FinTech Statistics By Usage, Top Companies, Market Size and Facts

Introduction

FinTech Statistics: Fintech, short for financial technology, has revolutionized the way we manage and interact with financial services, moving away from traditional methods towards digital platforms. This innovation has made financial services more accessible to everyone, simplifying and speeding up processes. For instance, using a mobile app to send money to friends or family members is a typical example of fintech in action.

Online banking is another significant component of fintech, which has seen a surge in popularity, especially since the COVID-19 pandemic shifted most activities online. The fintech industry, once a domain of small startups, has now evolved into a sector encompassing multibillion-dollar enterprises, profoundly changing the global financial landscape. Over the past decade, the number of fintech companies has increased dramatically, especially in the Americas.

In 2024, it is expected that the global user base for digital payments alone will exceed 3.5 billion people, showcasing the widespread adoption of fintech solutions. Despite this growth in companies and users, investment in the fintech sector experienced a downturn in recent years, with 2023 marking the lowest investment levels since 2017. This shift reflects a maturing market and a response to broader economic pressures such as higher interest rates, which have encouraged a more cautious investment approach.

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• In the USA, 49% of banks and 60% of credit unions believe that partnerships with fintech companies are crucial.
• The United States led global investment deals in the fintech sector in 2023 with 40.5%, followed by Europe at 23.75% and Asia at 20.5%.
• Chatbot-based customer interactions are predicted to dominate 95% of the market within the next decade.
• Digital assets are anticipated to be the largest assets in 2024, with an estimated Assets Under Management (AUM) of USD 80.08 billion globally.
• According to Brimco, 82% of financial institutions plan to increase their fintech partnerships in the next three to five years.
• Around 96% of consumers worldwide are familiar with at least one fintech company or service alternative.
• As of the fourth quarter of 2023, Stripe was the most valuable fintech unicorn globally, valued at USD 50 billion.
• Digital payment holds the largest share in the fintech product market, accounting for 25% of all markets.
• Chime was the most popular Neo Banking app in the USA in 2023.
• Approximately 88% of insurers, investment managers, and banks express concern about losing revenue to fintech firms if they fail to embrace technological advancements.
• The global digital payment market is projected to reach a value of USD 514.9 billion by 2033, growing at a Compound Annual Growth Rate (CAGR) of 17.2%.
• The global fintech blockchain market is expected to reach approximately USD 325.6 billion by 2033, with a CAGR of 46.4%.
• The AI in fintech market is projected to reach around USD 76.2 billion by 2033, with a growth rate of 20.5%.
• In 2019, 64% of the global population used at least one fintech app.
• The Nasdaq stock exchange lists 463 fintech stocks.
• In 2019, the fintech market in the United States received USD 26 billion in venture capital, a 54% increase year-over-year.
• The total number of global fintech funding deals in the first quarter of 2022 was 1,482, nearly a 20% increase from the first quarter of 2021.
• As of 2021, there were over 10,000 fintech startups in the United States and more than 26,000 globally.
• The 9 million unbanked households in the U.S. pay an average of USD 200 to USD 500 in annual fees for financial services like check cashing, which fintech can help avoid through digital direct deposit.

