The Fintech Power 50 Annual 2025

THE ANNUAL GUIDE TO THE MOST INFLUENTIAL, INNOVATIVE COMPANIES AND POWERFUL FIGURES WITHIN THE FINTECH INDUSTRY

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Published by Fintech Power Media Ltd 41 Luke Street, London EC2A 4D, United Kindom

Managing director and founder Jason Williams Art director Chris Swales Marketing associate Karen Phiri Head of video production Dominic Brough Contact hello@thepower50.com Website www.thepower50.com Design & production www.yorkshirecreativemedia.co.uk Printed by Park Communications Ltd, London Images www.istockphoto.com

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WELCOME TO THE FINTECH POWER 50 2025

CONTENTS OUR PARTNERS S&W Partners LLP 4 DLA Piper 6 Started PR 9 Project Nemo 11 Fintech Circle 12 THE FINFLUENCERS David Birch 44 Tram Anh Nguyen 53 Susanne Chishti 33 Joanne Dewar 36 Theodora Lau 21 Jim Marous 41 Monica Millares 29 Chris Skinner 16 Kimberley Waldron 48 Ruth Wandhöfer 24 THE FINTECHS Abound 54 ACI Worldwide 25 Avaloq 17 Banking Circle 17 BPC 22 Burbank 25 Capitalixe 37 ClearBank 20 COLIBRIX ONE 28 DailyPay 38 Daon 34 DECTA 14 Ellipse World, Inc 32 Ecommpay 42 Encompass 37 Finley AI 45 Flagstone 52 Galileo 20 Incode 32 Jenius Bank 37 Juice 40 Jumio 18 KYCP 28 Mambu 52 Mangopay 50 MeaWallet 46 Moneyhub 25 OneSpan 45 OpenPayd 52 Orbital 54 Paymentology 45 PaySaxas 32 Personetics 20 Sikoia 26 Sumsub 40 SumUp 54 Truelayer 17 UniTeller Financial Services 30 Vennre 40 Vyntra 28

have had to adjust to tighter conditions and more selective dealmaking. Yet even in these tougher times, there are clear reasons for optimism. Digital assets and currencies attracted rising investment, with Circle’s successful IPO in New York showing there is still real appetite for breakthrough ideas. Regtech is gaining momentum as institutions look to lower costs. And above all, AI-enabled fintechs – whether born native to AI or adapting their existing platforms – are attracting fresh attention for their ability to drive efficiencies and open new possibilities. That sense of resilience comes through in this annual. You’ll find perspectives on how boards can accelerate growth, why cybersecurity has become a marker of trust and what international expansion looks like when done thoughtfully. There are reminders that culture and values matter as much as code and capital. And running through it all is a determination to keep building, despite the headwinds. The Fintech Power 50 has always been more than just a list. It is an annual guide to the most influential, innovative companies and visionary personalities shaping their industry. It is also a community, a place where founders, leaders and thinkers connect, share experiences and sometimes spark collaborations that move the sector forward. So, as you explore this edition, I hope you enjoy meeting the people and companies who make up the 2025 Fintech Power 50. Their stories show that even in uncertain times, progress comes from creativity, responsibility and ambition. Here’s to another year

One theme does stand out more than any other: artificial intelligence – no surprise, of course! What feels different this year is how deeply it is now threaded through day-to-day operations. Fraud checks running in seconds, digital onboarding measured in minutes, services that feel more personal and back-office tasks finally being lifted off teams’ shoulders. AI has become part of the fabric of how fintech works. Naturally, the questions come with it. Fairness, accountability, data security and trust are never far from the surface, and many of our members and finfluencers reflect on how the industry can use these tools responsibly. Just as important are the people skills that go alongside the technology: building teams who can apply it wisely and leadership that sets the right tone. The wider context, though, has not been easy. According to KPMG, global fintech investment in the first half of 2025 hit $44.7billion across 2,216 deals – the lowest six-month figure since 2020. Higher interest rates, political uncertainty and changing trade policies have made investors more cautious. Payments, once the sector’s star attraction, saw funding fall sharply. Fintech founders everywhere Putting together this year’s Fintech Power 50 has been a reminder of just how wide- ranging the fintech story has become. Our members are working on everything from faster payments and cross-border growth to stronger security and better governance. No two journeys are the same, but all of them tell us something about where finance is heading.

of fresh ideas, practical solutions and the kind of partnerships that keep fintech moving. Jason Williams, MD and Founder, The Fintech Power 50

www.thepower50.com The Fintech Power 50

DON’T GET LOST IN TRANSLATION

Cracking new markets means understanding how each jurisdiction operates The UK fintech sector is an international success story, in more ways than one. From 2020 to August 2025, the UK saw more startups achieve unicorn status than Germany, France and the Netherlands (the most successful EU countries) combined, according to Dealroom and The Economist . Fintechs have accounted for the lion’s share, as well as some of its best known, such as Revolut and Monzo. But such success frequently depends on looking beyond Britain’s borders. Revolut has expanded into the US, Australia and Singapore, as well as Europe. Monzo, too, has ‘international ambitions’, as its annual report notes. When the British Virgin Islands group BVI Finance surveyed 451 fintech business leaders in June 2025, it found that 95 per cent of those in the UK said cross-border growth was important or critical to their success. Similarly, a survey by the World Economic Forum and University of Cambridge found that, among European fintechs, seven in 10 had an international presence.

