40+ Fintech Statistics: Crucial Trends and Insights

Quick Summary: The Fintech space is rapidly marching across multiple financial sectors, including B2B and consumers. The digital force of Fintech is changing how businesses manage their assets or money today. The Fintech statistics and trends below say it loudly and clearly. In the blog, you’ll explore some exciting industry statistics to understand where Fintech is standing now and where it will be heading.

Numbers aren’t just digits in our data-centric world; they define the current context and hint at what to expect in the future. For instance, let’s talk about the Fintech industry - its worth will skyrocket to approximately USD 1.5 trillion in revenue by 2030.

Fintech is the collaboration of finance and technology strengthened by digital transformation, also known for its utmost potential and opportunities.

When finance and technology join forces, they deliver a better, faster, and more feasible way to deal with financial operations. For startups and SMEs, Fintech is like a goldfield. And any business looking to solve their clients’ pain points or add value while generating good revenue will scale upward in this sector.

Hence, Fintech adoption rates and investment are clearly on the way up. But to what degree?

To drive home, we’ve compiled a list of some of the most recent Fintech industry statistics to press our case - Fintech is the future, and every business will need a digital facelift.

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Fintech Statistics for 2024: Key Takeaways

• The Global fintech market size is projected to grow at a CAGR of 16.8% between 2024 and 2032, reaching a value of around USD 917.17 billion by 2032. (EMR)
• There are more than 30,000 fintech startups.
• Integrating Blockchain technology with financial services can minimize banks’ infrastructure costs by 30% and save more than USD 10 billion yearly.
• Key fintech trends incorporate cybersecurity and compliance, Blockchain and cryptocurrencies, AI and Machine Learning, digital and open banking, and embedded and decentralized finance,
• Acropolium’s customers improved financial data accuracy by 95% by investing in cutting-edge technologies for finance industry operations.
• Visa is one of the significant fintech organizations with an almost half a trillion USD valuation.
• The rapid adoption of modern Fintech growth trends is making a significant impact. From USD 25.18 Million in 2024, the global fintech market size is projected to grow to USD 644.6 Million by 2029.
• Over 90% of Chinese citizens rely on Fintech banking.

As the finance sector is getting digitized, the advancements of technologies and financial services have become intertwined. Fintech remains the most largely invested sector worldwide, with over 26,000 startups operating globally.

Today’s spectrum of emerging technologies in finance extends to multiple industries like fundraising, investment management, education, and retail banking. This multiplicity, in turn, is a significant driver of the growing market.

Statistics on the Global Fintech Market Size

• Tencent is One of the Biggest Fintech Companies in Asia

When talking about the Asia region, Tencent’s Fintech division leads the pack in China. As a listed regulatory technology firm, the company has surpassed a market value of USD 500 billion and is today the most valuable publicly traded company.

• Visa is the Largest Listed Fintech Company in North America

Topping the list of North America’s most significant Fintech organizations, it specializes in payment technology. This publicly traded firm boasts an astounding market capitalization of USD 570.31 Billion.

• Stripe is the Most Valuable Private Fintech Startup in the US

Stripe Inc. is an Irish-American multinational financial services company that is valued at USD 65 billion following its staff share deal in February 2024; however, its valuation has declined by 47% from its peak of USD 94.4 billion in 2021.

Still, it remains one of the US's most valuable private Fintech companies. Last year, Stripe handled transactions amounting to USD 817 Billion for big conglomerates like Ford, Microsoft, and OpenAI.

• Nigeria is the Most Active Fintech Country in Africa

Nigeria, Africa's biggest economy and most favored nation, has been at the forefront of the continent's Fintech revolution. In 2024, Nigeria's Fintech sector remains one of Africa's most dynamic and promising. The country is witnessing the emergence of multiple top startup players valued at over USD 1 Billion - such as OPay, Interswitch, and Flutterwave.

• Switzerland Turns out to be the Crypto Valley

Ranked as Europe’s second most flourishing Fintech nation, Switzerland remains solid in the financial service domain, particularly for its city Zug, often designated the “crypto-valley.” The city is growing, solidifying its role in tech-forward Fintech solutions and digital currency.

Moreover, recognizing the swift transformation of the Fintech sector, Switzerland prioritizes bringing fresh startups and industry professionals.

• The Fintech Center of Asia is Singapore

While China has some of the biggest Fintech firms, Singapore shines in the Fintech field, specifically outshining in Payment, Insurtech, and Lending. Estimates imply that Singapore now hosts more than 1,600 Fintech companies, the highest in the ASEAN region.

Moreover, Singapore rivals other crucial players globally, such as the United States and the UK, in terms of fintech ventures per capita.

Among these organizations, the leading subsectors are payments (31% of all Fintechs in Singapore belong to this category), Fintech infrastructure providers (18% of total Fintechs), and regulatory technology (17%).

