Fintech Statistics: 90 Fintech Industry Stats 2024

Do you know the Fintech industry is growing at a CAGR of 14% and is estimated to generate a whooping revenue of $608.35 Trillion by the end of 2029? Such a high-growing CAGR shows us that the Fintech industry is on the rise and can accumulate various startups in this segment. 

But what are the trends and where is the Fintech industry headed? We will discuss all this on our blog and inform you about all the top trends. So, let’s dive in and check the content of this post:

Fintech Key Statistics 2024

• Digital payments hold 25% of the total Fintech market share making it the highest contributor. 
• There are approximately 13,100 fintech startups around America and 29,995 Fintech startups Globally. 

Source: Statista

• In the United States, 49% of banks and 60% of credit unions think technology partnerships are crucial. (Financesonline)
• There were around 197 million Digital banking users in America in 2021; it is forecasted to reach almost 215 million by the end of 2025. (Statista).
• $10.9 Trillion was the total transaction value of global digital payments in 2023 which was approximately $1.30 trillion more as compared to 2022. (Statista)
• Visa is the largest Fintech company as per the market cap. (Source: courses.cfte.education)
• In 2022, the average financial loss due to P2P scams was $176 per consumer.
• In 2023, it is anticipated that over 159 million Americans will have made at least one P2P mobile payment.
• P2P payments are the preferred method of payment for regular services, according to 6% of Americans. Credit cards (26%) and debit cards (42%) continue to be the most widely used payment methods. (Forbes)
• Mobile banking apps have expanded from 35% to 80% in 2020. (Industryarc)

Fintech Industry Size Statistics

• The Fintech industry was worth approximately $226.76 billion in 2023. (EMS)
• In 2017 the Fintech industry’s revenue was $84.2 billion and since then it has doubled and is estimated to be $197.8 million. (Deloitte)
• The global Fintech funding was $113.7 billion.
• Stripe was by far the most valuable unicorn globally with a market value of approx. $50 billion. (Statista)
• Generative AI in financial services is estimated to grow at a CAGR of 28.1% from 2022 to 2032. (Statista)

Fintech Mobile App Statistics

• China has the largest Mobile app payers and South Korea is ranked second. (BusinessofApps)
• 6/10 mobile users prefer a Fintech app over a website. 
• With the help of Banking app personalization mobile businesses can grow their revenue by 15%. (Storyly)
• Having an omnichannel strategy can help banking firms retain 89% of their clients. (Storyly)
• 73% of smartphone users have used an app to manage their finances in the past month. (Think With Google)

AI Fintech Statistics

• With a projected value of $8.23 billion in 2021 and a compound annual growth rate (CAGR) of 22.5% from 2022 to 2031, the global AI in fintech market is expected to reach $61.30 billion by 2031. (Allied Market Research)
• By 2024, consumer satisfaction levels at banks and other financial institutions that use generative AI for personalization and customer service may rise by 20%. (Market.us)
• By 2024, there may be a 30% decrease in data breaches and cyberattacks in the financial sector thanks to the integration of generative AI with cybersecurity solutions. (Market.us)
• By 2024, false positives in fraud detection and anti-money laundering (AML) procedures may be reduced by 50% thanks to the use of generative artificial intelligence. (Market.us)
• By the end of 2024, 1.6 billion users are forecasted to use a chatbot for banking transactions. (World Metrics)
• As per a report from Statista, 43% of the respondents said that AI in Fintech can benefit in operational efficiencies. (Statista)
• Based on a ranking of the biggest banks in the Americas and Europe based on patent applications, partnership and licensing agreements, dealmaking activity, acquisitions, key personnel, product launches, and earnings transcripts, Capital One had the highest artificial intelligence (AI) readiness index in 2023. (Statista)
• Banks that use AI can see a total savings of $1,00 trillion by 2030. (wifi talents)
• 85% of financial companies are planning to implement AI to streamline their financial processes. (wifi talents)
• 66% of the banks have reported performance gains after using AI. (Wifi Talents)

Fintech Blockchain Statistics

• Fintech Blockchain is growing at a CAGR of 43.8% and is estimated to reach a size of $8.7 billion by the end of 2030. (Spherical Insights)
• According to a survey by PWC, 40% of financial companies believe that Blockchain will change how services are being delivered. (PWC)
• Asia-Pacific is the largest market for fintech blockchain. (Mordor Intelligence)
• By the end of 2024, the fintech blockchain market is expected to reach $4.66 billion. (Mordor Intelligence)