“Most fintech businesses we work with have international ambitions. With global workforces and products, expanding beyond Britain’s borders is always a natural part of their plan,” says Emily Berry, partner and head of fintech at leading professional services firm S&W. But seeing a global vision through to a successful international expansion is not easy. Beyond the different markets and regulatory regimes, fintechs must contend with international taxation, navigating different jurisdictions and demands. In particular, they must consider the tax issues around their sales, people and pricing. SALES TAXES For many fintechs, of course, expanding abroad doesn’t require leaving home. Nor does exposing the business to the complexities and risks of overseas VAT or sales taxes. Simply selling to a buyer overseas may create obligations to the jurisdiction’s tax authorities. “Some countries have minimum turnover thresholds, but others don’t,” says Jade Els, VAT associate director at S&W. “In certain territories, if you make a single sale, you may have an exposure.” A wide range of different VAT and sales tax regimes complicate issues. Even within

the EU, Els points out, there are numerous VAT regimes to consider. Likewise, the different states in the US have their own sales tax provisions. “There’s a bewildering array,” she says. As important are the varied approaches and attitudes to enforcement. Some territories are a lot stricter than others in terms of penalties for failing to abide by the VAT rules, according to Els. These can include even criminal liabilities, she adds. “A big part of what we do is help clients take a pragmatic approach so they can scale quickly and access new markets while taking into account their potential exposures and the risks of failing to register.” INTERNATIONAL WORKFORCES When fintechs do need a local presence, there’s often a sense of urgency to get the right people in the right place, as quickly as possible. But, just as corporate structures are a critical aspect in planning international expansions, employment structures require careful consideration. “You might need boots on the ground, but lack an entity from day one,” explains Natasha Karp, S&W director and a specialist in global mobility and employment tax. “In those cases, businesses may consider contractor

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FOUNDER RELOCATION It’s not just workforces that may move internationally, of course. For founder-led fintechs, international expansion often raises the question of whether they can relocate and take the business with them. While the idea of working from anywhere is appealing, the reality is more complex – especially from a UK tax perspective, according to Monica Daddar, a director focused on entrepreneurs and privately owned businesses at S&W. Entrepreneurs considering a move abroad must carefully assess the capital gains tax (CGT) and inheritance tax (IHT) implications. The UK tax system is based on residency, not just assets’ location. This means that even if you move your wealth offshore, you may still be liable for UK tax unless you’ve formally broken UK tax residence. Most fintech businesses we work with have international ambitions. With global workforces and products, expanding beyond Britain’s borders is always a natural part of their plan To fully escape UK CGT on the sale of shares or business assets, you must: n Break UK tax residence before the sale n Remain non-resident for at least six complete tax years For IHT, the rules are even stricter. This creates a tension for founders: the desire to relocate and optimise tax exposure versus the long-term commitment required to achieve meaningful tax relief. It’s not just about where you live it’s about how long you stay away, and how you structure your exit. TRANSFER PRICING No matter where your people are and how they are employed, knowing who is doing what for your business and where they’re based is vital from a transfer pricing perspective. New HMRC guidance issued in September 2024 reflects rising scrutiny in the UK, and internationally, of how businesses price cross-border transactions. As Michael Beard, S&W director in business tax and a specialist on the issue explains,

transfer pricing audits are becoming increasingly commonplace. The enquiries can seem somewhat random but shouldn’t be dismissed as inconsequential. “From the headquarters’ perspective, the aspects of transfer pricing under review may seem immaterial, but the point of enquiries for tax authorities is often identifying if there are bigger issues to explore.” A new International Controlled Transactions Schedule (ICTS) should bring increased transparency to this process, however. If businesses can demonstrate accurate information through the ICTS, it could help focus HMRC enquiries. It’s not just from the UK authorities that fintechs face increased scrutiny, either. US tax reform, for example, will see the introduction of exemptions for dividends received into the US. That will largely be welcome, but if income isn’t being taxed upon repatriation to the US, the IRS is likely to be more interested in where that profit arises. This makes it a core transfer pricing question. That’s particularly true where intellectual property is involved. “We can expect the IRS to be taking a far greater interest in the key value-drivers within a business, with a particular focus on IP,” Beard warns. “Businesses need to ensure they have strong supporting documentation evidencing any positions taken that may not align with the IRS’s default view that the US is central to profit generation.” As with all issues around international expansion, careful consideration of the issues at the outset can help prevent problems down the road. When heading overseas, it pays to ensure you’re not underprepared. For help planning your international expansion or to review your arrangements, please get in touch with S&W Director and fintech specialist Will Webber on +44 (0)204 617 5228 or at will.webber@swgroup.com .

