How big is the global fintech market?
The fintech market size was valued at USD 257.26 billion in 2022 and is projected to grow from USD 294.74 billion in 2023 to USD 882.30 billion by 2030, exhibiting a CAGR of 17% during the forecast period (2023-2030). North America accounted for a market value of USD 89.61 billion in 2022.
The global fintech market size was USD 257.26 billion in 2022. It is expected to reach USD 882.30 billion by 2030. How fast is fintech market growing? The fintech market will exhibit a CAGR of 17% during the forecast period, 2023-2030.
The global fintech lending market was valued at USD 200 billion in 2022 and grew at a CAGR of 25% from 2023 to 2032. The market is expected to reach USD 1862.64 billion by 2032. The increasing demand for quick and easy finance will drive the growth of the global fintech lending market.
According to the report, the global fintech industry remains strong, with customer growth rates averaging above 50% across industry verticals and regions.
The FinTech Market size is estimated to reach $851 billion by 2030, growing at a CAGR of 18.5% during the forecast period 2023-2030.
US Fintech Market Analysis
The United States Fintech market reached a size of USD 4 trillion in the current year and registered a CAGR of 11% over the period of the forecast.
India is amongst the fastest growing Fintech markets in the world. Indian FinTech industry's market size is $50 Bn in 2021 and is estimated at ~$150 Bn by 2025.
Fintech plays a crucial role in reaching unbanked and underbanked populations by providing digital financial services, mobile banking, and innovative credit solutions, thereby promoting financial inclusion.
How many global fintech companies are there?
There are currently over 26,000 fintech startups worldwide.
Visa and Mastercard are the two biggest fintech firms by market value, with a collective market capitalization of $800.7 billion. China is home to the second-most highly valued fintech industry, with its financial technology giants worth a combined $338.92 billion in total market capitalization.
Launched in 2015, Current serves almost four million customers and is backed by Andreessen Horowitz, Tiger Global, TQ Ventures, Avenir, Sapphire Ventures, Foundation Capital, Wellington Management, QED, and many more.
Robo-advisors, algorithmic trading, and AI-driven risk assessment are examples of how FinTech is leveraging technology to achieve unprecedented levels of efficiency. These advancements are in line with the objectives of Industry 4.0, which aims to automate and optimise processes through the use of smart technologies.
A combination of global challenges, including high interest rates and persistent inflation in various regions, as well as conflicts in Ukraine and the Middle East, coupled with declining valuations and a subdued exit landscape, led to a growing sense of caution among fintech investors.
In many ways, we envision 2024 as a “getting back to business” year for fintech. We believe this will be the case especially for B2B fintechs targeting the various financial services modernization initiatives occurring widely throughout banks and enterprises.
India has ranked third among the countries with the most financial technology (fintech) unicorns in the world in 2023, with the US and UK retaining the top two positions globally.
Fintech Market Analysis
The Global Fintech Market size is estimated at USD 312.92 billion in 2024, and is expected to reach USD 608.35 billion by 2029, growing at a CAGR of greater than 14% during the forecast period (2024-2029). In the financial industry, fintech stands for financial technology.
representing a 15 percent annual growth rate of fintech revenue between 2022 and 2028, three times the overall banking industry's growth rate of roughly 6 percent (Exhibit 1). Emerging markets will fuel much of this revenue growth.
| Fund | Expense Ratio |
|---|---|
| Brex, Inc. | $12.3 billion |
| GoodLeap | $12 billion |
| Bolt | $11 billion |
| Checkout.com | $11 billion |
Which country is leading in fintech?
Combined, the U.S. produces the most value in terms of fintech, with eight of the top 15 highest-valued financial technology companies in the world worth a combined $1.2 trillion based stateside.
The United States and China are home to eight of the 10 largest fintech companies worldwide. Despite the dominance of these two countries, the two highest valued fintech unicorns at the end of 2023 were the Irish payment processing platform, Stripe, and the UK-based digital bank, Revolut.
64% of consumers worldwide have used one or more fintech platforms, up from 33% in 2017. 60% of consumers want to transact with financial institutions that provide a single platform, such as social media or mobile banking apps. 96% of global consumers are aware of at least one fintech service or company.
San Francisco (Silicon Valley)
Top of our list of the world's top fintech hubs is San Francisco, namely Silicon Valley. There are (at the time of writing) a whopping 506 fintech organisations based in the area, which have seen a total investment of US$32bn across 828 funding rounds.
The sector has matured much faster than in other countries. As of November 2021, there were 10,755 fintech startups in America, making it the region with the most startups globally according to Statista's 2021 research. Out of this, only approximately 1% of the 10,755 fintechs are unicorns valued at $1 billion or more.