Fintech Trends Statistics

• The U.S. accounted for 38% of worldwide fintech agreements after the quarter, with the country having received the most financing from 2021 to Q2 of 2022. (CB Insights)
• 75% of financial institutions are adding employees and starting fintech-related jobs. (PWC)
• By 2022, 90% of banks, according to IBM, will be developing AI strategies. (Wifi Talents)
• As to Business Insider, seventy-five percent of bank executives think artificial intelligence is the best approach to keep and grow their clientele. (Wifi Talents)
• In the next three years, 93% of financial and insurance organizations, according to Oracle, will implement AI solutions. (Wifi Talents)
• The buy now pay later market is worth $500 million globally. (Exploding Topics)
• Half of the US citizens are interested in BNPL. (Exploding Topics)
• BNPL is a $532.9 billion worth global industry. (Exploding Topics)
• 3 in 5 people have used BNPL service. (C+R Statistics)
• By 2024, the Neobanking market is expected to have a transaction value of $6.37 trillion. (Statista)
• By 2024, it is anticipated that the average transaction value per user in the Neobanking market will be $21.11k. (Statista)
• According to projections, the Neobanking market would have 386.30 million users by 2028. (Statista)
• The CAGR of digital wallets is 15% between 2023-2027. (Statista)
• The market for mobile wallets is expected to grow to $7.581 trillion globally by 2027. (World Metrics)
• As of the fourth quarter of 2023, the average borrower’s debt on a personal loan was $11,773. (Lending tree)
• The global market share of Wealth management systems is growing at a CAGR of 12.9% for 2023-2033. (Spherical Insights)
• By 2033, it is anticipated that the global wealth management platform market will grow to a value of USD 15.5 billion. (Spherical Insights)
• The global CAGR of stock trading apps is 20.8% for 2023-2033. (We Market Research)
• The stock trading app market size is estimated to be $89,800 million by 2033. (We Market Research)

Fintech Startup Statistics

• As of February 2024, the US had 166 Fintech unicorns making them the highest-ranked country that has the most Fintech startups. (Statista)
• Fintech businesses in India have raised approximately $2 billion in funding as of August 31, 2023. This was less than the year before when the startups were funded to the tune of around $5 billion. (Statista)
• A total of 19 insurtech IPOs with IPO values exceeding $5 billion occurred in 2021. (S&P Global)
• With more than 35,000 five-star reviews, M1 Finance is among the best-rated firms and has raised $323 million in series E funding. (Exploding Topics)
• The US is home to over half of the top 20 fintech companies by market capitalization. (Google Finance)
• Investments in venture capital have often exceeded $40 billion annually. (KPMG) 

Fintech User Statistics

• Fintech banking, payment, and financial management services are used by 90% of Chinese nationals. (EY)

• The average balance of unsecured personal loans held by nearly 23 million Americans is approximately $11,500. (Market Watch)
• A Capgemini survey states that 45% of senior executives think AI will aid in the fight against fraud. (Wifi Talents)

Digital Banking Statistics 2024

• 71% of consumers prefer managing their bank accounts through an app or website. (American Bankers Associate)
• Globally, 73% of people use Internet banking at least once a month, compared to 59% who use mobile banking apps. (Deloitte)
• AI can automate 20% of banking and financial activities. (G2)
• By 2026, the estimated cost of AI-based fraud detection in banking will be $68.6 million. (G2)
• Revenues at banks that use AI have increased by 34%.(G2)
• India has about 295.5 million digital banking customers, more than the United States has. (G2)
• 71% of Americans, 69% of Spanish speakers, and 77% of Canadians utilize their online banking services every month. (G2)
• 63% of bank account holders performed banking transactions via a smartphone or tablet during the first quarter of 2023. (G2)
• Global net interest Income from Digital Banks is expected to reach $2.03 trillion by 2024. (Statista)
• It is projected that more than 90% of banking interactions worldwide will take place through digital banking channels by 2025. (Scoop Market)
• According to a survey, 27% of customers would be open to utilizing bitcoins for online banking services. (Scoop Market)
• Approximately 73% of adults in the US actively utilize Internet banking services. (Scoop Market)
• 85% of customers believe that banking online is secure and safe. (Scoop Market)
• Online banking was identified as the preferred form of banking by 68% of respondents in a survey. (Scoop Market)
• According to a Deloitte survey, 11% of participants used online banking services daily, while 40% of respondents used them at least once a week. (Scoop Market)

P2P Fraud Statistics

• In 2022, the average financial loss due to P2P scams was $176 per consumer. (Forbes)
• As of September 30, 2023, the Federal Trade Commission (FTC) had 48,835 reports of payment app or service fraud. (Forbes)
• The predicted total loss from P2P fraud in 2022 was $1.7 billion, a 90% increase from 2021. (Forbes)

BNPL Statistics

• There are 360 million BNPL users across the globe. (Juniper Research)
• It is anticipated that there will be 900 million BNPL customers by 2027, a 157% increase. (Exploding Topics)
• Approximately 1 in 5 BNPL users stays in the US. (Insider Intelligence)
• By 2025, about half of Gen Z is anticipated to use BNPL. (eMarketer)
• Paypal Credit leads the US BNPL market share. (Forbes)
• 55.8% of 2,000 respondents to the study said they had utilized a BNPL service. (Exploding Facts)
• Out of 2000 respondents, 63% said that they use BNPL for clothing. (PYMNTS)
• With 30.3% of the vote, entertainment was the next most popular category for BNPL spending. Reading material came in second with 29.4%. (PYMNTS)
• 42% of the Americans are not interested in BNPL. (eMarketer)
• Out of the total BNPL users, 29% of them use it at least once a month. (C+R Research) 

Conclusion

Now after looking at all the above stats, we can clearly say that the fintech industry is on the rise and it’s the right time to start a business around Fintech. 

Moreover, if you are looking for a finance app development company that can help you develop a fintech application then you should check out Appic Softwares. 

Connect with us now and get your fintech app developed in no time!