arrangements or use an employer of record, but these solutions can bring their own risks.” She adds: “None of these arrangements should be taken lightly.” Quite often, according to Karp, there is a ‘disconnect’ between tax functions and HR, with the latter looking to place people quickly, while the former seeks to manage and mitigate the risk. “It’s important to look at how the need for a local presence can be facilitated, without creating exposures,” she explains. An employer of record (EOR), for instance, can enable a business to access talent overseas without having established a local presence, but it cannot eliminate all risk. “The EOR won’t manage your corporate risk for you,” warns Karp. If the employees’ activities (regardless of their legal employer) risk creating a permanent establishment for the business in the overseas jurisdiction, it could lead to unplanned exposures and liabilities. At the same time, in placing their own employees abroad, fintechs should be aware of the tax risks those individuals face, particularly when it comes to equity incentives. “When structuring reward packages, schemes that are tax efficient from a UK perspective may not translate well internationally,” adds Karp.

S&W Partners LLP. Registered in England at 45 Gresham Street, London EC2V 7BG. No. OC 369631. Regulated by the Institute of Chartered Accountants in England and Wales for a range of investment business activities.

www.thepower50.com The Fintech Power 50

The challenges of regulating technological innovation in the financial services sector

The financial services sector, in its constant quest for development, speed, efficiency and optimisation, is a fertile ground for the emergence and development of new innovative solutions, such as those based on artificial intelligence (AI) and machine learning, which already have many applications in the markets with a rapid and growing development. Indeed, financial institutions are encouraged to adopt AI and new technologies because of the numerous benefits they can derive from them: cost reduction, process automation, risk management optimisation, productivity improvement and increased profitability. On the other hand, innovative firms, fintechs, are developing new technologies to optimise and rethink the provision of financial services.

regarding investment services (algorithmic and high frequency trading, robo-advisors), banking services (neobanks, credit scoring) or financial crime (AML (KYC, transaction monitoring), fraud detection). Beyond the emergence of new business models, financial technological innovation also offers other opportunities for regulated institutions in terms of compliance with regulatory and prudential requirements (regtech) but also for financial authorities for regulatory, supervisory and control purposes (suptech). The rise of regtech and suptech has been driven by the significant increase in the availability and granularity of data, as well as by the development of new technologies such as AI and infrastructures such as cloud computing and application programming interfaces (APIs) which together make it possible to collect, store, and analyse large data sets more quickly and efficiently.

The application of new technologies in the financial sector, however, affects the risks inherent in the financial system and itself introduces new risks, for example in relation to data protection, consumer and investor protection in cyberspace and market integrity, or in terms of cyber risks. From a legal perspective, the emergence of disruptive technologies in the financial services sector poses a challenge to traditional regulatory methods. The fintech ecosystem, which brings new players alongside regulated financial institutions, is changing the dynamics of the financial system. This emergence, combined with the emergence of new disruptive financial services, has challenged the application of existing financial regulations to new fintech activities. This explains why, in recent years, the

Many applications of AI are already a reality in financial markets, notably

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European Union has introduced a series of new regulations specifically aimed at regulating digital financial services, such as the Markets in Crypto-Assets Regulation (MiCA), the Digital Operational Resilience Act (DORA), the Instant Payments Regulation or the long-awaited Regulation on artificial intelligence (AI Act). On the other hand, existing financial regulations (AML regulations, Consumer Credit Directive,..) are being amended to take account of new digital products offered by financial institutions (virtual IBANs, buy now pay later solutions,..).

framework applicable to the provision of that service. However, this approach may itself also be a source of legal uncertainty due to the difficulty of applying traditional regulatory requirements to disruptive business models. On the other hand, another challenge for regulators is to identify and monitor new emerging market dynamics, which also requires them to have a deep understanding of the technologies used to deliver innovative services or products. In response to the development of innovation in the markets, regulators themselves are therefore

We advise on all aspects of technology in relation to fintech projects, with particular expertise covering regulations, product development, blockchain, crypto-currencies, platforms, strategic collaboration arrangements and digital transformation. We pride ourselves on having a market-leading global fintech practice with a strong EU and Belgian footprint, which is also recognised as a top-tier law firm in legal directories. 5 Get in touch with Pierre Berger (Pierre. Berger@dlapiper.com) or Nicolas Kalokyris (Nicolas.Kalokyris@dlapiper.com).