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General FinTech Statistics

• In 2023, the United States led in fintech investment deals, accounting for 40.5% of the total, followed by Europe at 23.75% and Asia at 20.5%.
• The average and median size of fintech deals worldwide dropped to USD 13.8 million in 2023, down from USD 16.8 million in 2022.
• Digital payments represent the largest fintech product category, capturing 25% of the market.
• In the USA, 49% of banks and 60% of credit unions recognize the importance of partnerships with fintech companies.
• By 2025, digital peer-to-peer lending is projected to exceed USD 2.5 trillion.
• A substantial 96% of consumers globally are aware of at least one fintech alternative to traditional financial services.
• It is estimated that chatbot-based customer interactions will dominate 95% of the market within the next decade.
• Approximately 88% of insurers, investment managers, and banks express concerns about potential revenue losses to fintech firms if they fail to adopt new technologies.
• According to a Brimco report, 82% of financial companies plan to increase their fintech partnerships in the next 3 to 5 years.
• The number of mobile banking users is expected to surpass 4 billion by 2026.
• The global InsurTech market is anticipated to reach USD 10.14 billion by 2025.
• The success rate of fintech startups stands at 25% as of 2024.
• As of 2023, there are approximately 26,300 fintech startups worldwide.
• A 2021 study by Econsultancy and Adobe found that 54% of finance and insurance firms acknowledge fintech is outgrowing their traditional services, with legacy systems and a lack of digital skills impeding customer experience improvement.
• Mobile banking has become the preferred method over traditional bank visits, with usage increasing significantly over recent years: 9.5% in 2015, 15.6% in 2017, and 34% in 2019.
• Digital peer-to-peer lending, valued at USD 3.5 billion in 2013, is expected to reach USD 1 trillion by 2025.
• The global financial services market is projected to expand by over USD 2.5 trillion between Q1 of 2021 and Q4 of 2022.
• By 2021, North America had become the second-largest financial services market, following Western Europe.
• Nearly half (48%) of financial institutions have fully integrated fintech into their strategic operations.
• Between 2020 and 2021, partnerships between banks and fintech companies in the United States grew by 13%.
• The use of EMV chips has increased between 60 to 70% in regions like Canada, Africa, Latin America, among others, with over 10.8 billion chips in use by 2020.
• The global financial services market is predicted to grow at a compound annual growth rate (CAGR) of 9.6%, reaching USD 37,343 billion by 2026.
• The first half of 2024 saw a significant decrease in global fintech investment, dropping from USD 62.3 billion in the second half of 2023 to USD 51.9 billion, marking the lowest investment period since the first half of 2020.
• Only five deals over USD 1 billion were recorded in the first half of 2024, with the Americas responsible for four, including significant buyouts like Worldpay (USD 12.5 billion) and EngageSmart (USD 4 billion) in the US, and Nuvei (USD 6.3 billion) and Plusgrade (USD 1 billion) in Canada.
• The UK hosted the fifth major deal with the USD 4 billion buyout of IRIS Software Group and also saw the largest fintech-focused venture capital deal of USD 999 million raised by Abound.
• While overall fintech investment was down, payments attracted the largest share of funding globally, totaling USD 21.4 billion in the first half of 2024.
• Regulatory technology (regtech) was the only major fintech subsector to see an increase in investment during the first half of 2024, with USD 5.3 billion already exceeding the total for 2023.
• Artificial Intelligence (AI) remains a key area of interest for investors, particularly in the United States.

FinTech Market Size By Region

Worldwide

• Digital assets are estimated to be the largest assets in 2024, with an AUM of USD 80.08 billion in the worldwide market.
• Furthermore, the average AUM per user in a similar segment is projected to amount to USD 96.05 in the current year.
• On the other hand, the total market AUM is estimated to be valued at USD 80.08 billion in 2024.
• In the global FinTech Industry, the digital assets market is estimated to generate revenue growth of USD 17.38%.
• FinTech Statistics estimate that by 2028, the total number of users in the worldwide market in a similar segment is expected to reach 4,805.00 million.

Asia

• The total AUM in the Asian digital assets market is estimated to amount to USD 12.15 billion in 2024.
• The total number of users is estimated to reach 2,961.00 million by 2028.
• In 2024, the AUM per user is projected to amount to USD 27.71.
• Similar to the worldwide market, digital assets are projected to be the largest market in Asia, with an AUM of USD 12.15 billion in the current year.
• By 2025, the FinTech market by digital assets is projected to generate a revenue growth of 16%.

Africa

• The total AUM in the African digital assets market is estimated to reach USD 704.10 million in 2024.
• On the other hand, the average per user in a similar segment is estimated to amount to USD 16.37 in the current year.
• By 2028, the total number of users is projected to reach 357.00 million.
• In addition, by 2025, the digital asset market is expected to generate revenue growth of 20.03%.

