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Fintech Statistics & Facts: Growth, Market Share, Trends and Forecasts

Fintech Industry Statistics & Facts

Because of the general migration to online services and business digitalization trends, financial innovations and Fintech industry development as a whole have received a powerful impetus to development. Most of the payments in the world are now done online, and there is no need to argue that this trend is the future.

Fintech development increases the number of accessible financial services, stimulates demand, accelerates economic growth, and creates new business opportunities. These benefits make this sector interesting for individual startups and become priorities at the level of entire states.

We collected remarkable and useful Fintech statistical data that anyone interested in this industry should know.

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1. The market for Fintech is forecast to reach $161.2 billion by 2026, growing at a CAGR of 8.7% from 2021 to 2026. (IndustryARC)

2. APAC region holds the largest market share in the Fintech Market at 34% in 2020.  (IndustryARC)

3. Q1’21 was the largest funding quarter on record. This was the largest quarter for fintech funding — surpassing Q2’18’s previous record, which included Ant Group’s $14B funding round. Across 614 deals, VC-backed fintech companies raised $22.8B. (CB Insights)

4. In the next three to five years, 77% of incumbent financial institutions will increase their focus on internal innovations to boost customer retention. (PWC)

5. The world share of Fintech in revenues from financial services equals 9%, 6% of which is accounted for by non-banking companies.

6. The Fintech industry is on the rise in South America. The funding of Fintech startups in this region went up by 64% from 2016 to 2020.

7. The UK got ahead of other countries in innovation and investment in financial technologies: total investments in European Fintech companies reached $34.2 billion in 2018, and the UK accounted for $16 billion out of that amount.

8. More than 3,000 Fintech companies are currently working in London — more than in any other city in the world. In terms of Fintech Unicorns count (29), London is second only to San Francisco, where there are 37 companies of the kind registered.

9. Around 86% of survey respondents admit that analytics plays an important role for future success and is a must-have for any technology solution they deploy. (Fintech Future Report)

Using of data analytics in financial companies

“The power of data analytics in fintech solutions” by fintechfutures.com

10. Fintech companies will continue to have more and more opportunities for attracting customers to their platforms. But at the moment, the adoption rate for this technology is around 64%, according to our fintech market research. (Sage Journalism)

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11. Around 97% of companies that have already adopted open banking admit that it has brought value to their business. Among the benefits, they report improved customer service, ability to deliver new services and generate new revenue streams, and better customer engagement. (Finastra)

Approaches to open-banking regulation worldwide

12. By 2023, the global fintech market is expected to be worth $305.7 billion. In the period between 2013 and 2023, the CAGR will most probably be a hefty 22.17%. (GlobeNewswire)

13. Global annual sales in the fintech insurance market will reach $15,343.3 million by 2023. (The Business Research Company)

14. Fintech investment is expanding beyond the major markets, with 39% of deals in the industry made outside of traditional hubs like the US, the UK, and China. (CB Insights)

15. Top US fintech startup segments, by number of US bank investors (Statista):

US fintech startup segments

16. Digital banking services are taking over: 46% of people exclusively use digital channels for their financial needs. (Singularity University)

17. Insurance fintech companies raised about $3.8 billion worth of investments in 2020, the largest amount in at least five years. (S&P Global)

18. 60% of financial institutions view fintech firms as potential partners. (The Financial Brand)

19. In end of 2021, Apple Pay, Google Pay, and Samsung Pay are set to own 56% of the combined market share of mobile payments. (Juniper Research)

20. The global use of mobile payments is set to see an increase of 28% in 2022. (WorldPay)

21. For every $100 billion invested in AI, banks can get an additional $300 million in revenue. (BCG)

22. 70% of all financial services firms are using machine learning. (Forbes)

23. By 2024, the Americas will account for roughly 33.5% of the worldwide fintech market share. (Deloitte)

24. In February 2020, there were 8,775 financial technology (Fintech) startups in the Americas, there were 7,385 such startups in Europe, the Middle East, and Africa, and there were 4,765 startups in the Asia Pacific region.

Number of FinTech startups

Number of Fintech startups worldwide 2020, by region (Statista.com)

25. In 2020, North American banks were expected to spend up to 40 percent of their IT budget on new technology, while European banks invested almost 30 percent. (Statista.com)

26. By the year 2022, almost 78% of the United States millennial population will become digital banking users. (eMarketer)

Digital Banking Users

Digital Banking Users by Generation

27. As per the analysis of Juniper Research, Successful banking-related chatbot interactions will grow 3,150% between 2019 and 2023.

28. Companies that use robotic process automation for banking tasks see a return on investment of 100% within three to eight months. (Medium)

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29. The digital mobile wallet market size was valued at USD 1,043.1 bn in 2019 and is predicted to reach USD 7,580.1 bn by 2027, growing at a CAGR of 28.2% from 2020 to 2027. (Valuates Reports)

Mobile wallet market share

Digital Mobile Wallet Market Size from 2019 to 2027

Image source: verifiedmarketresearch.com

30. Peer-to-peer (P2P) or digital lending, another segment of fintech, is worth $43.16 billion in 2018 and expected to rise to $567.3 billion in 2026 with a CAGR of 26.6%. (Reports and Data)

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