» The rise of regtech and suptech has been driven by the significant increase in the availability and granularity of data, as well as by the development of new technologies such as AI and infrastructures such as cloud computing and application programming interfaces (APIs)

DLA Piper is a global law firm with a presence in more than 40 countries. It is a leader in the financial services and fintech sector, advising clients on the full lifecycle of financial regulatory matters. This includes authorisation and compliance, transactional and products advice, investigations and enforcement and litigation. It regularly assists clients with the development of AI-driven products and tools from a legal perspective. Clients range from multinational, Global 1000 and Fortune 500 enterprises, to emerging companies developing industry-leading technologies. DLA Piper also advises governments and public sector bodies. www.dlapiper.com

There is also the question of whether using innovative solutions has an impact on regulatory obligations. In this respect, it should be noted that most European financial regulations (MiFID II, PSD II, the AI Act, MiCA,..) are technology-neutral. This means that they will apply equally to regulated financial services, regardless of the type of underlying technology used. This ‘technology-neutral’ approach should ensure that the emergence of new technologies developed to provide a financial service does not affect the need to comply with the regulatory

seeking to develop innovative regulatory strategies to respond to technological developments and to improve their understanding of new fintech activities and their disruptive business models. To this end, several Member States have set up innovation facilitators, including regulatory sandboxes and innovation hubs. Our Financial Services & Fintech team of specialist lawyers is a top-tier firm advising a range of financial institutions, global technology companies and fintech disruptors on their most innovative and strategic fintech projects globally.

www.thepower50.com The Fintech Power 50

If we can’t understand fintech, we can’t use it. The first Started Advisory Board Report is here. A new benchmark to break the echo chamber and redefine the standard for communication in fintech.

10 of the industry’s sharpest minds have joined us.

Let's make fintech understood .

Susanne Chishti

Monica Millares

David M. Brear

Sarah Kocianski

Jason Williams

Raf De Kimpe

Kimberley Waldron Chair MD, Started

Jason Mikula

David Savage

Katie Ramsey

Jas Shah

The Started Advisory Report launched October 2025

Email: advisoryboard@startedpr.com WhatsApp: +44 (0)7822018863

CLARITY REMAINS FINTECH’S MOST VALUABLE CURRENCY By Ryan Woods , head of strategy at Started PR

Over my career, I’ve had the privilege of working with companies across the full breadth of the fintech industry. From redefining payment experiences to modernising global wealth management, my work has taken me to the sector’s cutting edge. It’s been a crash course in the mechanics of today’s interconnected financial world and the transformative impact fintech continues to have on it. At the same time, the past few years have been a constant reminder of the importance of clear, impactful communication. In navigating the industry’s dense web of jargon, acronyms and buzzwords, I’ve learned one critical truth: clarity is one of fintech’s most valuable currencies. Fortunately, many of the brands I’ve worked with recognise this too. Effective communication has been the cornerstone of our shared success. Uneven playing field Yet, looking across the industry, the risk of poor communication still feels consistently underestimated. From my experience, a misunderstood product, a mishandled crisis or unclear positioning can undo years of progress in an instant. That’s why clear and precise communication makes all the difference when speaking to customers, investors and partners alike. Those who overlook this reality put their businesses at risk. So, what does effective communication look like in fintech? A good place to start is

with the way companies talk about their products and services. By design, many fintech solutions

Success isn’t just about internal alignment; it’s about making sure the message is heard, understood and remembered by the right audience. That’s no easy task, but with a clear strategy it becomes entirely achievable, and with the right support, the process can move even faster. At Started PR, our mission is to help the industry make its words matter by raising the standard of communications across fintech. As part of this effort, we’ve launched the Started Advisory Board, a group of world-class communications leaders who are sharing best practices and offering guidance on this critical area. Together, we will highlight where fintech communications can improve and identify the barriers holding the industry back. With a combined LinkedIn following of nearly 200,000 and more than a century of collective experience, the Advisory Board is uniquely placed to lead this effort. In the months ahead, it will publish practical guides to help firms of all sizes sharpen their communications and strengthen clarity. For businesses still searching for an approach that works, these insights will be invaluable, so make sure to check them out. For more information about Started PR, please visit www.startedpr.com .

are complex and highly technical. This presents a clear challenge: how do businesses explain what makes their offering exceptional while ensuring the message resonates with the people it is meant to serve? The miscommunication trap We’ve all likely read industry copy that feels like it requires a PhD to decipher. Ultimately, when a product is buried in jargon or its advantages are obscured, the message rarely connects. It’s an understandable trap: after investing years of effort and resources, companies are often inclined to dwell on the details of how they built it. At Started PR, our advice is simple – shift the focus to the more important question: why it matters. Miscommunication is not only an external risk. Teams that lack alignment on a clear narrative risk sending conflicting signals to the market. Consistency across marketing, PR, compliance and product functions is now essential. Regulators are increasingly proactive in scrutinising these messages, and too many firms still overlook the fact that every word matters, especially for regulated entities. Words matter Time and again, the companies that prioritise clarity in their communications are the ones that come out ahead.

www.thepower50.com The Fintech Power 50

Accelerating Disability Inclusion in FinTech Because the future of financial services must work for everyone

Increasing awareness

3 Understanding challenges

Inspiring long-lasting change

The Scale of the Issue Almost 1 in 4 UK people have a disability, representing £274 billion in spending power

Industry Gaps FinTech innovation has surged, but accessibility often remains an afterthought, creating moral, commercial and regulatory risks

Opportunities for Change Inclusive design unlocks new markets, drives innovation, builds loyalty and aligns with ESG and diversity goals