• The USA and China - Giants in the Fintech World

The majority of Fintech organizations hail from China and the US. In fact, 7 of the world’s top 10 most incredible Fintech organizations are based in these two nations.

• Most Fintech Unicorns are in the USA

The US ranked first in the number of Fintech unicorns globally as of February 2024, having over five times more of these organizations than the United Kingdom, which ranks second. As counted, there are 166 Fintech unicorns in the country. The United Kingdom ranked second with 30 Fintech unicorns, followed by India with 22.

Many of America’s top Fintech stars call New York and California their home. As of June 2024, there are 10,412 Fintech organizations in the US, a reasonable increase from last year.

• Fintech Market Players

Some top organizations in the Fintech market include Stripe Inc., Ant Group, LLC., Avant, Adyen Group, PayPal Holdings Inc., Nu Pagamentos S.A, Klarna Bank AB, Square Capital, LLC, Intuit Inc., and Coinbase, to name a few.

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Statistics on Fintech Investment

• The Biggest Single Round of Investments in History is a Record USD 14 Billion

In 2018, Ant Financial, a Chinese payment service, set a colossal record by securing USD 14 billion in a single investment round and over USD 25 billion in just seven rounds.

This achievement wasn’t just a breakthrough in the Fintech industry but a momentous moment for global investments. USD 10 billion was spent in U.S. dollars from this tremendous amount, with the remaining amount in Chinese yuan.

Ant Financial, providing nearly two billion users with its digital financial services, surfaced from the e-commerce giant Alibaba.

• Worldwide Fintech Investments in 2024

Global fintech investment falls to USD 51.9 billion in the first half of 2024, says KPMG data. The first half of 2024 saw the global Fintech sector navigate a challenging investment domain. And the global investment in Fintech in 2024 reached USD 15.9 billion across 1,566 deals.

And Americans played a significant role in attracting the largest share of investment during the year 2023, accounting for USD 78.3 billion in Fintech funding across 2,136 deals, and of which the US took about USD 73.5 billion across 1,734 deals — contrary to USD 24.5 billion across 1,514 deals in the EMEA region and USD 10.8 billion across 882 deals in the ASPAC region.

• Investments in Crypto and Defi

Globally, the crypto market capitalization has outshined the USD 2.5 trillion mark, with Bitcoin setting a record high of USD 73,750, with a market capitalization reaching USD 1.44 trillion in March 2024.

According to SkyQuest, the global Decentralized Finance market size was valued at USD 22 billion in 2022, USD 23.99 billion in 2023, and is expected to grow by USD 48.02 billion by 2031, growing at a CAGR of 9.06% in the forecast period of 2024 and 2031.

Latest Trends in the Global Fintech Industry

• Fintech is Getting More Advanced

Tech advancements are changing the Fintech domain. The impact of the COVID-19 pandemic is still fueling a rising need for managing finances with almost every digital platform, including e-commerce, healthcare, hospitality, and more.

• Machine Learning and AI: The Two Favorites

Two of the most popular trends in the Fintech industry are the integration of AI and Machine Learning. These technologies, encompassing the capabilities for machines to examine and act based on their environment, can transform FinTech sectors like risk management and banking.

Machine Learning, also a subset of AI, specializes in acknowledging any data patterns. Hence, by adopting these innovations, Fintech organizations can automate a range of manual, complicated tasks.

• Embedded Finance Will be the Leading Trend

Embedded finance is making waves in Fintech and is all set to be the leading trend. And the embedded finance market is estimated to value around USD 115.8 billion in 2024, and you can expect it to reach USD 251.5 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 16.8%.

Among these, the “Buy Now Pay Later” model is particularly catching the eye of users by helping them defer payments.

• SaaS is a Big Name in Fintech

From the beginning of 2024 till September, Fintech solutions involving SaaS raised about USD 2.22 billion in equity funding across 119 rounds. With the help of SaaS, financial businesses can use cloud-hosted software without direct installation, cut expenses, and simplify operations.

• Open Banking Paves the Way for Fintech

The demand for open banking is anticipated to record a splendid growth of 19.7% during the forecast period. And it can rise from USD 22,160 million in 2024 to USD 133.5 billion by 2034, changing the dynamics of Fintech industry statistics. This trend helps users share their financial data more securely, through improved flexibility and control. It presents excellent potential for businesses by facilitating seamless data sharing.

In the end, open banking can help transform interactions with different financial essences by encouraging transparency and choice.

• IoT is One of the Most Important Advances for Fintech

IoT (Internet of Things) helps link everyday devices to the internet by allowing them to collect data and act without human intervention. This transforms Fintech by making banking more user-friendly, faster, and safer.

Considering IoT in the banking, financial services, and insurance (BFSI) market, the global Fintech market size is expected to value around USD 116.27 billion by 2026, exhibiting a CAGR of 26.5% during the forecast period.

