57+ Incredible Fintech Stats (2022-2024)

by Josh Howarth - June 22, 2022

The fintech space is making fast strides across many financial sectors, including consumer and B2B.

Fintech investment and consumer adoption are clearly on the rise. But to what extent? And where is this industry headed?

This list has you covered with a wide range of key, up-to-date financial technology (fintech) statistics.

Contents

Top Fintech Stats (Editor's Picks)

  • As of 2022, the fintech space is worth $179 billion.
  • There are approximately 30,000 fintech startups.
  • Around 90% of Chinese citizens use fintech banking.
  • Visa is the largest fintech company with a valuation of almost half a trillion USD.

Fintech Industry Size

The fintech industry is worth approximately $180 billion (Deloitte)

The fast-growing space is projected to reach $179 billion in 2022. And is predicted to reach $213 billion by 2024.

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Global fintech industry revenue has nearly doubled since 2017 (Deloitte)

In 2017, global Fintech industry revenue was approximately $90.5 billion. That figure has grown by 97% since then.

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Here is a full breakdown of fintech industry revenue (converted from Euros) between 2017 and 2024:

Year Americas EMEA Asia Pacific Total Change over the previous year
2017 $30.5 billion $20 billion $33.7 billion $84.2 billion -
2018 $36.2 billion $21 billion $40 billion $97.2 billion ↑ 15.4%
2019 $44.2 billion* $22 billion* $47.3 billion* $111.5 billion*

↑ 14.7%*

2020 $51.6 billion* $24.2 billion* $56.8 billion* $132.6 billion* ↑ 18.9%*
2021 $57.9 billion* $25.3 billion* $67.3 billion* $150.5 billion* ↑ 13.5%*
2022 $61 billion* $27.4 billion* $77.9 billion* $166.3 billion* ↑ 10.5%*
2023 $64.2 billion* $29.5 billion* $89.4 billion* $183.1 billion* ↑ 10.1%*
2024 $66.3 billion* $30.5 billion* $101 billion* $197.8 billion* ↑ 8%*

*2018 prediction.

The number of fintech startups has more than doubled in two years (BCG)

There are currently over 26,000 fintech startups worldwide. This figure has grown dramatically over the past few years (up from only around 12,000 fintech startups in 2019).

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Fintech Investment Statistics

Fintech industry investment has increased 3.5x since 2015 (KPMG)

As fintech revenue has grown, so too have investments in the industry. Total investment has varied each year but there is a general upward trend over the last decade.

In 2012, investment in fintech totaled $4 billion. This increased year-over-year until 2015, reaching $67.1 billion - a 17x increase.

This figure then slowly declined before surging to $147.9 billion in 2018. And increasing further to $215.4 billion in 2019.

In the first half of 2021, investment in fintech companies reached a then-record-breaking $98 billion - a $19.9 billion increase in the second half of 2020.

By the end of 2021, fintech investment reached $210 billion.

VC Fintech Funding

Venture capital investment has consistently topped $40 billion per year (CB Insights)

Venture capital funding in the fintech industry more than doubled between 2017 and 2018. And has remained fairly consistent since.

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Here is a breakdown of the last few years of VC funding in the fintech space:

Year VC Funding % Change Number of Deals % Change
2016 $23.53 billion - 1,609 -
2017 $23.14 billion ↓ 1.67% 1,978 ↑ 22.93%
2018 $48.33 billion ↑ 108.86% 2,390 ↑ 20.83%
2019 $43.99 billion ↓ 8.98% 2,361 ↓ 1.21%
2020 $43.11 billion ↓ 2% 2,081 ↓ 11.86%
Q1 2021 $22.78 billion - 614 -

North America is responsible for more than half of all fintech VC funding (CB Insights)

Looking closer at Q1 2021, North America dominates VC funding in fintech startups.

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Below are VC fintech funding stats (Q1 2021) broken down by region:

  • North America - $12,822 million (56.3%)
  • Europe - $5,049 million (22.2%)
  • Asia - $3,668 million (16.1%)
  • South America - $999 million (4.4%)
  • Australia - $193 million (0.8%)
  • Africa - $45 million (0.2%)

Three different fintech sectors receive $5 billion+ in VC funding per year (CB Insights)

Between 2016 and Q1 2021, capital markets received the most VC investment ($8.07 billion).