£274 bn spending power 1

24% of UK have a disability 2

Access FREE resources including training, films and podcasts to help you get started www.projectnemo.co.uk

THE FUTURE OF FINTECH IS ACCESSIBLE BY DESIGN

3 Showcase: Celebrating progress encourages adoption. From introducing a Disability Inclusion category at the Pay360 Awards to adding live captioning at major conferences, these actions make events more accessible and raise expectations across the sector. Learning disabilities project Alongside our core work, we launched a dedicated initiative focused on adults with learning disabilities – a group often excluded from even the most basic financial services. With Nationwide, we published the Safe Spending report, cited by the Bank of England and FCA, helping to shape national conversations on inclusion. In partnership with CI&T, we explored the art of the possible – reimagining what a payments app, co-created with and for adults with learning disabilities, could look like. While the app doesn’t exist today, this prototype concept is now under review by leading UK banks, with the potential to influence future product design and set a new standard for accessibility.

Imagine being unable to open a bank account, make a purchase, or pay a bill – simply because the service wasn’t designed with you in mind. For millions of people with disabilities, this is daily life. And for fintechs, it’s an urgent challenge they can no longer afford to ignore. The scale of the challenge One in five UK adults has a disability or long-term health condition, yet many face barriers to basic financial services – barriers that are unnecessary and preventable. The economic impact is huge. The spending power of disabled households – the Purple Pound – is worth £274billion annually in the UK, growing 14 per cent year-on-year. Globally, it reaches $13trillion. Despite this, accessibility remains under-prioritised. “Accessibility isn’t just the right thing to do – it’s a commercial opportunity hiding in plain sight,” says Joanne Dewar, co-founder, Project Nemo. Why inclusion matters Fintech promised access for all, yet for 16 million disabled people in the UK, it has too often meant exclusion. As payments go digital-first, tools like CAPTCHA and self-service kiosks have replaced cash and frontline staff, leaving many locked out. Research shows 70 per cent of disabled customers struggle to complete transactions in-store, with many avoiding shops altogether where they expect accessibility challenges. Similar barriers exist in e-commerce. Until Project Nemo launched in April 2024, disability inclusion was largely missing from both financial inclusion and DEI agendas – deprioritised despite its clear human and commercial impact. Accessibility is not only a social imperative but also a driver of innovation, loyalty, and compliance, aligning with rising regulatory expectations such as the FCA’s Consumer Duty and the European Accessibility Act. Driving collaborative change “People speak for us, about us, in front of us – but it is never our voice,” says Kris Foster, co-founder, Project Nemo

Fintech moves fast, but this rapid pace has often left the disabled community behind. Many cutting-edge products are simply not accessible to those who need them most. Project Nemo brings together fintechs, banks, regulators, and disability advocates to close this gap - providing resources, training and partnerships that help organisations take practical steps toward accessibility. Three pillar strategy Our approach focuses on three pillars to create lasting progress: educate, connect, and showcase. 1 Educate: We raise awareness of accessibility challenges – and the opportunities of inclusive design. Through 50+ talks and panels across the UK and Europe, we’ve brought accessibility to the forefront of fintech and payments. Our films and podcasts share lived experiences and industry voices, inspiring understanding and action. 2 Connect: We link fintech leaders with the expertise and resources to embed accessibility into products and workplaces. With HSBC and HSBC Innovation Banking, we launched a free digital accessibility training programme to help fintechs take their first steps toward inclusive design. Separately, with Edenchase Associates, our ‘Unlocking Disability Confidence’ webinar series – now in its fourth cohort – has supported over 85 organisations to progress through the Disability Confident scheme, driving cultural change from within. We also bring disabled voices into events and publications to ensure lived experience shapes industry decisions.

Inclusion by design Accessible finance starts with small,

deliberate steps: listening to lived experiences, embedding accessibility into design from the outset, and making continuous improvements. Accessible design benefits everyone. It removes barriers, builds loyalty, drives innovation – and ensures no one is left behind. Join the movement Financial services must work for everyone. By acting now, organisations can create lasting change for their customers, teams, and the wider industry. Visit projectnemo.co.uk and look out for the launch of our Resource Hub – a free, practical space filled with tools and case studies to help organisations start or accelerate their accessibility journey. Together, we can make accessibility the norm, not the exception.

www.thepower50.com The Fintech Power 50

CONNECTIONS IN THE GLOBAL FINTECH ECOSYSTEM

The world of finance and technology is changing at breathtaking speed. Artificial intelligence and, more recently, generative AI are transforming how services are designed, delivered and consumed. These technologies promise efficiency and scale, but they also bring new uncertainties: Who can we trust? How do we ensure credibility in an era where algorithms generate both opportunities and risks? In this environment, human connections have never been more important. Trust, built through personal relationships, remains the foundation on which investments are made, partnerships are formed, and clients are won.