• Blockchain is Still Going Strong

With the rapid advancement of technology, Blockchain stands out as one of the best Fintech trends, and it also plays a crucial role in increasing Fintech adoption rates. It works as a digital playbook that documents multiple transactions with complete accuracy. It encourages businesses and people to exchange digital assets, and thus, eradicates any requirement for a middleman or central figure.

Despite the crash of multiple cryptocurrencies in the last few years, you can expect Blockchain to grow by more than tenfold in the next decade.

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Important Trends in the Fintech Application Vertical

As Fintech is starting to evolve, people are looking forward to new app ideas and technologies. Cryptocurrency custody software, payment gateways, and money management tools always remain avant-garde.

The Fintech statistics here show how users respond to these apps, which brings financial products, institutions, and services closer to them.

• Upon its public debut, Coinbase's market valuation on the Nasdaq surpassed the USD 100 billion mark.
• ARK Invest holds one of the most popular Fintech electronically traded funds (ETFs), encompassing over 630,000 shares distributed over 31 distinctive stocks.
• USD 29,600 will be the estimated transaction value per Fintech user by 2027.
• The fintech enterprise Revolut added 12 million new clients globally last year, totaling 38 million in 2023 and reaching 45 million in June 2024.
• M1 Finance, an American financial services company, secured USD 323 million in its series E investment round.
• GoHenry, a money management tool from the UK, currently has over a million paying users.

Statistics Related to Fintech App Development Costs

• Fintech Application Development Cost Can Rise to USD 300,000

Developing a Fintech app is quite an investment, with the cost going up to USD 300,000. For instance, building a custom Fintech app that offers consumers a simple and secure online transaction approach may start with a minimum range of USD 40,000.

To be specific, developing a Fintech application with a minimal user interface and basic features can cost between USD 30,000 and USD 100,000. And if you want to incorporate modern technologies in your Fintech app, it can cost anywhere between USD 60,000 and USD 300,000 or even more, depending on the app’s size and complexity.

• Fintech Developers in the US Have the Highest Average Earnings

Due to the high demand for skilled developers, Fintech app developers in the United States often earn more competitive salaries than in other regions. The average salary of a Fintech developer in the USA is USD 136,900 per year or USD 65.82 per hour. Entry-level positions start at USD 100,000 annually, while most experienced professionals make up to USD 195,000 annually.

Cities like New York and San Francisco, well-known for their flourishing Fintech ecosystems, offer better salaries than other regions.

• Developers' Hourly Rates Varies According to Location

Where your Fintech solution is built is crucial to the overall app cost. The pricing often depends on the hourly rate of your development team, usually consisting of professional experts and the time it takes for app development within a given country. For instance, Fintech app developers in the US would likely charge higher rates compared to India.

A Fintech app developer's global average hourly rate is about USD 32.50/ hour.

• Fintech App Development Can Take Up to 12 Months or More

The timeline for the Fintech app development process can range from 3 to 12 months, depending on your app's complexity, your development team’s expertise, and the extent of regulatory compliance needed.

The Future of Fintech

• By 2035, you can expect that AI could boost profitability by 39% across all sectors. And as per Fintech industry statistics, it could translate to a massive amount of USD 14 trillion in global economic profits.
• Fintech is turning to artificial intelligence (AI) and machine learning (ML) technologies to improve user experience and security.
• With the increasing Fintech adoption rates, discussing finances is becoming less taboo. Interestingly, 63% of Americans say their financial conversations with friends have gotten more manageable due to Fintech.
• The spotlight is shifting to B2B2X (from B2B to any end-user) and B2B (targeting small businesses). There’s excellent potential for Fintech focusing on B2B, given that SMEs globally face an astounding USD 5 trillion yearly credit gap.
• Asia-Pacific (APAC) is all set to reign, capturing 42% of the revenue growth, mainly driven by developing regions like China, India, and Southeast Asia, where Fintech boosts financial accessibility.
• Right now, Fintech represents just 2% of global financial earnings. However, by 2030, it’s expected to rise by USD 1.5 trillion, nearly a quarter of global banking values.

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Experience the Best of Fintech with RadixwebThese Fintech statistics prove that emerging IT trends in the finance industry have broadened business horizons and provided new opportunities for different operations. When leveraged right, Fintech becomes a real game-changer for your revenue and customer experience.Radixweb can help you seal those deals. From building next-gen Fintech apps to deploying financial products utilizing modern tech strategies, our experts prioritize your business goals and compliance. We design and build apps to digitalize financial products and services for B2B, B2C, and P2P markets. Hence, we’ll help you deliver experiences that empower customers with advanced digital finance solutions while driving measurable business value.Get in touch today to revolutionize your financial endeavors!