FINTECH

The performance of companies in the field of financial technology is discussed. Adyen processed about $284 billion worth of payments in 2019, and experienced 23% growth in payment volumes in the first half of 2020 and a 27% increase in net revenue, despite the pandemic. Square, which was once best k...

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Bibliographic Details
Published in:Fortune 2020-12, Vol.182 (4), p.132
Main Authors: Abril, Danielle, Aspan, Maria, Barrett, Eamon, Bellstrom, Kristen, Clifford, Lee, DeCarlo, Scott, Dunn, Katherine, Elegant, Naomi Xu, Fry, Erika, Hackett, Robert, Heimer, Matt, Kahn, Jeremy, Kowitt, Beth, Lev-Ram, Michal, McGregor, Grady, Nusca, Andrew, O'Keefe, Brian, Pressman, Aaron, Rapp, Nicolas, Shen, Lucinda, Wahba, Phil, Wieczner, Jen, Zillman, Claire
Format: Magazinearticle
Language:English
Subjects:
Bank technology
Financial performance
Payment systems
Online Access:Get full text
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Summary:The performance of companies in the field of financial technology is discussed. Adyen processed about $284 billion worth of payments in 2019, and experienced 23% growth in payment volumes in the first half of 2020 and a 27% increase in net revenue, despite the pandemic. Square, which was once best known for its little white plug-in credit card swipers--as well as being Twitter CEO Jack Dorsey's side hustle--has grown into a major force in payments and banking in its own right. With a stock price that has tripled so far in 2020, Square's market value has surpassed that of Goldman Sachs. Poised to reap the benefits of consumers' growing reliance on digital payments, PayPal has excelled during the coronavirus pandemic, growing revenues nearly 20% in the first three quarters of the year--exceeding even its average three-year growth rate of 18%.
ISSN:0015-8259