dedicated to fintech has expanded into a trusted ecosystem of more than 260,000 fintech entrepreneurs, investors and financial services professionals worldwide. The strength of such a community lies not in numbers alone, but in its curation. Connections are not left to chance; they are facilitated with care. Entrepreneurs are introduced to investors who understand their sector. Corporates are brought together with innovators who can solve real problems. And ideas are shared through conversations and collaborations that extend well beyond digital platforms.

into cross-border collaborations, client relationships, or joint ventures. The value here is not just the opportunity itself, but the trust embedded in the recommendation. In a world where generative AI can simulate authority, the endorsement of a respected community provides an extra layer of credibility. The future of connection As AI and automation continue to advance, the demand for authentic, human-led relationships will only increase. Technology can facilitate introductions, but it cannot replace the trust that emerges when people sit across a table, exchange ideas, and commit to working together. The fintech industry thrives on innovation, but innovation without trust rarely scales. That is why connections - in the truest sense of the word - remain the most valuable currency in the global fintech ecosystem. And why organisations that prioritise building them will be best positioned to navigate both the opportunities and uncertainties of the AI era.

The human element in fintech growth

Why connections matter in an AI-driven world

In recent years, the rise of virtual events and digital communication has expanded opportunities to meet, but it has also made it harder to distinguish between surface-level contact and meaningful connection. Executives increasingly seek settings where they can speak openly, exchange perspectives, and build trust in a private and professional environment. This emphasis on human interaction is not nostalgic - it is pragmatic. Partnerships built in fintech are often complex, involving regulation, technology integration, and long-term investment. These cannot be secured through algorithms alone. They require the personal assurance that only genuine relationships can deliver. Connecting across borders The fintech sector is global by nature, with innovation hubs from London to Singapore, New York to Vienna. Yet navigating these networks as an outsider can be daunting. Communities like FINTECH Circle lower the barriers by offering an established bridge into multiple markets. For many members, what begins as a single introduction grows

AI can analyse markets, identify prospects, and even draft proposals. Yet what it cannot replace is the confidence that comes from meeting people face-to-face, from hearing their stories, and from understanding the values behind their businesses. As financial institutions and technology providers embrace AI tools to scale their operations, many executives find themselves asking: Who do we really want to work with? The answer is rarely found in data points alone. It is forged through personal interaction, shared dialogue, and trusted introductions. That is why the ability to connect with the right investors, clients, and industry partners is more critical than ever. In a world awash with information – and misinformation – networks that can provide reliable access to people and ideas have become a strategic necessity. A community built on trust This is the philosophy behind FINTECH Circle, a global community that has been bringing entrepreneurs, investors, and financial leaders together since 2014. What began as Europe’s first angel investor network

FINTECH Circle Susanne Chishti is the award- winning founder and chair of FINTECH Circle and a FTSE Board member. FINTECH Circle is a

global platform of more than 260,000+ Fintech entrepreneurs, investors, finance professionals, academic and government representatives, and solution providers. info@fintechcircle.com

The Fintech Power 50 www.thepower50.com

THE FUTURE OF PAYMENTS Regulation, innovation and shifting consumer trust by Scott Dawson , CEO at DECTA major forces at play can help us prepare for what’s next in payments. THE REGULATION DILEMMA Regulation in the payments space is a constant. It’s the backdrop against which all innovation plays out.

In today’s fast-moving digital economy, predicting the future of payments can feel like trying to hit a moving target. Geopolitical shifts, evolving regulations and rapid technological advances all shape the way people pay, move money and interact with financial systems. While it’s impossible to foresee every twist and turn, understanding a few

Over the past decade, we’ve seen regulation grow in both scope and

The Fintech Power 50 www.thepower50.com

BALANCING PROGRESS AND PROTECTION The future of payments lies at the

OPEN BANKING…REBRANDED? Open banking continues to evolve quietly but significantly. Millions of users now rely on it for payments and financial insights, often without realising it. That’s part of the challenge: the term ‘open banking’ resonates poorly with consumers, even as adoption grows behind the scenes. The next phase of open banking may depend on rebranding. Consumers want convenience, not jargon. As APIs enable faster and more secure payments, Open banking will likely become the invisible infrastructure powering new digital experiences – frictionless checkouts, personalised finance tools, and more. It’s less about the label and more about the value. MOBILE WALLETS AND TRUST Mobile waallets are used by roughly a fifth of UK consumers for in-person payments, and nearly 40 per cent of online transactions involve a mobile wallet. Yet there’s still untapped potential. The issue isn’t awareness – most consumers know about mobile wallets. It’s trust. Security concerns persist, even though digital wallet crime and fraud is rare, and digital payments are typically well-protected. To drive adoption, wallets will need to offer more than payments. Features such as loyalty programmes, budgeting tools, or integration into broader financial ecosystems could help wallets become more compelling and trusted. ACCOUNT-TO-ACCOUNT (A2A) ON THE RISE A2A payments – direct transfers from one bank account to another – are gaining traction, especially as an alternative to traditional card networks. Enabled by open banking and supported by APIs, A2A offers real-time transactions without card fees. However, user experience remains a barrier. Unlike ‘tap to pay’, A2A can involve multiple steps, especially for recurring payments. For A2A to reach its potential, it must become easier to use, more accessible and more seamlessly integrated into platforms consumers already trust.

