Asset finance tech provider tops IDC FinTech Rankings
Five globally focused software providers for equipment financing find themselves in the top 100 rankings of a key indicator, including the company that’s claimed the number one ranking. Alejandro Gonzalez reports
FIS, a US-based technology provider for the UK and European auto and equipment finance sector, has topped IDC’s 2022 ranking for fintech companies. FIS unseated US payments company Fiserv, which held the top spot in the IDC Fintech Rankings 2021.
IDC FinTech Rankings 2022 / Top 100
Other asset finance notables to appear in the rankings are Asseco, a software developer for the leasing sector, principally in the Polish market but increasingly in Israel, south-eastern Europe and central Europe, which earned the 17th spot in its first appearance in the rankings
Q2, a US-based digital platform provider for lenders and lessors, improved on last year's 51st ranking and came 41st this year.
Sopra Banking Software, a subsidiary of France-based Sopra Steria Group, and software provider for lenders and asset finance companies was ranked 43rd.
In its first appearance on the list, Solifi, a software provider to the secured finance sector, came 82nd this year. An earlier incarnation of the company, IDS Group, ranked 69th in the 2021 rankings. Solifi was formed in October 2021 when IDS acquired White Clarke Group and William Stucky & Associates and underwent a company name change and rebrand.
The IDC FinTech Rankings are in their 19th year and look to evaluate technology providers based on calendar year revenues from financial institutions for hardware, software, and/or services. IDC collects data from vendor surveys, original research and in-house market analysis, according to a company statement.
"The providers featured in the annual FinTech Rankings supply the technological backbone of the financial services industry, an industry in which IDC Financial Insights forecasts worldwide spending on IT to be US$590 billion by 2025," the group said in a statement.
Gary Norcross, chairman and CEO of FIS, said: "Earning the top spot in IDC's FinTech rankings for nearly a decade brings great pride for FIS as it validates our approach and passion for advancing the way the world pays, banks, and invests."
Marc DeCastro, research director, IDC Financial Insights, said: "The 125 companies represented in our IDC FinTech Rankings provide the innovation, efficiencies, and scale for the industry to succeed in a digital-first world."
"When it comes to providing financial services technology solutions, these organisations currently capture close to 60% of the total spend of hardware, software, and services, which still leaves considerable opportunities for growth as well as new and emerging vendors to compete for the rest."