Best 12 Finance API Companies in 2023

Application Programming Interfaces (APIs) are software solutions that enable data transfer between different applications and platforms. They act as frameworks allowing computers to communicate, enabling extensive data exchange. 

The API management market is valued at $5.1 billion as of 2023, there are more than 24,000 public APIs, and more than 90% of developers use APIs in their work. So, the usage of APIs is rising, reflecting the high value this technology has to bring businesses worldwide. 

In this post, you’ll discover the best providers of payment processing, banking integration & ID verification. You’ll also review stock trading and market data APIs as well as find out how to pick among them.

Best Financial API Platforms for Payment Processing

Financial API platforms and integration facilitate online transactions, handling everything from card and digital wallet payments to subscription billing. They are essential for e-commerce, enabling businesses to securely process customer payments, manage transactions, and implement fraud detection. Now, let’s review the main market players in this niche:

Stripe API

Stripe, a top player in the fintech API industry, offers a comprehensive solution for online payment processing via its fintech API platform. It provides user-friendly integration, making it a top choice among fintech API providers for businesses worldwide. Stripe has to offer advanced features like subscription billing and fraud detection. It’s a leader among fintech API companies that aim to simplify e-commerce transactions. As Patric Collison, the CEO of Stripe, claims, the aggregate revenue of businesses built on Stripe now amounted to around 1% of global revenue. 

• Established: 2010
• Headquarters: San Francisco, California, US
• Number of employees: Over 1,000

PayPal API

PayPal stands as a worldwide famous financial API platform, especially for businesses seeking reliable international transaction capabilities. As a prominent fintech API provider, PayPal’s API is known for its robust security and user-friendly interface. It’s a testament to the innovation in fintech APIs, offering versatile transaction options, including peer-to-peer transfers and multi-currency support, making it a trusted choice in the fintech API platform landscape.

• Established: 1998 (as Confinity, before becoming PayPal in 2000)
• Headquarters: San Jose, California, US
• Number of employees: Over 20,000

Square API

Square is a versatile fintech API platform that bridges the gap between online and offline payment processing. Known for its holistic approach, Square is more than just a payment tool; it’s a comprehensive business solution among fintech API companies. The API offers customization, diverse payment methods, and real-time analytics, making it particularly beneficial for SMEs. Its point-of-sale integration highlights Square’s position as a leading fintech API provider in the industry.

• Established: 2009
• Headquarters: San Francisco, California, US
• Number of employees: Over 3,000

Best Financial API Platforms for Banking Integration and ID Verification

Banking and ID verification APIs connect financial applications with banking data, facilitating secure access to account information, transaction history, and identity verification. They streamline user authentication, support regulatory compliance, and enhance customer onboarding processes. Banking and ID verification APIs are demanded by fintech companies requiring real-time banking integration. Here are some of the examples of the best providers of such APIs:

Plaid API

Plaid excels in the fintech API sector, especially for businesses needing secure and efficient banking data integration. Known for its ease of integration and extensive financial data network, Plaid is a leading fintech API provider, offering services from account verification to transaction history. It ensures high security and adheres to user consent protocols, making it a preferred choice among fintech API companies for applications requiring access to financial information while maintaining strict data privacy standards.

• Established: 2012
• Headquarters: San Francisco, California, USA
• Number of employees: Over 500

You can discover additional information about Plaid in fintech from another our blog post.

TrueLayer API

TrueLayer stands out among fintech API providers for its direct bank integrations and robust ID verification processes. Its fintech API platform facilitates real-time banking data retrieval and payment initiation. TrueLayer distinguishes itself in the fintech API sector with strong compliance with financial regulations, such as PSD2, and enhanced user experiences through reliable identity verification. It’s an ideal choice for businesses aiming to streamline user onboarding and transaction processes, showcasing the potential of fintech APIs in modern financial services.

• Established: 2016
• Headquarters: London, England, UK
• Number of employees: Around 51-200

Yodlee API

Yodlee, a leader in financial data aggregation, is integral for businesses requiring deep financial insights. Its fintech API platform offers a wide range of services, from account aggregation to risk management and assessment. 

Known for providing extensive financial insights and identity verification services, Yodlee is a top fintech API provider, catering to personal finance management apps, lending platforms, and investment tools. Its commitment to robust security and data accuracy makes it a trusted option among fintech API companies focused on delivering personalized financial services.

• Established: 1999 and later acquired by Envestnet in 2015.
• Headquarters: Redwood City, California, US
• Number of employees: Over 1000

Best Cryptocurrency and Blockchain APIs

Cryptocurrency and blockchain APIs provide tools for cryptocurrency transactions, blockchain data access, and wallet management. They enable businesses to engage in crypto trading, access real-time market data, and integrate blockchain technologies into their services. 