complexity, with initiatives like PSD2 and now PSD3 reshaping the payments landscape across Europe. Meanwhile, broader regulatory frameworks like DORA are introducing new obligations for resilience and security. But the future may not bring only more regulation – it could bring fragmentation. Some governments may loosen regulatory requirements to support national champions or attract investment. Others may double down on consumer protections and data privacy. For companies operating across borders, this divergence could mean adapting to a growing patchwork of local requirements, especially as super apps and global fintech players push regulatory boundaries. SUPER APPS AND GLOBAL TENSIONS One of the most closely watched trends in fintech is the rise of the ‘everything app’, or ‘super app’ – platforms that combine messaging, payments, commerce, and social interaction. Inspired by China’s WeChat, some Western tech giants are exploring similar moves. But global ambitions come with regulatory friction. AS TECHNOLOGY EVOLVES AND GEOPOLITICAL PRESSURES RESHAPE THE REGULATORY MAP, THE PAYMENTS ECOSYSTEM WILL CONTINUE TO SHIFT Imagine a scenario where a major US tech platform launches a global payments system that doesn’t fully comply with EU or UK regulations – for argument’s sake, Elon Musk launching X as an ‘everything app’ in the manner of WeChat, leveraging a partnership with Visa to create a payments ecosystem on the app. Would these regions adjust their rules to accommodate innovation – or push back? The tension between compliance and competitiveness will shape how platforms expand and how consumers access cross-border services.

intersection of convenience, compliance, and innovation. Consumers want simplicity and control. Businesses seek efficiency and growth. Regulators aim to protect against fraud, abuse and systemic risk. As technology evolves and geopolitical pressures reshape the regulatory map, the payments ecosystem will continue to shift. I believe success will depend on how well stakeholders navigate this balancing act, embracing innovation without sacrificing trust or safety. To learn more about Decta, visit www.decta.com

BPC COMPANY INFO

Who is DECTA: DECTA provides end-to-end payment solution, from acquiring to issuing and processing, but unlike other players in the crowded payments marketplace they offer bespoke-as-standard solutions aimed at making payments accessible to everyone. The company is headquartered in the UK and has offices around the world. DECTA’s seven core products have seen a multitude of merchants harness its technology resulting in more than £1billion in transactions globally. Its value chain includes its own licence with Mastercard and Visa, certified processor for Unionpay International, and multiple payment methods throughout the UK. What it does: DECTA is a provider of comprehensive, in-house payment infrastructure solutions, offering acquirer and issuer processing, white-label payment gateway and digital banking platform capabilities. Company: DECTA Founded: 2015

Category: Financial services Key people: Scott Dawson, UK business CEO Local presence in: UK,

Ireland, Latvia and Cyprus Website: www.decta.com Linkedin: linkedin.com/company/decta

www.thepower50.com The Fintech Power 50

STABILITY IN MOTION Chris Skinner on the age of intelligence, where you control how money works for you

The last year has been interesting. It’s been a year of still struggling with investments, where a lot of fringe fintechs have failed while the champions are gaining more momentum. You know the ones I mean, I guess, yet the core of the last year is that we have seen the market maturing. Fintech is no longer a new thing; banks are now comfortable with the changes they need to make; tech firms are supporting both, rather than compete with them; and startups are still emerging but in new ground. In fact, as you look at this, it’s like a forested area. You have the old oak trees (the big banks), surrounded by a wealth of silver birch trees (the fintechs) that have grown but are still not as big as the big daddies; and then you have a load of spruce trees as you enter the forest, which are small and pretty, except for the ones that die and their leaves turn brown. At the core of this is that the fintech world has grown up. The silver birch trees used to be the baby spruces. They haven’t quite grown to the heights or depths of the oak trees, but they are getting there, and this is why most of us now talk about fintech moving from growth to stability. For most of the past 15 years, everything has been about growing the customer base; for most of the next 15 years, it will be more about stability, profits, operations and resilience. For the largest fintechs, they are already there; for the emerging companies, it is a battle. That battle is there for those with best and brightest ideas and vision. WHAT VISION IS REQUIRED? Well, there are two clear trends in technology that I’ve seen over the past year, which will dominate the next 10. What could those be? Easy: AI and crypto. AI is all around as but it’s more than this. It’s AI, agentic AI, GenAI, superAI and more; and it’s all around us. Then,