This was followed by payments ($6.03 billion) and wealth management ($5.43 billion).

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Here’s a detailed look at the distribution of VC funding within the fintech industry over the last few years:

Rank Sector Funding
#1 Capital markets $8.07 billion
#2 Payments $6.03 billion
#3 Wealth management $5.43 billion
#4 Digital lending $3.97 billion
#5 SMB $3.36 billion
#6 Banking $3.27 billion
#7 Real estate $2.42 billion
#8 Insurance $2.30 billion

Leading Fintech Companies

Visa is the largest fintech company by market cap (Google Finances)

In terms of fintech companies, Vis leads the way with a market capitalization of $477.95 billion.

This is closely followed by Mastercard with a $367.84 billion valuation.

20+ other fintech companies have passed the $10 billion "Decacorn" mark.

Over half of the top 20 fintech companies by market cap are based in the US (Google Finances)

11 of the top 20 fintech companies by market cap are American.

Just two are based in China, yet they ranked third and fourth for market cap.

The UK also has two fintech companies in the top 20. While Ireland, the Netherlands, Sweden, Brazil, Singapore, Indonesia, and India each have one.

Here are the top 20 fintech companies by market value according to a 2022 report:

Rank Company Country Market Cap
1 Visa United States $477.95 billion
2 Mastercard United States $367.84 billion
3 Ant Financial China $312 billion
4 Tencent China $238.12 billion
5 Intuit United States $156.94 billion
6 PayPal United States $140.1 billion
7 Stripe Ireland $95 billion
8 Fiserv United States $65.72 billion
9 Adyen Netherlands $65.21 billion
10 Square United States $58.78 billion
11 Klarna Sweden $45.6 billion
12 Coinbase United States $4.92 billion
13 Nubank Brazil $41.5 billion
14 Checkout.com United Kingdom $40 billion
15 Grab Singapore $39.6 billion
16 Gojek Indonesia $35 billion
17 Revolut United Kingdom $33 billion
=18 Chime United States $25 billion
=18 Paytm India $25 billion
20 Bill.com United States $24.47 billion

Fintech Adoption Rates

90% of Chinese citizens use fintech banking, payment, and financial management solutions (EY)

Looking at individual countries, China led the way in terms of fintech banking and payment adoption in 2019 with 92%. In fact, China is the front-runner in terms of fintech adoption across the board.

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Here’s a closer look at five countries’ fintech adoption rates across different fintech categories:

Country Banking and payment Financial management Financing Insurance
China 92% 91% 89% 62%
US 52% 49% 41% 31%
Mexico 49% 36% 31% 23%
South Africa 47% 43% 34% 26%
UK 41% 37% 34% 24%
Total 56% 51% 46% 33%

US personal loan agreements using fintech have increased by 33% (TransUnion)

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Taking a closer look at the US, digital banking has been on the rise over the last five years.

In 2018, an estimated 61.3% of Americans used some form of digital banking. This figure has increased year-over-year by at least 0.5%.

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As of 2022, approximately 65.3% of the US population uses digital banking.

Leading up to 2018, Americans had increasingly sourced personal loan agreements using fintech. Between 2013 and 2018 there was a year-over-year growth from 5% to 38%.

What the Experts Say

Most senior banking executives believe fintech has a large impact on the wallet and mobile payments (Capgemini)

undefinedSearches for "digital wallet" are up over 1,014% in the last 10 years

A recent survey found that banking executives believed non-traditional financial firms were having a notable impact on certain sections of the financial industry.

Here is a breakdown of the proportion of senior banking executives that believed fintech companies were having a large impact in 2018 (per section):

  • 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%

These beliefs reflect many of the increased adoption rates seen above. And proved to be a relatively strong indicator of fintech growth in these sectors.

Conclusion

That concludes our deep dive into the fintech space.

It is clear that fintech is very much a part of the future in finance. And it’s an industry well worth monitoring in the coming years.

If you enjoyed reading our fintech stats, we have related posts for fintech trends and banking trends.

Written By
Josh Howarth
Co-founder of Exploding Topics.
548 Market St. Suite 95149
San Francisco, California
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