60 FinTech Statistics, Facts, and Trends for 2024

FinTech leverages the latest technology and innovation to revolutionize the financial industry. It aims to improve how people manage money by ensuring speed, reliability, and security. From mobile transactions to robo-advisors and automated solutions, FinTech offers faster, cheaper, and more accessible financial services like banking, payments, investing, and insurance.

In our fast-changing world, staying abreast of the latest changes and developments in the FinTech industry is essential. Thus, this article compiles 60 FinTech statistics to follow in 2024. The insights from these FinTech stats can help you make the right decisions as a financial expert or investor.

Read on!

FinTech Market Size and Growth Statistics

The FinTech industry is very successful with an ever-increasing market value. These statistics show you the prospects of FinTech growth and its potential to reshape the financial landscape worldwide.

1. The FinTech market value is estimated to reach US$349.10 billion in 2024. By 2032, FinTech revenue may hit US$1,152.06 billion with a 16.5 percent CAGR during the forecast period.

2. In North America alone, the FinTech industry ended 2023 with US$100.36 billion.

3. The largest FinTech market will be Digital Assets with an AUM worth US$80.08 billion in 2024, accounting for more than 25 percent of the industry.

4. The number of FinTech companies worldwide has more than doubled from 12,131 in 2020 to over 26,346 in 2024.

5. The United States has the largest FinTech companies in the world and the highest number of FinTech unicorns. Moreover, about half of the top FinTech unicorns were headquartered in the US.

6. India ranks third among countries with the top FinTech companies worldwide, trailing behind the US and the UK with first and second positions, respectively.

7. Over US$480 billion in venture capital funding has gone into FinTech startups since 2016, and over US$1.1 trillion of exit value has been created in the same period. Plus, FinTech startups are now worth US$3.7 trillion.

8. As of January 2024, Visa and Mastercard, headquartered in the United States, are the two largest FinTech companies with a market capitalization of about US$520 and US$396 billion, respectively.

9. Nubank (A Brazilian digital bank) raised capital of approximately US$3.9 billion as of July 2023. Rakuten, Chime, and C6 Bank followed after, raising capital of about US$2.3 billion each.

10. Based on reports in January 2024, the Americas (North America, South America, Central America, and the Caribbean) had the largest number of FinTechs globally, with approximately 13,100 FinTech companies compared to 10,969 in the EMEA region.

FinTech Adoption and Usage Statistics

Investors and other financial professionals are increasingly adopting FinTech solutions. These statistics pinpoint the rate of adoption of FinTech platforms worldwide.

11. In 2019, the United States saw a 54 percent adoption rate of FinTech solutions, exceeding $26 billion in the investment deal value. China, which led in adoption worldwide, recorded nearly 90 percent adoption in the same year.

12. In 2021, 56 percent of banking and payment SMEs worldwide used FinTech solutions in their operations daily.

13. AI chatbots are revolutionizing user interactions in the FinTech industry. In 2019, it was estimated that chatbot engagements would surge by 3,150% between 2019 and 2023, which was largely the case.

14. The number of digital payments users is expected to reach 4.81 billion in 2028, while other FinTech segments will increase their user base but remain below the number of digital payments users.

15. The percentage of Americans using FinTech solutions increased from 37% in 2020 to 48% in 2021, showing a geometric rise in FinTech adoption across the US.

16. The US National Library of Medicine published a study showing that people younger than 30 years were more likely to use FinTech products than those above 30 years of age. The study further emphasized that the reason for the discrepancy is those above 30 years were more cautious and critical before using a FinTech solution.

17. As of 2023, SSRN eLibrary published that 29% of men use FinTech, whereas 21% of women use FinTech. Across the world, men are quicker to adopt FinTech solutions than women.

18. The World Payments Report from the Capgemini Research Institute forecasts that global non-cash transaction volumes will reach 1.3 trillion in 2023 and are expected to surge to 2.3 trillion in 2027.

19. In 2022, the Digital Payments sector led the FinTech industry with a global transaction value of $8,487.9 billion. China dominated this market, achieving a transaction value of $3,496.6 billion, the highest worldwide.

20. In 2024, the Digital Payments market is forecasted to reach a total transaction value of $11.55 trillion, with China leading at $3,744 billion.

21. The Digital Payments market is projected to grow at an annual rate of 9.52% (CAGR 2024-2028), reaching $16.62 trillion by 2028.

22. A Worldpay report states that in 2023, digital wallets were used for $13.9 trillion worth of global transactions, representing half of all online purchases and 30% of point-of-sale transactions.

23. In 2021, more consumers used digital banking, with 61% engaging with digital channels weekly.

24. Globally, 64% of consumers used at least one FinTech platform in 2019, a significant increase from 33% in 2017.

FinTech Investment and Funding Statistics

Investment and funding are critical to the growth and innovation of the FinTech sector. These statistics offer valuable insights into the financial landscape of the FinTech space.

25. In 2023, global FinTech investment dropped to $51.2 billion over 3,973 deals from $99 billion in 2022, though a strong average deal size of $12.9 million indicated sustained investor confidence.

26. In 2023, late-stage funding for financial services and FinTech startups fell to $25 billion, the lowest since 2017. Early-stage investments also declined to $12.4 billion, marking the smallest amount since 2016.

27. From 2012 to 2021, the share of global VC investments in FinTech startups increased drastically, reaching a peak in 2021 when FinTech accounted for 18 percent of all global VC investments.

