom software development among all companies. This means that you can turn to any company with your unique business ideas to get a 100% custom solution. In addition, companies from different countries, as a rule, follow the latest trends in fintech – artificial intelligence, machine learning, big data analytics, etc. For more information, you’re welcome to the official websites of the selected company. 

Let’s start our overview of the best fintech companies!

The List of 5 Small & Medium Fintech Companies (<1,000 Experts)

  1. Mangosoft

Mangosoft - a top fintech company

Despite the relatively recent foundation of the company since 2016, Mangosoft has established itself as a strategic partner in the fintech industry. 120+ experienced specialists are working on projects to improve the delivery and use of financial services across continents. The team was formed from the best niche experts with the necessary technological skills. Among the large projects that they implement, there are solutions for retail banking – financial analytics, mobile banking, cash management systems. Besides, the company takes on projects in commercial and investment banking. It is noteworthy that each project is supported by a business analyst. The focus is on effective strategy and business development.

Traders.One – Hybrid Trading Platform is one of the prominent projects developed by Mangosoft from scratch in the fintech sector. This is a blockchain-supported platform that is faster and safer than any other exchange platform.

All developed products comply with the latest fintech trends – AI-powered personalization, data-driven programming, robotic process automation, natural language processing (NLP), blockchain architecture, AR (augmented reality) or VR (virtual reality), and so forth. Well-organized work processes and regular communication contribute to the growth of the company in the fintech sector. 90% of customers recommend Mangosoft as a reliable service provider. 

Client’s review of Mangosoft on Clutch.co

  1. Merixstudio

Since 1999, this company has been building complex digital products and web/mobile applications for financial organizations. Merixstudio managed to get together 120+ leading specialists for end-to-end product development. Basically, the team specializes in cross-platform mobile applications that work on several operating systems with only one codebase. Today, it is quite beneficial to have such apps that simplify most financial operations – cashless transactions, money transfers, currency exchange, making them simple and quick. They can be involved in product design to make it user-friendly and intuitive-to-use. Merixstudio collaborates closely with each client to meet all the project requirements.

  1. Praxent

With 20 years of experience, this US-based company introduces many digital innovations in the field of financial services. Thanks to the vast experience in the fintech industry, this team of specialists has delivered more than 300 projects. They are custom financial software, web portals, dashboards, analytics, and reporting tools. Their solutions have transformed many businesses from farsighted startups to agile enterprises. The company specializes in various market niches – insurance, lending, wealth management, and real estate. Along with custom software development, the company actively takes part in the UI / UX design of financial products. For example, Praxent’s designers were involved in the mobile UX redesign of Austin Capital Bank’s Credit Strong website.

  1. DOOR3

Founded in 2002 with headquarters in New York, this company has a significant impact on fintech globally through its industry-specific services. First of all, DOOR3 acts as an expert consultant with a focus on technology, strategy, and design. With the support of a global team of 80+ talented professionals, this company can develop durable and functional digital products. They build secure and compatible transactional portals that convert processing speed with minimal effort and minimal time spent. Along with other technologies, the team actively uses BI and Big Data solutions (on Microsoft, QlikTech, or Tableau) in fintech projects. 

They streamline day-to-day processes and implement new, more efficient working practices. DOOR3 specializes in ERP system development using Microsoft Dynamics 365 and Sage to offer greater control of financial management, minimize processing time and costs in enterprises. So, this can be part of the digital transformation of your business today.

  1. Devbridge Group

This Chicago-based company is positioning itself as a strategic partner for B2B enterprises in the field of mobile app design and development. They develop fintech apps for iOS and Android platforms. The company spends more than 150,000 engineering hours per year, creating custom cloud and mobile solutions for FORTUNE 1000 enterprises in the field of financial services. About 300 employees work in offices in the USA, Canada, and Lithuania to quickly respond to customer needs with timely delivery of smart applications. These are reliable, high-volume, super-fast transactional applications. The cross-functional teams ensure a multi-feature personal banking system in the pocket of end-users and microservices in the cloud. For example, the Devbridge team is very proud to present 4 custom mobile banking apps in an unprecedented 6 months. Besides, they have developed a unique mobile site for Byline Bank with the easy-to-use and powerful CMS.

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The List of 5 Large Fintech Companies (>1,000 Experts)

  1. DataArt

DataArt is a global software company that offers its high-tech solutions to global banks, leading asset management companies, and top data providers. With more than 1000 experts on board, this company is able to strategically design, competently develop, and technically deploy the desired product. Over the entire existence of the company, highly qualified engineers from around the world have joined the team. This fact makes this company outstanding among other companies. Each project builds on the existing domain expertise of the staff – banking digitalization, business process management, data, and analytics, etc. 

They actively integrate Artificial Intelligence (AI), Machine Learning (ML) and Data Science (DS) technologies to ensure regulatory compliance, supervision, data quality assessment, and fraud detection in financial institutions. DataArt specialists work on cloud migration to offer maximum benefits to clients – reducing operating costs and avoiding the hassle of maintaining

  1. BJSS

BJSS is the UK’s leading privately-held IT and business consulting company. Since 1993, this company has been able to respond to constant changes in technology and gain more and more trust among customers. The clients benefit from access to the valuable experience gained in challenging fintech projects, deep knowledge of the field, and innovative approaches. Thanks to many years of experience in business, BJSS has formed a wide range of services covering the entire life cycle of the supply of digital solutions. Starting with the delivery of a transaction matching platform that processes 60% of global interbank foreign exchange transactions, and helping RBS become the first ‘Big 4’ UK bank that launches ApplePay successfully.