Americas

• As of the current year, the largest market is projected to be Digital Assets, with an AUM of USD 44.42 billion.
• By 2025, the digital assets market is projected to generate a revenue growth of 18.18%.
• The total number of users is estimated to reach 777.00 million by 2028.
• In 2024, the average AUM per user in a similar segment is projected to be USD 249.40.
• On the other hand, the total AUM in the American digital assets market is estimated to be valued at USD 44.42 billion in 2024.

Australia And Oceania

• Digital assets are estimated to be the largest segment in the Australian and Oceania markets, with an AUM of USD 1,933.00 million in the current year.
• The total number of users is expected to reach 35.43 million by 2028.
• By 2025, the market is estimated to generate a revenue growth of 17.84%.
• The average AUM per user is expected to amount to USD 224.30 in 2024.

Europe

• By 2025, the digital assets market in Europe will show a revenue growth of 16.35%.
• Furthermore, in 2024, the largest market is projected to be Digital Assets, with an AUM of USD 20.87 billion.
• In 2024, the total AUM in the market is estimated to be USD 20.87 billion.
• The total number of users is projected to be 674.60 million.
• The average AUM per user is estimated to amount to USD 126.10 in 2024.

Worldwide Leading FinTech Unicorns By Valuation

(Reference: statista.com)

• FinTech Statistics 2023 show that, in Q4 of the mentioned year, Stripe was the most valuable FinTech Unicorn globally, with a market valuation of USD 50 billion.
• Revolut and Chime ranked respectively with USD 33 billion and USD 25 billion in valuation, which Ripple and Devoted Health further followed.

Neobanking And Neo Brokerage Awareness In The USA By Brand

(Reference: statista.com)

• Chime was the most used Neobanking app in 2023, compared to other brands, in terms of awareness, popularity, and usage among Americans. Other leading brands were SoFi, E-Trade, Robinhood, Acorns, and Dave.

Biggest FinTech Companies Worldwide

According to FinTech Statistics 2024, the following are the largest FinTech companies worldwide, with valuations in billions of dollars.

(Source: statista.com)

Top 10 Largest Fintech Companies By Expense Ratio

According to a report by Forbes Advisor 2024, the following are the top 10 largest Fintech-based companies.

• Ant Group – USD 78.5 billion
• Stripe, Inc. – USD 50 billion
• Revolut – USD 33 billion
• Chime Financial, Inc – USD 25 billion
• Rapyd – USD 15 billion
• Plaid – USD 13.4 billion
• Brex, Inc.- USD 12.3 billion
• GoodLeap – USD 12 billion
• Bolt – USD 11 billion
• Checkout.com USD 11 billion

Fintech Startup Statistics

• As of 2021, the United States registered over 10,000 fintech startups, contributing to more than 26,000 worldwide, according to Statista.
• The insurtech sector saw 19 IPOs in 2021, amassing a total value exceeding USD 5 billion, as reported by S&P Global.
• Robinhood experienced significant growth, expanding from 500,000 users in 2014 to nearly 23 million by the second quarter of 2022.
• The UK-based money management platform GoHenry surpassed 1 million paying customers and recorded a 1,260% increase in search interest from 2018 to 2022.
• M1 Finance has garnered more than 35,000 five-star reviews and raised USD 323 million in a series E funding round.
• Fintech startup Revolut has secured over USD 1.7 billion in funding.
• In 2021, Robinhood reported over 9.1 million active users, three times more than the second-largest platform, WeBull.

