GITNUX REPORT 2024

Global Fintech Statistics: Booming Investments and Adoption Trends Revealed

$49.3B global fintech investments, AI innovation, and $4.7T mobile payment values – reshaping finance.

Author: Jannik Lindner

First published: 7/17/2024

Statistic 1

Digital banking use in India grew by 80% in 2020.

Statistic 2

64% of Americans have used a fintech app in the past year.

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In 2020, digital banking adoption increased by 50% globally.

Statistic 4

Fintech adoption in the UK has grown from 18% in 2017 to 71% in 2020.

Statistic 5

Over 40% of small businesses in the US use fintech services.

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75% of financial institutions believe that partnerships with fintechs are essential for innovation.

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Over 60% of retail banking customers use fintech services for money transfer and payments.

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87% of financial institutions plan to increase fintech partnerships in the next 3-5 years.

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Fintech adoption in Latin America grew by 12% in 2020.

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Fintech adoption by financial institutions increased by 22% in 2020.

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Over 70% of consumers use fintech for budgeting and financial planning.

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Global fintech investment reached $49.3 billion in the first half of 2021.

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90% of fintech executives consider AI as the key to innovation in financial services.

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Fintech companies in Asia-Pacific raised over $4.8 billion in the first half of 2021.

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The UK fintech sector attracted a record $4.1 billion in investment in the first half of 2021.

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Fintech lending platforms saw a 40% increase in loan volumes in 2020 compared to 2019.

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Fintech companies processed 32% of global digital payment transaction value in 2020.

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Payment processing fintech companies grew by 19% in 2020.

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Global fintech investment increased by 150% year-on-year in the first half of 2021.

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Fintech companies experienced a 250% growth in customer acquisitions in 2020.

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The global blockchain market is projected to reach $31.4 billion by 2025.

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The global mobile payment transaction value is estimated to reach $4.7 trillion by 2023.

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The number of global digital wallet users is expected to exceed 4 billion by 2024.

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The global robo-advisory market is expected to reach $16.4 billion by 2025.

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By 2030, the digital payment market is estimated to reach $10.07 trillion.

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The global fintech market is expected to grow at a CAGR of 23.58% from 2021 to 2028.

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The global Insurtech market is expected to grow to $10.14 billion by 2025.

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The global regtech market is expected to reach $55.28 billion by 2026.

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The global neobanking market is projected to reach $723.4 billion by 2028.

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Over 60% of banks believe that open banking will transform the industry in the next five years.

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The global AI in fintech market is estimated to reach $26.67 billion by 2027.

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78% of CEOs in the fintech sector are concerned about cybersecurity risks.

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The UK fintech sector employs over 76,500 people.

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Global peer-to-peer lending is projected to reach $558.91 billion by 2027.

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Over 80% of banks plan to increase their fintech partnerships in the next three years.

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The adoption of fintech solutions in the insurance industry is expected to grow by 67% by 2024.

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The global digital lending market is expected to grow to $17.87 billion by 2027.

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The digital wallet market is projected to reach $7.6 trillion by 2027.

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By 2025, the global consumer lending market is expected to reach $6.4 trillion.

Statistic 40

The global biometric authentication market in fintech is projected to reach $3.6 billion by 2027.

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Summary

  • Global fintech investment reached $49.3 billion in the first half of 2021.
  • The global blockchain market is projected to reach $31.4 billion by 2025.
  • 64% of Americans have used a fintech app in the past year.
  • In 2020, digital banking adoption increased by 50% globally.
  • The global mobile payment transaction value is estimated to reach $4.7 trillion by 2023.
  • Fintech adoption in the UK has grown from 18% in 2017 to 71% in 2020.
  • 90% of fintech executives consider AI as the key to innovation in financial services.
  • The number of global digital wallet users is expected to exceed 4 billion by 2024.
  • Fintech companies in Asia-Pacific raised over $4.8 billion in the first half of 2021.
  • Over 40% of small businesses in the US use fintech services.
  • The global robo-advisory market is expected to reach $16.4 billion by 2025.
  • 75% of financial institutions believe that partnerships with fintechs are essential for innovation.
  • By 2030, the digital payment market is estimated to reach $10.07 trillion.
  • The global fintech market is expected to grow at a CAGR of 23.58% from 2021 to 2028.
  • Over 60% of retail banking customers use fintech services for money transfer and payments.

Buckle up your digital wallets, folks, because the world of Fintech is booming faster than you can say blockchain! With global fintech investment hitting a staggering $49.3 billion in the first half of 2021, its evident that the financial landscape is undergoing a high-tech revolution. From the rise of AI in innovation to the exponential growth of digital payments and the essential partnerships between fintechs and traditional institutions, the numbers speak for themselves – this isnt just a trend, its a fintech frenzy that you wont want to miss out on.

Digital banking

  • Digital banking use in India grew by 80% in 2020.

Interpretation

In a year that saw physical distancing become the norm, Indians embraced digital banking with impressive fervor, showing an 80% surge in usage in 2020. It seems that while we may have been apart physically, our finances remained tightly within our digital grasp. This significant uptick in digital banking adoption not only reflects a shift in consumer behavior, but also underscores the growing importance of fintech solutions in our daily lives. As we continue on this path towards a more digitized financial future, one thing is clear - when it comes to banking, the only way is up, up and app-ly away!