  1. Marlabs Inc

This large American fintech company has been a leader in digital engineering since 1996. With 2,300 experts on board, this company has excelled in delivering next-generation solutions based on changing consumer behavior. They have accelerated the digital transformation of many businesses specializing in banking, insurance and mortgages. A team of professionals converts traditional financial institutions into digital and finds their competitive advantages in the market. They focus on cyber threat intelligence to expand cybersecurity capabilities; robotic process automation (RPA) software and machine learning (ML) algorithms for solving a wide range of repetitive tasks/issues in fintech systems. Due to long experience in product engineering for financial services, these experts adopt digital technologies in many projects, namely, in cyber threat management, cloud migration of enterprise applications, etc.

  1. Eleks

ELEKS is a large fintech company in Ukraine with offices in Europe, the USA and Canada, which guarantees global customer reach. This company, which employs 1,500 specialists, is a partner of many leading global enterprises. ELEKS helps companies easily solve all possible technological and business problems with the help of comprehensive development services. They specialize in banking, security management, trade, and investment. They help financial firms reduce risks and unleash the full potential of industry-leading technologies – blockchain, big data, AI and others. Their effective solutions cover advanced analytics, real-time data processing, secure mobile applications. There are many examples of fintech-proof competency at ELEKS. For example, a team recently helped an American global financial services provider expand the technical capabilities of its core software with advanced data-driven tools.

  1. Euvic

Euvic is a leading IT outsourcing service provider in Poland. A group of tech savvy entrepreneurs has teamed up to work on complex technology projects. The main goal is to make global corporations and small and medium-sized enterprises more profitable and flexible in fast-paced environments. Over the years, the company managed to gather well-trained specialists and implement more than 6,500 projects in various sectors. But the main industry focus is on business and financial services – banks, wealth management institutions, insurance and market data providers, exchanges and brokers. Their software solutions support data-driven decision making and streamline processes. In addition, you can get cloud services from this team, as a number of world leaders in the field of online banking and insurance services. Flexible project thinking allows customers to significantly reduce time to market and the cost of developing and maintaining their new financial products and services. For this reason, this fintech company has gained trust around the world, not only in Europe.

If you still doubt which fintech software development company to choose for a fintech project, be calm – you are not limited only to this list. We have prepared one more article with the detailed overview – List of Top Software Development Companies in Europe. Read it to have more options to find a reliable development service provider!

SMEs Vs. Large Companies: What to Choose and Why?

Pros and Cons of Small, Medium and Large Companies for FinTech Projects

As you probably understand, the size of a company determines a lot of final results – which product will be developed, at what cost, how and how long. Without any doubt, you are likely to lean towards big fintech companies that are stable and recognized in the globe. This is a widespread belief. But what if you drip deeper and figure it out? Many fintech solutions are created using the same technologies, but at different costs in different companies. As a rule, large companies set higher prices for their services to cover all possible expenses, including overhead and operating costs. 

It may seem that if you have a large staff of experts or many competencies, you are in a strong position. Not always like this! First of all, you have to pay more money out of pocket for not always necessary areas of expertise. Secondly, you cannot be 100% sure that out of the total number of specialists, you will need all of them to successfully complete the project. This is especially true if you are not tech savvy. Thirdly, huge cross-functional teams are not so flexible and adaptable to all possible changes during the development process. 

In addition, keep in mind another important point – most large companies begin to cooperate with customers whose projects are estimated at more than $250,000. So, if you do not plan to launch a large fintech project, do not hesitate to contact a small or medium-sized company, whose technical potential is also great. 

Our blog article, “How to Estimate a Software Project Easily?” also may come in handy if you aren’t familiar with estimation methods in development projects. Follow simple methods on how to estimate the cost of a software project!

The final cost of your product will vary not only within several companies in the USA or any other country, but also on different continents. It is no secret that development costs in Eastern Europe or Asia are lower than in North America or even Western Europe.

Average Costs of Fintech Projects by Region*

North AmericaWestern EuropeEastern EuropeAsia
$200,000+$150,000+$100,000+ $80,000+

* Costs are calculated approximately based on the minimum rates of specialists required for a simple fintech project in each region

Conclusion

Whether you are currently considering a small, medium or large fintech company, you already have enough options. However, many points may influence your final decision. You should take into account the following points:

  • Scope of work;
  • Level of competency;
  • Planned budget;
  • Location of development, etc.

For example, when working with small and medium enterprises, you can focus on saving money if the budget is a key factor that affects your decision. In the case of cooperation with a large enterprise, instead of focusing on prices, you can safely develop advanced functions of your software.

You can benefit from the narrow specialization offered by mid-level companies, such as Mangosot. Our qualified specialists come up with effective solutions, some of which you can study in our examples or contact us for more information about our competency. So, do your best to use Fintech Application Development Services today to be successful tomorrow!