The Top 5 Most Used Financial Technology APIs

Top 5 Financial Apis

With the influx of people using digital payments for purchasing online products and services, fintech APIs are now the most sought-after functionality.

While this list could have easily expanded to 20+ financial APIs, we’ve narrowed it down to the TOP 5 based on a wide range of capabilities that includes:

  • Popularity
  • Documentation
  • Ease of Use
  • Functionality

PayPal API

PayPal is a well-established, widely-known online digital payments company that over 165 million consumers worldwide use on a daily basis. PayPal API makes vigorous functionality available to developers by including various features of the PayPal platform. Its functionality includes:

  • Invoice management
  • Transaction processing
  • Accounts management

Founded back in 1998, PayPal provides a well-organized developers site that contains comprehensive documentation for:

  • PayPal mobile SDKs
  • Classic APIs.

PayPal’s REST APIs are hypermedia-styled APIs, each call including an array of Hypermedia as the Engine of Application State (HATEOAS) links. PayPal provides a sandbox environment for testing and there are SDKs available for Ruby, Python, Node.js, PHP, Java, and C#.

CrunchBase API

CrunchBase is a product of TechCrunch (an online tech news service) and is a directory of technology companies, people, and investment profiles focused primarily on internet and startup companies.

Its read-only APITrack allows for retrieving information that is available from the database, with some search criteria. This database has more than 3,500 global investment firms that submit monthly portfolio updates to Crunchbase. It uses JSON for output formats. Although, access to the full API requires either an enterprise or an application license.

They also have an Open Data Map available to the community for free. This Open Data Map contains updated company and people names, locations, and domains, and access to the full 2013 dataset. It can be downloaded in JSON and CSV format or through the REST API.

Stripe API

Stripe, publicly launched in September 2011 and initially operates only in the United States, has expanded its digital payments services to over 20 countries in a span of just 4 years, These countries include Australia, Canada, Denmark, Finland, Ireland, and the United Kingdom. Similar to PayPal, Stripe APITrack enables developers to accept payments online, keep track of payments, search past payments, create recurring charges, and keep track of customers.

Stripe has several big partnerships with companies including Apple, China-based Alibaba, and Twitter. This also means that Stripe:

  • Is now integrated with Apple Pay
  • Has added support for Alipay to Stripe Checkout
  • Provides digital payments services for Twitter

The company provides nicely organized API documentation that comes with:

  • Example projects
  • API client libraries
  • Plugins for third-party software
  • Toolkits for iPhone and Android
  • Full API reference
  • An in-depth subscription service walkthrough

Some example API methods include sending invoices, accepting payments, managing subscription billing, and editing and managing account information.

Kiva API

Kiva is a nonprofit organization that enables people to provide investment loans to entrepreneurs globally. It leverages a network of microfinance institutions on five continents in order to provide microfinancing to people who do not have access to traditional banking systems. Since its launch in 2005, the total amount Kiva has loaned through their API is $718,839,975, with a repayment rate of 98.71%, and an average loan size of $415.86.

The Kiva APITrack gives users programmatic access to the person-to-person micro-lending website, including functions to retrieve data about loans, borrowers, lenders, media, partners, and more.

The Kiva developer site is nicely organized, easy to follow, and provides a lot of detailed information about the Kiva API. There is a comprehensive API reference page, code samples, SDKs, and a small gallery of apps using the Kiva API.

Xero API

Founded in 2006, Xero has already climbed to the top 5 spots on the New Zealand Stock Exchange. Its SMB, cloud-based accounting software has actively streamlined business processes for numerous clients. Xero’s system is designed for small businesses and their advisors who cannot afford the massive onsite, dedicated ERP and accounting software packages. Their API gives users access to bank transactions, invoices, and reports through the internet or mobile devices.

The API uses a RESTful approach and responds to requests in an XML or JSON format. Back in 2013, Xero expanded its Payroll product to integrate with other applications via the Payroll API. The Payroll API allows developers to build add-on apps to work alongside Xero products or integrate Xero functionality into existing apps and workflows.

Are you using any of these fintech API’s to connect your software and boost your business?

If the number of APIs we’ve integrated into the Financial industries are any indication, the FinTech industry has proven to branch out deep into the API development as well. That being said, this list only picks the Top 5 most used APIs from a sea of over 1800 APIs, 1000 SDKs, and 500 Source Code Samples.


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