43 Fintech Statistics For 2024 (Startups, Financials & Trends) (2024)

The adoption rate of the fintech industry has increased exponentially over the past four years. Currently, 64% of consumers use two or more fintech services.

These increasing adoption rates are boosting the market growth, which is forecasted to reach $556.58 billion by 2030.

“What is the current status of the Fintech Market?”, “ How many Fintech startups are there?” “ Which is the leading fintech Company?” we have addressed all these questions in the article below.

Fintech Statistics 2024: Top Picks

1. As we enter 2024, there are around 26,300 fintech startups globally.

2. The fintech industry is anticipated to generate $4,743.97 billion in 2023.

3. The Fintech Market was valued at $133.84 billion in 2022.

4. The success rate of fintech startups is 25% as of 2024.

5. Visa is the largest fintech company and has a market capital of $465.13 billion.

6. $23 billion was invested in the fintech Industry In the first half of 2023.

7. 2,153 deals in the fintech industry witnessed funding of $52.4 billion in the first half of 2023.

8. The United States contributes over 54% to the Fintech Market.

9. AI in fintech market is forecasted to be valued at $42.83 billion in 2023.

10. Mobile transactions increased by 54% worldwide due to the spread of the COVID-19 pandemic.

After observing the latest trends in the Fintech industry, it can be concluded that the industry will be prosperous in 2024 and contribute significantly to the world economy.

How many Fintech Companies are there?

11. There are 26,300 fintech startups worldwide as of 2024.

This is an increase of around 5,300 fintech startups compared to the previous year.

Did you know? There are over 150 million startups in the world.

12. 75% of the Venture-backed fintech startups fail worldwide.

Comparatively, the education industry has a 44%, and the information industry has a 63% startup failure rate. At the same time, the failure rate of startups is 90% globally.

Source: UpsilonIT.

13. The Americas has the most fintech startups globally.

As of 2023, there are 11,651 fintech startups in the United States. Comparatively, there are 11,651 and 5,061 fintech startups in the MEA and APAC region.

Here is a table showing the number of fintech startups in different regions of the world:

Source: Statista.

14. Silicon Valley, New York City, London, Singapore, and Los Angeles are the top five fintech hubs worldwide.

There are more than 696 startups and scaleups in these hubs, and they account for 31% of the global fintech activity.

Source: StartUs Insights.

Fintech industry statistics

15. The Global Fintech industry is forecasted to grow at a CAGR of 19.50% between 2023 and 2030.

According to Vantage Market Research, the Global value of the Fintech industry was $133.84 billion in 2022. The global fintech market is expected to reach $556.58 billion in 2030, according to the estimate made in the report.

16. The fintech industry is expected to generate $4.74 trillion in revenue in 2023.

This displays an expected hike of approximately $1.41 trillion compared to the previous year. The industry generated a revenue of $3.33 trillion in 2022.

Here are further details about the revenue generated by the fintech industry over the past years and the forecasted value for the upcoming years.

Source: Statista.

17. Most senior banking executives believe fintech largely impacts wallet and mobile payments.

66.7% of the executives believe that fintech companies affect wallets and mobile payments, while 62.5% believe that fintech companies affect cards and other traditional payments.

Here are further details about the areas that are largely impacted by the fintech companies.

• Wallets and mobile payments: 66.7%
• Cards and other traditional payments: 62.5%
• Savings and checking accounts: 33.3%
• Value-added services: 29.2%
• Loans/mortgages: 12.5%
• Wealth and asset management services: 8.3%

Source: Capgemini.

Fintech investment statistics

18. The global investments in the fintech industry were recorded to be $23 billion in H1 2023.

This was a decrease of 49% as compared to the previous year. The investments were recorded to be $46 billion in the second half of the year 2022.

Here are further details about the investments made in the Fintech industry over the years.

Source: S&PGlobal, exploding topics.

19. The United States garnered $12.16 billion in investments in H1 funding in 2023.

This decreased by 28% compared to H1 2022. Meanwhile, the United States witnessed a sharper decline of 83% compared to the previous year.

At the same time, other large Fintech hubs like India and Singapore witnessed a fall of 27% and 43%, respectively.

Only Germany and China dodged the economic slowdown and were able to have a funding growth of 21% and 461%.

Source: S&PGlobal.

20. The global economic fintech funding severely impacted Europe, the Middle East, and America.

Their fintech investments dropped by 75%, reaching $4.28 billion in 2023. Meanwhile, the Asia Pacific region witnessed a drop of 19% in their investments.

Here are further details about the investments recorded over the past years in different regions worldwide.

Source: S&PGlobal.

Fintech funding statistics

21. The global fintech funding deals reached 1482 in the first quarter of 2022.

This was a 20% increase in growth compared to the previous year.

Source: G2.

22. The fintech deals resulted in $52.4 billion in the first half of 2023.

According to KPMG, 2,153 deals occurred in the first half of 2023.

Besides, the funding in the Americas region climbed from $28.9 billion in H2 2022 to $36 billion in H1 2023.

23. Insurance fintech enterprises secured $3.8 billion in funding in 2020.

24. The venture capital funding in the fintech industry decreased to $80.5 billion in 2022.

This was a decrease of over $42 billion compared to the previous year. The industry was able to grab the highest venture capital funding in 2021.