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Fintech Investment Statistics

• Fintech investment trends have shown significant fluctuations over the years. In 2012, investment in fintech was valued at USD 4 billion, experiencing a substantial increase each year until 2015 when it peaked at USD 67.1 billion, marking a seventeen-fold increase over three years.
• This growth momentum continued, with investment surging to USD 147.9 billion in 2018 and further to USD 215.4 billion in 2019.
• The first half of 2021 saw fintech investment reach a record high of USD 98 billion, an increase of USD 19.9 billion from the second half of 2020. By the end of 2021, the total fintech investment stood at USD 210 billion.
• However, by the first half of 2023, there was a 49% decline in fintech investment, dropping to USD 23 billion from USD 46 billion in the second half of 2022.
• Market leaders like Cathy Wood of ARK Invest have significant stakes in fintech, with ARKF ETF holding over 630,000 shares across 31 different stocks, which grew by 209% at its peak in 2021.
• On the Nasdaq stock exchange, there are currently 463 fintech companies listed, showcasing the sector’s vast presence and investment opportunities.
• The largest fintech company in the United States, Stripe, is valued at USD 95 billion according to Statista.
• When Coinbase went public in 2021, it reached a market capitalization exceeding USD 100 billion on its first day on Nasdaq, as reported by CNBC.
• Shopify’s stock share price saw a dramatic increase of 214% between Q1 of 2022 and Q4 of 2021, according to Yahoo! Finance.
• Jack Dorsey, the former CEO of Twitter, owns 50.8 million shares of Square, comprising 12.7% of the company’s total outstanding shares, per Whale Wisdom.

Venture Capital Funding Statistics

• In 2014, VC funding in fintech was USD 8 billion.
• This figure rose to USD 17.3 billion in 2015, marking a 116% increase.
• By 2016, funding increased further to USD 20.4 billion (18% increase).

(Source: Exploding Topics)

• In 2017, funding grew to USD 23.4 billion, with 2,348 deals made.
• A significant jump occurred in 2018 with funding reaching USD 53.2 billion (127% increase) across 3,226 deals (37% increase in the number of deals).
• There was a slight decrease in 2019 to USD 45.6 billion but the number of deals rose to 3,650 (13% increase).
• Funding increased again in 2020 to USD 49.9 billion, with 3,995 deals conducted.

• 2021 saw a record-high with USD 122.9 billion funded and 6,623 deals (146% increase and 66% increase in the number of deals respectively).
• In 2022, funding dropped to USD 88.3 billion, and the number of deals decreased to 6,128.
• As of the first half of 2023, funding was USD 27.3 billion with 1,818 deals.

Regional Breakdown of VC Fintech Funding

• The Americas consistently lead in fintech VC funding: USD 19.4 billion in 2019, USD 24.6 billion in 2020, USD 67.2 billion in 2021, and USD 40.3 billion in 2022.
• Europe, the Middle East, and Africa (EMEA): USD 8.5 billion in 2019, USD 10.4 billion in 2020, USD 31.7 billion in 2021, and USD 25 billion in 2022.
• Asia Pacific: USD 17.7 billion in 2019, USD 12 billion in 2020, USD 23.9 billion in 2021, and USD 15 billion in 2022.

Top Sectors by VC Funding

• Capital Markets: USD 8.07 billion
• Payments: USD 6.03 billion
• Wealth Management: USD 5.43 billion
• Digital Lending: USD 3.97 billion
• Small and Medium-sized Business (SMB) Solutions: USD 3.36 billion
• Banking: USD 3.27 billion
• Real Estate: USD 2.42 billion
• Insurance: USD 2.30 billion

Global Fintech Trends

• The United States leads the global fintech market, but other countries such as the United Kingdom, India, and Singapore are also seeing significant growth in fintech usage and funding.
• As of the second quarter of 2022, the United States hosted 38% of global fintech funding deals, the highest in the world.
• Approximately 75% of financial institutions are expanding their workforce to include fintech-related positions.
• In 2019, fintech investments in the United States surged, reflecting investor confidence in the sector’s future growth.
• The United Kingdom saw a 63% increase in fintech investments, reaching USD 6.3 billion in 2019.
• Fintech funding in India nearly doubled to USD 3.7 billion in 2019, with Singapore experiencing significant growth to USD 861 million.
• By the second quarter of 2022, Asia accounted for 24% of global fintech funding deals, making it the second-largest region for deal share after the United States.
• Despite economic challenges, fintech funding surpassed USD 20 billion in the second quarter of 2022, although this was a two-year low for the sector.
• Most industry experts predict that consumers worldwide will increasingly prefer fintech services over traditional banking.
• Deloitte’s research indicates that fintech has experienced exponential growth globally and is expected to continue expanding through 2024.