Essential for financial platforms exploring digital currencies, these APIs offer secure, efficient solutions for managing and leveraging cryptocurrency and blockchain operations. Here’s the list of famous platforms providing such APIs:

Coinbase API

Coinbase API is a mainstay in the cryptocurrency API space, renowned for its reliability and comprehensive service range. Ideal for businesses integrating cryptocurrency transactions, this fintech API platform supports buying, selling, and accessing cryptocurrency information. 

With its user-friendly interface and robust security measures, Coinbase is accessible to both crypto beginners and experts. It provides essential tools for real-time data tracking and wallet management, making it a top choice among fintech APIs for seamless crypto trading and information services.

• Established: 2012
• Headquarters: San Francisco, California, US
• Number of employees: Over 1,000

You may discover more about Coinbase and related banking blend trends from another our blog post. 

Binance API

Binance API, known for its extensive features in cryptocurrency trading and market data access, stands out in the fintech API industry. Valued for its speed, efficiency, and support for numerous cryptocurrencies and trading pairs, it caters to both casual users and professional traders. 

Features like automated trading and comprehensive market analytics underline its role as a leading fintech API platform for high-performance cryptocurrency market data and trading functionalities.

• Established: 2017
• Headquarters: Has been more of a decentralized operation since 2017, with no clear headquarters.
• Number of employees: Over 1,000

BlockCypher API

BlockCypher API is recognized for its effectiveness in integrating blockchain technologies, offering a range of tools for building applications with blockchain functionalities like transaction creation and high-quality data retrieval. 

Its developer-friendly approach with easy-to-use SDKs and versatility across different blockchain networks highlights its position as a fintech API provider focused on scalability and reliability, ideal for startups and enterprises exploring blockchain applications.

• Established: 2014
• Headquarters: Redwood City, California, US
• Number of employees: Around 11-50

Best Stock Trading and Market Data APIs

Stock trading and financial data API offers access to real-time and historical stock market data, supporting trading platforms and financial analysis tools. They enable automated trading, portfolio management, and access to a range of financial data, including stocks, forex, and commodities. 

Essential for traders, investors, and financial analysts, this best stock market data API provides comprehensive market insights and data-driven decision-making tools. The best examples of such APIs are:

Alpaca API

Alpaca, notable in the fintech API landscape for stock trading, appeals to developers and businesses with its commission-free trading and real-time market data. This fintech API platform is ideal for implementing automated trading strategies, offering ease of use and integration with various trading algorithms and platforms. Its focus on modern, technology-driven stock trading solutions positions it as a significant fintech API provider in the stock trading sector.

• Established: 2015
• Headquarters: San Mateo, California, US
• Number of employees: Around 200-500

Alpha Vantage API

Alpha Vantage provides a broad spectrum of financial data, including real-time and historical data, forex, and cryptocurrencies. As a comprehensive fintech API platform, it’s valued for its coverage and accessibility to market indicators and analytics tools. Ideal for financial analysts, developers, and businesses needing deep financial insights, Alpha Vantage demonstrates the capabilities of fintech APIs in financial application development and analysis.

• Established: 2017
• Headquarters: Atlanta, Georgia, US
• Number of employees: Lower than 50

Polygon API

Polygon API is a powerful tool for accessing U.S. stock market data, catering to high-frequency, low-latency data requirements. Its robust infrastructure, focus on accuracy, and comprehensive market coverage make it suitable for professional traders and financial applications. Polygon API earned its status as a leading fintech API provider in the market data domain.

• Established: 2016
• Headquarters: New York, NY, US
• Number of Employees: Lower than 50

How to Choose the Right Fintech API Provider

As you can observe, there are multiple providers of fintech APIs in each category. You may wonder, how do you pick among them, even if you have already determined the exact API type? Here’s the list of criteria to guide your choosing:

1. Reliability and uptime. Prioritize providers with a strong track record of high uptime, ensuring consistent and uninterrupted service.
2. Security and compliance. Ensure the provider meets industry-standard security protocols and financial regulations, safeguarding data integrity and legal compliance.
3. Scalability and performance. Assess if the API can handle increased demands as your business grows without sacrificing performance.
4. Integration and ease of use. Look for APIs that offer straightforward integration with your existing systems and have clear, comprehensive documentation.
5. Cost-effectiveness. Evaluate the pricing against the features offered, ensuring it aligns with your budget and offers value for money.
6. Customer support and reputation. Consider the quality of customer support and the provider’s reputation in the market, as these factors indicate reliability and user satisfaction.

To make sure your choice meets your needs and supports your business growth, carefully examine each option against these key points. 

Final Take

Fintech APIs revolutionize financial services, offering seamless integration, enhanced security, and user-centric solutions. They give fintech providers the capability to diversify their offerings without the need to invest in a custom solution or obtain a banking or trading license. APIs also allow businesses to make their apps and platforms a one-stop shop for customers. 

In case you’re looking for a partner to help you integrate an API into your digital infrastructure, consider DashDevs as your primary choice. With more than 12 years of experience and over 500 projects completed, we are ready, willing, and able to assist you.

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