Top 5 Most Outstanding Fintech Software Projects in 2022

Information technology plays a significant role in the daily life of economic entities. Until recently, cryptocurrencies were considered entertainment and were only of interest to enthusiasts. The situation changed predominantly when Bitcoin rose sharply against the U.S. dollar in early 2017. In addition to the apparent attention from those wishing to profit from the difference in exchange rates, the scientific and business communities also paid attention to the alternative opportunities offered by the new class of instruments. First and foremost, blockchain, or distributed ledger technology, allows many transactions to be conducted openly without intermediaries such as banks or other financial institutions. The rapid development of information technology and FinTech is driving innovation in an incredibly broad range of different areas of human life and is already changing the way we think about the future.

This article will look at the FinTech industry today as a driver of economic development. You will also learn about the main trends actively developing in fintech. In the end, we will list the top 5 most prominent software FinTech projects in 2022. 

Fintech Industry as an Engine for Economic Development

Today, new technologies are reshaping the financial services industry, actively displacing traditional players and traditional business models. Integration of new financial solutions makes it possible to change the consumption structure, reduce the cost of certain functionality, improve efficiency and business quality, significantly affect the sustainability of core business development, etc. As a result, the financial technology industry (or FinTech) is gradually turning into an intensively developing sector of the modern economy in its own right.

As the financial sector undergoes a modernization process, new approaches to implementing solutions are being developed by organizations based on digital technologies. The transition from old to new concepts of doing business becomes relevant among financial organizations, and integration in the company’s financial technologies takes place. Financial technologies are client-oriented, bridging the gap between financial companies’ offers and clients’ desires. They target industry niches with better products and services to fill the gaps left by employees along the customer journey. Fintech firms are penetrating nearly every segment of financial services, driving innovation and disruption. FinTech’s main areas of focus include digital payments (PayTech), all-digital insurance (InsurTech), banking (BankTech), asset management services (WealthTech), and building markets to sell financial products.

Financial Technology Development Trends Today

To date, there are different trends in the development of financial technology. The most promising directions of FinTech development are considered to be:

  1. Payments and Transfers

More than 10,000 cryptocurrencies are circulating in the world today, which are based on blockchain technology, one of the fresh developments in the FinTech industry. The use of crypto today is becoming increasingly popular in many applications and services.

Blockchain has proven useful for issuing virtual values, such as coins or tokens, that users can exchange directly with one another. The exchange program automatically adds new transactions to the registry and passes them on without the need for intermediaries.

  1. Digital Banking / Neo-banking

The digital revolution has contributed to the development of digital technologies in the financial sector, including banking – digital banking. These trends, along with the urbanization of the economically active population, have primarily led to an acceleration of the pace of human life and a change in the psychology of the mass client, who no longer perceives traditional banks with their conservative branches, queues, and often slow service as something acceptable to him personally. Fortunately, there are new technologies and many providers have emerged that allow banks to do all the basic operations that customers need at a convenient distance and not during the strictly scheduled operating hours of bank branches and offices.

  1. Regulatory Technology

RegTech (Regulatory Technology) is a type of financial technology that ensures the efficiency of compliance with and control over regulatory requirements. Regulatory technologies are used by financial companies and by regulators themselves, which, through RegTech, monitor compliance with the requirements. 

According to experts, about half of the products that RegTech companies offer to the market help users generate reports, ensure the identification of clients, and organize an effective risk management system. In addition, RegTech products are used in control automation processes, stress testing, etc.

  1. Financing

The transformation of banking institutions into ecosystems is a dialectical pattern of business processes in the market of financial services. Growing competition, reaching the limit of demand capacity for the supply of a line of banking products and, as a consequence, slowing down the profitability of classical banking stimulates banking institutions to search for new effective forms of business management. Financial ecosystems are a new direction of banking business development, meeting the requirements of the modern economic environment.

  1. Insurance

FinTech has also made itself known in the insurance industry. Many insurance companies, especially startups, have started to operate online, offering their services on their website or in a mobile app. It is possible to insure any kind of property online, from a car and a house to art objects like paintings. Personal insurance is also possible.

Top 5 Best Performing Fintech Software Projects in 2022

The software industry is flooded with a variety of projects, but not all of them deserve attention. Let’s look at the top 5 stand-out projects in this field in 2022. 

  • Nansen

Nansen is a blockchain analytics platform that enriches data in the chain with millions of wallet tags. Crypto investors use Nansen to detect opportunities, conduct due diligence, and protect their portfolios with real-time dashboards and alerts.

Its main site analyzes billions of data points on the web, millions of wallet tags, and thousands of cryptocurrency-related objects to present all the information any crypto investor could need, and even more. It is the third largest analytics service in the international crypto market after Messari and Dune Analytics, with an impressive base of regular users.

  • Klarna

Klarna, a Swedish online payment service, allows customers not to pay for items until they are delivered. Consumers only need to provide their email and mailing addresses to make a purchase. The main idea behind Klarna is to make online shopping possible for everybody: both those who are afraid of revealing their credit card details and those who want to avoid paying in advance. The company assumes the risks of both sides: the seller gets the money for the shipped goods in any case, and the buyer pays only after receiving the purchase.

Klarna first became Europe’s most expensive private fintech startup in August 2019, when it raised $460 million during another funding round based on a company valuation of $5.5 billion. It shared first place with British neobank Revolut and payment system Checkout. But in September 2022, Klarna was left alone on the pedestal. A new round raised $650 million based on an estimated $10.6 billion.

  • Advapay

Advapay is a business integrator providing turnkey payment business creation services based on European API/EMI – comprehensive solutions and consulting services. The company assists in choosing the optimal infrastructure, jurisdiction, license type, business model, and establishing relationships with banks, external payment systems and payment service providers, including card issuers, money transfer systems, etc. Advapay has substantial experience in organizing and conducting international events.

  • Mynt

Mynt is a Filipino startup that deals with money transfer and credit products. Its customers also have access to insurance, investment, and loan services. Its main focus is the GCASH mobile wallet, which as of November 2021 is used by about 48 million people. Last year, Mynt was valued at $2 billion, and the project managed to attract $300 million in investments. This is the first startup in the history of the Philippines with a valuation above $1 billion.

Sumsub is one of the leading identity verification platforms, providing a versatile technical and legal toolkit to meet customer verification and anti-money laundering compliance needs. Sumsub helps companies attract more customers, speed up the verification process, reduce costs, and combat digital fraud. Its system, based on machine learning and artificial intelligence, operates globally, supporting 6,500 document types from more than 220 countries and regions.


New technologies (digital, telecommunications, biometrics, etc.) are reshaping the financial services industry, actively displacing traditional players and business models. Integration of new financial solutions makes it possible to change consumption patterns, reduce costs of certain functionality (processing of client bases, loyalty programs, etc.), improve efficiency and quality of business processes (target audience targeting, scoring, etc.), and significantly influence the sustainability of core business development, etc. As a result, the financial technology industry is gradually becoming an independent, intensively developing sector of the modern economy. 

It was determined that the market of financial technologies is among the most rapidly growing markets. They outpace other industries both in terms of financial indicators (e.g., investments, mergers, acquisitions, etc.) and the number of end users and will undoubtedly change the financial sector completely in the near future.