Top 100 international money transfer companies disclose industry evolutions and obstacles
The latest edition of the Cross-Border Payments 100, a market map of the key players in the cross-border payments industry, has been published by our platform. This comprehensive list, now in its fifth year, is widely recognized as the definitive benchmark of the biggest players in the industry.
The map separates the top 100 players into seven groups: VC/growth equity backed, independently owned, banks, private equity backed, crypto, and public companies.
Female Leadership and Entrepreneurship
Research indicates that integration into global value chains has increased the likelihood of female ownership and employment in developing countries, positively impacting women's participation in trade-related sectors including payments. Mastercard and other major players have launched targeted programs supporting women entrepreneurs with dedicated payment solutions and blockchain-based initiatives, highlighting the growing prominence of female leadership in payments and fintech ecosystems.
Challengers and Innovation
The payments industry continues to see new fintech challengers leveraging technology such as AI, embedded finance, and blockchain to create faster, inclusive, and more automated payment solutions. Events like Money20/20 Europe bring together global fintech leaders, including women innovators, to explore breakthroughs that shape future finance, signaling rising influence of diverse leadership in challenger firms.
Emerging Markets and Regional Connectivity
ASEAN has made substantial progress in implementing and expanding live cross-border payment linkages, including multilateral payment connectivity projects aimed at deeper regional financial integration and inclusive economic growth. Latin America and the Caribbean show dynamic growth in digital payments, supported by initiatives targeting the underbanked and small retailers which also promote female entrepreneurship and financial inclusion.
Market Dynamics
North America continues to dominate the market share, with over 40% of the total number of cross-border payment companies worldwide. However, the cross-border payments space is now less dominated by challengers than in 2019. Consolidation in the market over the last few years has resulted in many smaller companies being acquired by bigger players in the space.
Despite some improvements, there remains a serious lack of women in senior leadership positions in the cross-border payments industry. Out of 100 companies, only five are headed by a female CEO. The slow change in the male/female split in the industry is attributed to the infrequent opportunities for payments CEOs and internal promotions limiting opportunities to diversify.
The geographical spread of companies in the top 100 is now more dispersed than ever before, with hot spots cropping up in parts of South America and Western Africa. There has been a drop off of crypto companies in the top 100 since 2019, reflecting the state of crisis crypto has been in throughout 2022 and into this year.
Overall, the Cross-Border Payments 100 provides a valuable snapshot of the industry's key players, trends, and dynamics. As the industry continues to evolve, it will be interesting to see how these trends develop over the coming years.
Lucy Ingham, Editor-in-Chief and Head of Content at FXC intelligence, stated that more mature, established payment companies are taking on more women, but women remain under-represented, particularly among startups and younger companies in the space. Daniel Webber, CEO and founder of the platform, stated that the top 100 companies in the cross-border payments industry are truly the cream of the crop.
- The growing prominence of female leadership in payments and fintech ecosystems is highlighted by major players like Mastercard, who have launched programs supporting women entrepreneurs with dedicated payment solutions and blockchain-based initiatives.
- In the latest Cross-Border Payments 100, women remain under-represented, particularly among startups and younger companies in the space, despite more mature, established payment companies taking on more women.