Fintech adoption

  • 64% of Americans have used a fintech app in the past year.
  • In 2020, digital banking adoption increased by 50% globally.
  • Fintech adoption in the UK has grown from 18% in 2017 to 71% in 2020.
  • Over 40% of small businesses in the US use fintech services.
  • 75% of financial institutions believe that partnerships with fintechs are essential for innovation.
  • Over 60% of retail banking customers use fintech services for money transfer and payments.
  • 87% of financial institutions plan to increase fintech partnerships in the next 3-5 years.
  • Fintech adoption in Latin America grew by 12% in 2020.
  • Fintech adoption by financial institutions increased by 22% in 2020.
  • Over 70% of consumers use fintech for budgeting and financial planning.

Interpretation

In a world where money talks, it seems Fintech is having the last word. With more Americans swiping, clicking, and tapping their way through financial apps, it's clear that traditional banking is facing some digital competition. From across the pond, the UK is leading the charge in adopting Fintech, leaving old-school methods in the dust. Small businesses in the US are jumping on the bandwagon too, recognizing the benefits of streamlined financial services. Financial institutions are wise to recognize that partnering with Fintech firms is not just a trend but a necessity for staying ahead in the innovation game. As consumers embrace Fintech for everything from budgeting to payments, it's evident that the future of finance is fast, convenient, and definitely digital. So, whether you're a tech-savvy spender or a cautious investor, it's time to embrace the Fintech wave or risk being left behind in a sea of ones and zeros.

Fintech market growth

  • Global fintech investment reached $49.3 billion in the first half of 2021.
  • 90% of fintech executives consider AI as the key to innovation in financial services.
  • Fintech companies in Asia-Pacific raised over $4.8 billion in the first half of 2021.
  • The UK fintech sector attracted a record $4.1 billion in investment in the first half of 2021.
  • Fintech lending platforms saw a 40% increase in loan volumes in 2020 compared to 2019.
  • Fintech companies processed 32% of global digital payment transaction value in 2020.
  • Payment processing fintech companies grew by 19% in 2020.
  • Global fintech investment increased by 150% year-on-year in the first half of 2021.
  • Fintech companies experienced a 250% growth in customer acquisitions in 2020.

Interpretation

The fintech world is ablaze with soaring numbers and futuristic promise, as evidenced by the eye-popping statistics that have made traditional financial institutions sit up and take notice. With global fintech investment skyrocketing by 150% in just one year and a record-breaking $49.3 billion pouring into the industry in the first half of 2021, it’s clear that the future of finance is firmly in the hands of tech-savvy disruptors. From Asia-Pacific's impressive $4.8 billion injection to the UK's standout $4.1 billion attraction, fintech is proving to be the darling of investors worldwide. With a whopping 90% of fintech executives placing their bets on AI for innovation, and customer acquisitions growing by an astonishing 250% in the midst of a pandemic-stricken 2020, one thing is certain – the fintech revolution is here to stay, and it's only getting started.

Market projections

  • The global blockchain market is projected to reach $31.4 billion by 2025.
  • The global mobile payment transaction value is estimated to reach $4.7 trillion by 2023.
  • The number of global digital wallet users is expected to exceed 4 billion by 2024.
  • The global robo-advisory market is expected to reach $16.4 billion by 2025.
  • By 2030, the digital payment market is estimated to reach $10.07 trillion.
  • The global fintech market is expected to grow at a CAGR of 23.58% from 2021 to 2028.
  • The global Insurtech market is expected to grow to $10.14 billion by 2025.
  • The global regtech market is expected to reach $55.28 billion by 2026.
  • The global neobanking market is projected to reach $723.4 billion by 2028.
  • Over 60% of banks believe that open banking will transform the industry in the next five years.
  • The global AI in fintech market is estimated to reach $26.67 billion by 2027.
  • 78% of CEOs in the fintech sector are concerned about cybersecurity risks.
  • The UK fintech sector employs over 76,500 people.
  • Global peer-to-peer lending is projected to reach $558.91 billion by 2027.
  • Over 80% of banks plan to increase their fintech partnerships in the next three years.
  • The adoption of fintech solutions in the insurance industry is expected to grow by 67% by 2024.
  • The global digital lending market is expected to grow to $17.87 billion by 2027.
  • The digital wallet market is projected to reach $7.6 trillion by 2027.
  • By 2025, the global consumer lending market is expected to reach $6.4 trillion.
  • The global biometric authentication market in fintech is projected to reach $3.6 billion by 2027.

Interpretation

In a world where numbers speak louder than words, the fintech industry is orchestrating a symphony of innovation and growth. From the impending $31.4 billion blockchain bonanza to the $4.7 trillion mobile payment juggernaut, and the projection of over 4 billion digital wallet wielders, it's clear that the future of finance is digital and dynamic. With robo-advisors poised to amass $16.4 billion by 2025 and the digital payment market gearing up for a $10.07 trillion marathon by 2030, it seems like money truly never sleeps in the fintech realm. And as CEOs fret over cybersecurity risks while embracing the $26.67 billion AI revolution, it's evident that the industry is both a gold mine and a minefield, where caution and innovation must waltz hand in hand. So, strap in and hold onto your digital wallets, because the fintech rollercoaster is only just revving up for the thrilling ride ahead - one where disruption meets opportunity at breakneck speed and the only constant is change.

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