Fintech and AI

• Approximately 90% of global fintech companies now incorporate artificial intelligence (AI) and machine learning in their operations.
• Major fintech firms utilize AI and machine learning for enhancing fraud detection and for customer interaction via chatbots.
• Business-to-business (B2B) fintech companies are 24% more likely to use AI for content generation compared to business-to-consumer (B2C) companies.
• The AI fintech market size is projected to increase by 25% from 2021 to 2022, reaching USD 9.13 billion.
• AI usage is expected to save the insurance industry almost USD 1.3 billion by 2023.
• AI-driven fraud detection systems are anticipated to reduce the time spent on fraud investigations by 70% and improve detection accuracy by 90%.

Fintech Adoption Rates

• In China, fintech adoption is remarkably high, with 90% of the population using fintech solutions for banking, payment, and financial management as reported by EY. As of 2019, China led global fintech adoption with a rate of 92%.
• In the United States, digital banking usage has seen consistent growth. In 2018, approximately 61.3% of Americans engaged in digital banking, a figure that has increased by at least 0.5% annually, reaching about 65.3% by 2022.
• The use of fintech for personal loan agreements in the US has significantly increased, growing from 5% in 2013 to 38% in 2018, marking a 33% rise over the five-year period, according to TransUnion.

Fintech on Mobile Platforms

• On average, people spend five to six hours daily on their phones, with 11% spending seven hours or more.
• Over half of adults in America utilize fintech apps for transactions such as sending money and paying bills.
• In 2019, 64% of the global population used at least one fintech app according to EY.
• Zelle reported a payment volume of over USD 307 billion in the fiscal year 2020, nearly doubling the volume of PayPal and Venmo combined, as reported by Statista.
• A 2022 study by Insider Intelligence found that 97% of millennials use mobile banking.
• According to S&P Global, 58% of individuals are visiting bank branches less often, while 61% are using mobile banking apps more frequently.
• Morgan Stanley indicates that 51% of Gen Z and 64% of Gen Y use mobile banking to check their balances and account activity.
• Global Payments reports that approximately 39% of consumers shop from their mobile device daily or weekly, with 23% shopping daily.
• The most widely used payment apps for paying bills and transferring money include PayPal (59%), banking apps (41%), and Google Wallet (20%), as per data from S&P Global.
• Mobile app spending reached a peak of USD 170 billion in 2021, decreasing slightly to USD 167 billion in 2022, according to Statista.

Conclusion

Digitalization is bringing the world closer, and this is true not only for socialisation in online shopping but also in the finance industry. The fintech industry has become extremely convenient, as shown by Fintech Statistics, in a way that we can apply for loans on applications without going to banks and following a long process to approve the loans.

This is just a single-person view. Fintech also allows companies to process payments online, prepare online invoices, and work on accounting software. Because of such services, money saving, tracking the spent money, goals tracking, budgeting, and managing finances has become easy.

Pramod Pawar

Pramod Pawar brings over a decade of SEO expertise to his role as the co-founder of 11Press and Prudour Market Research firm. A B.E. IT graduate from Shivaji University, Pramod has honed his skills in analyzing and writing about statistics pertinent to technology and science. His deep understanding of digital strategies enhances the impactful insights he provides through his work. Outside of his professional endeavors, Pramod enjoys playing cricket and delving into books across various genres, enriching his knowledge and staying inspired. His diverse experiences and interests fuel his innovative approach to statistical research and content creation.

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