28. The global investment in FinTech companies surged drastically between 2010 and 2019, culminating in a total value of $216.8 billion by the end of the period.

29. Despite considerable activity in the FinTech sector, Africa has produced only a few FinTech unicorns—startups valued at $1 billion—and the profitability of numerous ventures remains uncertain.

30. In Q1 2022, the total number of global FinTech funding deals reached 1,482, marking an increase of nearly 20% from Q1 2021.

31. In 2022, the global financial services market received more than $25 billion in funding.

32. Since 2016, FinTech startups have received over $480 billion in venture capital funding, generating over $1.1 trillion in exit value within the same period.

33. In Q3 2023, global FinTech startups raised $6 billion, marking the lowest funding level since 2017.

34. In 2022, FinTech outpaced health as the top investment sector and saw rapid growth over two years. However, its funding fell sharply in 2023 compared to the general VC market.

35. 500 Global and Sequoia Capital are the top VC investors in FinTech startups.

36. Sixty percent of credit unions and 49% of banks in the US consider partnerships with FinTech companies as crucial.

FinTech Regulatory Landscape Statistics

FinTech regulations are crucial for maintaining the integrity of the sector. These stats show you the impact of regulatory developments on startups and top FinTech companies in the world.

37. The 2023 State of Marketing Compliance Report highlights key challenges for FinTechs: comprehensive oversight (35%), bandwidth and headcount (27%), and keeping up with regulations (21%).

38. Forty percent of FinTechs monitor all third-party compliance, while others only conduct sample QA or review materials when specific issues arise.

39. Sixty-five percent of FinTechs do not monitor compliance on at least one marketing channel.

40. Between 2015 and 2021, the RegTech market value grew at a compound annual growth rate (CAGR) of about 23.1%.

41. By 2024, payment fraud losses from online transactions are expected to increase by approximately 52%.

FinTech Innovation and Disruption Statistics

Learn about the latest innovations and disruptions in FinTech through these revealing statistics.

42. A Goldman Sachs study estimated that FinTech could potentially disrupt up to $4.7 trillion in revenue currently earned by traditional financial services.

43. Peer-to-peer (P2P) digital lending, valued at $43.16 billion in 2018, is projected to grow to $567.3 billion by 2026, with a CAGR of 26.6%.

44. In 2018, 66.7% of senior banking executives noted significant global impacts from non-traditional financial firms on wallets and mobile payments.

45. The Juniper Research study predicts that biometric authentication will secure payment transactions worth up to $2.5 trillion, with over 60% of these transactions processed remotely.

46. The FinTech Blockchain Market is projected to grow from USD 4.66 billion in 2024 to USD 31.84 billion by 2029, expanding at a CAGR of 46.92% between 2024 and 2029.

47. InsightAce Analytic predicts that the Decentralized Finance (DeFi) Market will surpass $398.77 billion by 2031, showing substantial growth from its $20.22 billion value in 2023.

48. Blockchain and regulatory technology (RegTech) are among the most rapidly expanding sectors within the FinTech industry.

49. The annual VC funding in InsurTech rose from 348 million dollars in 2012 to over 6.37 billion dollars in 2019.

50. The Insurtech market is expected to grow at a compound annual growth rate (CAGR) of approximately 43.9% from 2021 to 2030.

51. Mobile technology adoption in the InsurTech industry is projected to increase by 58% by 2025. 

FinTech User Experience Statistics

Insight into user experience is crucial to increase Fintech’s growth and adoption. These stats provide insight into improving user engagement and retention.

52. E-commerce significantly drives FinTech growth, with a Compound Annual Growth Rate (CAGR) of 10–12%, largely due to shifting consumer behavior.

53. Sixty percent of consumers prefer financial institutions offering a unified platform, like social media or mobile banking apps, for transactions.

54. Ninety-six percent of global consumers are familiar with at least one FinTech service or company.

55. Sixty-three percent of insurance company CEOs consider IoT as strategically significant for their business.

56. Alchemer’s 2022 Mobile App Customer Engagement Report revealed that FinTech apps have a 30-day retention rate of 73%, a 90-day retention of 65%, and annual retention of 48%.

57. According to a PwC report, 70% of consumers prioritize user experience in their purchasing decisions, and many are willing to pay extra for a better experience.

58. A PwC report found that Gen Z prioritizes design, brand personality, and mobile experience compared to the general population.

59. A McKinsey & Company report discovered that integrating personalized experiences within finance and general service apps can significantly boost mobile sales engagement.

60. Adopting omnichannel strategies in finance and banking apps helps banking firms retain 89% of their clients. 

Unlock FinTech Insights

This article has outlined key FinTech statistics and trends shaping the industry in 2024. The data underscores the sector’s remarkable growth, driven by innovation in areas like mobile payments, blockchain technology, and AI.

These insights hold significant implications for various stakeholders. Investors should prioritize FinTech companies with strong growth potential and disruptive solutions. Entrepreneurs can leverage these trends to identify market gaps and develop innovative financial products. Also, traditional financial institutions must adapt and embrace collaboration with FinTech startups to remain competitive.

Policymakers have a crucial role in fostering a supportive regulatory environment that encourages responsible innovation while mitigating potential risks.

Mandala AI is a tool that can help you understand these trends and their implications so that all stakeholders can make informed decisions to drive financial inclusion, enhance security, and propel the FinTech revolution forward.

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