Here are further details about the venture capital funding recorded in the fintech industry over the past years.

Source: Statista.

25. 1,818 fintech deals were registered in the first half of the year 2023.

6128 venture capital-backed investment deals took place in the fintech industry worldwide in 2022. These numbers have started to decrease since the first quarter of 2021.

Here are further details about the number of venture capital-backed investment deals in the fintech industry worldwide.

Source: Statista.

26. The highest value of venture capital funding is recorded in the Americas sector in 2022.

The total value of the funding in the American region was recorded to be $40.3 billion. While that is the Europe, the Middle East and Africa region eas recorded to be $25 billion.

Here are further details about the venture capital funding recorded in the fintech sector over the past year in different regions.

Source: Statista.

27. The wealth tech sector witnessed a 36% increase in funding in the second quarter of 2022.

In this quarter, over 180 deals were secured.

Source: CB Insights.

Fintech adoption statistics

28. China and India have the highest fintech adoption rates as of 2023.

These countries have recorded the adoption rate to be 87% among the public. Meanwhile, the global average fintech adoption rate is 64% as of 2023.

The reports further reveal that India has bagged 3rd place in digital payments, followed by the United States and China.

Here are further details about the countries with the highest fintech adoption rate.

• China: 87%
• India: 87%
• South Africa: 82%
• Colombia: 76%
• Peru: 75%

Source: The Economic Times, EY.

29. Over 65% of the population in the United States have adopted digital banking as of 2022.

In 2018, approximately 61.3% of the people in the United States used some form of digital banking. This figure has increased by a minimum of 0.5% yearly over the past years.

30. 88% of the consumers in the United States reported that they now use fintech apps and services.

While 73% of the fintech users in the country said that fintech helped them make smarter financial decisions.

At the same time, 76% of consumers in the United States said their first priority is connecting their accounts to apps and services when choosing banks.

Source: Plaid.

Fintech blockchain statistics

31. The Fintech blockchain market is valued at $3.17 billion as of 2023.

According to the Mordor Intelligence report, the market is predicted to reach $21.67 billion by the end of 2028. The report adds that the average annual growth rate will be 46.92%.

This rapid growth resulted in the increased demand for cryptocurrency and ICOs.

Source: Global News Wire.

32. The United States contributes over 54% of the fintech blockchain market globally.

According to the UNCAD report, UA and China together are expected to have 75% of the patent applications in the fintech blockchain in the future. Hence, it is anticipated to have the majority of the Fintech blockchain market.

Source: Fortune Business Insights.

Here are some more fintech blockchain statistics

• Global investments that targeted blockchain and cryptocurrency enterprises reached $1.2 billion.
• The global expenditures on blockchain-related solutions are expected to reach $19 billion by 2024.
• 50% of the costs of the fintech sector can be reduced by adopting blockchain.

Source: G2.

AI in Fintech

33. The AI in the fintech market is anticipated to be worth $42.83 billion in 2023.

The market is forecasted to reach $49.43 billion by the end of 2028, growing at a CAGR of 2.91% between the forecasted period of 2023 and 2028.

Source: UVIK

34. AI can boost the revenue of Financial services by 34%.

The AI segment dominated the Fintech market, accounting for 77.5% of the global revenue.

Source: UVIK.

35. The global artificial intelligence fintech market is growing at a CAGR of 16.5%.

According to Grand View Research, in 2021, the market was valued at $9.45 billion and was forecasted to grow at 16.5% between 2022 and 2030.

36. 32% of the fintech companies have already adopted the usage of AI technologies.

AI plays a significant role in protecting fraudulent instances in the fintech industry and is used to protect the personal information of consumers in the fintech industry.

Source: Tableau.

37. 90% of the global FinTech Companies already rely heavily on artificial intelligence and machine learning.

This is due to the increased reliance of fintech companies on mobile digital devices powered by machine learning. 79% of the successful chatbot interaction will be through mobile banking apps as of 2023.

Source: Cambridge Center for Alternative Finance, Techmergent.

38. North America dominated the AI Fintech Market with more than 40% of the global revenue share.

Besides, the Asia Pacific region is expected to have a faster CAGR growth in the AI fintech industry between 2022 and 2030.

Source Gran View research.

Covid-19 impact on fintech

39. The COVID-19 pandemic boosted the adoption rate and increased the payment concentration of Fintech.

There was an increase of 54% in mobile transactions post covid. Meanwhile, mobile banking agents and mobile banking accounts increased by 19.56% and 14.56% during the pandemic.

Source: National Library of Medicine.

40. Digital payments were the largest segment by transaction values post-pandemic.

Digital payments in fintech accounted for 63% of all retail-facing fintechs. Digital lending was the second largest market segment, accounting for 20% of the transaction values.

Source: University of Cambridge.

41. The majority of the fintech revenue in India is generated through UPI payments.

A large share of the UPI market in India is owned by Phone and Google Pay. They own a market share of 43% each.

42. Around the world, 55% of people using digital payments belong to the low-income category.

Source: We Forum.

Leading fintech companies

43. Visa is the largest Fintech company with a market cap of $465.13 billion.

Mastercard is the second largest fintech company, with a market cap of $344.57 billion. Both the top fintech companies have their main headquarters in the United States.

Here are further details about the leading fintech companies worldwide.

Source: Statista.

Related Reads: