• Today, FXC Intelligence shares a new report breaking down the main data points about the companies included in the seventh annual Cross-Border Payments 100 to give key insights about the industry.
• Key trends include the geographic spread of the cross-border payments industry, the rise of non-bank entities and the importance of digital wallets and, increasingly, stablecoins to growth in the space.
• Gender diversity in company leadership remains low, with minor improvement made in comparison to last year’s Top 100.
• With seven years of Top 100 data to leverage, it is a good indicator of the key trends shaping industry leaders.

Today, FXC Intelligence is sharing analysis breaking down the main data points behind the companies featured in the annual Cross-Border Payments 100 to reveal key trends in the industry for 2025. 

With seven years of Top 100 data to leverage, FXC Intelligence’s annual analysis is a strong indicator of the trends shaping the industry.

The key takeaways from this year’s top 100 include: 

Leading companies originate from a wide variety of countries
Although nearly half of the companies are founded in the US (37) and UK (15), a significant portion of companies are based across North America, APAC, Europe and the Middle East.

Non-bank companies are maturing and taking market share
Global banks still account for the majority of cross-border flows worldwide, however a significant portion of companies in the list were founded after the 2000s, with 31 founded in 2010 or later. This indicates that newer businesses have managed to take market share in a relatively short span of time and some are now maturing, having established a strong market presence.

CEO gender diversity remains low
Just five female CEOs are included on the list for this year – one higher than last year’s Top 100. While there are some good performers on gender diversity in the space, there is still a way to go when it comes to boosting senior female representation. 

Stablecoins players emerge as leaders
The majority of companies focusing on stablecoins were launched in the 2010s and founded in the US, with some operating with large employee counts and others smaller than more traditionally focused providers. This highlights the speed with which these companies have grown and the variety of company types leading in this space. 

Digital wallets serve a globally diverse audience
Companies offering digital wallets originated from 26 countries with 13, spread over 8 different countries, specifically focusing on it as their main business area. This speaks to the importance of digital wallets in the strategies of leading companies as well as how the consumer payments market differs around the world.

Commenting on these trends, Daniel Webber, CEO and Founder of FXC Intelligence, said:

“FXC Intelligence’s unique ability to identify which companies in the space truly matter is rooted in the rich quality of our data and insight. We now have seven years of Top 100 data to analyse, which we are sharing today to help our industry understand how the space is growing and changing, as well as the challenges that need to be addressed. 

“There is a lot to celebrate – the growing global spread of companies and rise of competitors encourages excellence and innovation and there are huge opportunities to be found in digital wallets and stablecoins. However, we must continue to improve female representation in senior positions – I urge my colleagues in the industry to support the excellent female talent into leadership positions where possible.”

To read the 2025 Cross Border Payments 100 in full, click here and to read the analysis of the companies in the Top 100 click here.