in each of these areas, it’s the nuances of AI we have to track and trace. How does AI relate to KYC, AML, onboarding, dealing, trading, selling, marketing, customer experience and more. There are huge numbers of innovators in each of these spaces who are doing great things. My personal focus on AI is fraud. The reason is that it creates massive opportunities for the criminal fraternity to take fraud to the extreme, particularly deep fake fraud. Who can you trust in a deep fake world? It’s going to become commonplace for everyone to find that the friend or family member who asks for $100 turns out to be a bot. This is why B2B will become the big thing over the next few years. B2B? No, it’s not business-to-business; it’s bot-to-bot. Bots will be buying and selling to each other. My bank bot will ask my fintech bot to find the best investment in tech today, and my fintech bot will ask their exchange bot to give the fastest movers and risers via their exchange platforms. The list goes on. Bot buying on behalf of consumers will become a big trend, as will bot selling. Banks and fintechs will no longer be selling services to businesses and consumers. They will be selling through their bots to the consumer’s and commercial customer’s bot. Trading, selling, marketing, buying, payments, investing and everything is becoming delegated and designated to the network and its bots. This is the reason for the second big wave of change we see today: stablecoins. Stablecoins, the Genius Act, tokenisation and such like are all emerging as the second big trend to support the B2B world. Bots cannot trade with bots without a currency and the fight we have seen over the past decade is creating currencies that work. These could be cryptocurrencies and yet, for the average person, stablecoins tied to a national currency make more sense.

That’s the reason for the recent GENIUS Act in America which legitimises digital assets and tokenisation, as long as they are tied to the US dollar. Some would say that is a genius move to protect the dollar from dedollarisation; others would say who needs stablecoins anyway, when we have crypto? Then all of that leaves central banks wondering how to keep the currencies of the world tied to their currencies or, as we all call them, CBDCs (Central Bank Digital Currencies). The whole world of currencies and payments is up for grabs and, as anyone who knows these spaces will know, it’s all about power and politics. Crypto is the power of the people controlled by the network that is democratised and distributed while stablecoins are all about creating digital payment flows tied to national currencies in various forms. It’s about power and politics. So, we have these three big themes over the next few years. The stabilisation and integration of fintech into the traditional ways of dealing with finance; the emergence of intelligent systems based upon bots who manage how we deal with each other in finance; and the choice between state or democratised finance for how we pay each other in finance. Fantastic times we live in.

Chris Skinner is an award-winning speaker and one of the most influential people in technology, as well as a best-selling author. He is an independent commentator on the

financial markets and fintech through his blog, the Finanser.com, which has recently voted one of the best fintech blogs in the world and is updated daily. In 2023, Chris was recognised with a Lifetime Achievement Award by The Payments Association.

The Fintech Power 50 www.thepower50.com

Banking Circle S.A. is fully licensed as a bank in Luxembourg and is committed to building a local clearing network for all major currencies, to deliver fast, low-cost payments, enabling payments companies and banks of any scale to seize opportunities in the new economy. It provides a suite of unique and award-winning banking solutions, including multi-currency banking accounts and Virtual IBANs, bank connections for local clearing and cross-border payments, all underpinned by market-leading compliance and security. www.bankingcircle.com

Leading the way in wealth management technology

Avaloq is a provider of front-to-back software and services for over 160 financial institutions around the world. Its clients include private banks, wealth managers and investment managers, as well as retail and neo banks. It develops software that can be deployed flexibly through cloud-based software as a service or on-premises, and it offers banking operations outsourcing through a business process as a service model.

www.avaloq.com

TRUELAYER is Europe’s fastest growing payments network. It powers smarter, safer and faster online payments by combining real-time bank payments with financial and identity data. Businesses use its products to onboard new users, accept money and make payouts in second, and at scale.

It is live across 22 countries and has more than a15 million users. TrueLayer is on a mission to change

the way the world pays and won’t stop until we’ve unlocked the full potential of payments. web: www.truelayer.com linkedin: linkedin.com/company/truelayer

MAXIMISING DIGITAL TRUST IN 2025 AND BEYOND IDENTITY INTELLIGENCE

In today’s digital world, trust is everything. Yet the ways we establish trust online haven’t kept pace with how rapidly the threat landscape is changing. For years, identity verification has been the foundation of digital trust, a quick check to confirm that someone is who they claim to be at a single point in time. But here’s the reality: fraud doesn’t happen in a single moment. It evolves, adapts, and spreads across transactions, devices, and accounts. Point-in- time verification alone isn’t

enough to stop it. Meanwhile, your users demand seamless experiences. They want to be trusted instantly, without jumping through verification hoops at every step. That’s why the market needs a new approach to trust. One that goes beyond isolated checks and builds a continuous, intelligent understanding of identity. This is identity intelligence. WHAT IS IDENTITY INTELLIGENCE? Identity intelligence is the

future of digital trust. It doesn’t just verify identities; it understands them in ways never before possible. Rather than simply checking who someone is at onboarding or monitoring them over time, it creates a dynamic, connected, and intelligent view of an identity as a whole. In simple terms, it means:

n Understanding how they behave over time, across sessions, devices, and even with other businesses within the same network n Recognising emerging patterns that reveal risk or trustworthiness before fraud can occur Identity intelligence transforms fragmented data points into a living, adaptive profile that tells you if a person is legitimate, if they exist in the real world, and, most importantly, if they are

n Knowing who someone

truly is by bringing together signals from across different sources, not just with your own business

The Fintech Power 50 www.thepower50.com

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