Global Fintech Report 2025: Fintech's Next Chapter - Scaled Winners and Emerging Disruptors (Boston Consulting Group)

Summary

• Global fintech revenues grew robustly at 21% in 2024, versus 13% in 2023.p.3
• Fintechs with more than $500 million in annual revenue generated $231 billion in total, approximately 60% of the industry's revenue.p.3
• Fintechs have penetrated only about 3% of global banking and insurance revenue pools.p.3
• Equity funding was down 13% year over year in 2024, compared to 51% the previous year, while only 28 fintechs went public.p.5
• Payments account for roughly 55% (or ~$126 billion) of all scaled fintech revenues in 2024.p.9
• The US accounts for about 52% (or ~$120 billion) of scaled revenues, China for 16% (~$38 billion) and Europe for about 8% (~$19 billion).p.11
• Private credit funds have a roughly $280 billion white-space opportunity in fintech lending.p.29

Key insights

1. There are 150 fintechs founded before 2016 with at least $500 million in cumulative equity funding that have not yet gone public.p.3
2. Venture capital globally holds $677 billion in dry powder, of which 13% was allocated to fintechs, on top of approximately $1.5 trillion in private equity dry powder.p.7
3. In 2024, Block was fined $86 million for AML failures, and the collapse of Synapse led to the potential loss of up to $96 million in customer funds.p.5
4. Stripe's acquisition of Bridge ($1.1 billion) and Ripple's purchase of Hidden Road ($1.3 billion) underscore momentum in onchain finance.p.18
5. The average challenger bank deposit balance is $970 globally, compared with around $15,000 at traditional retail banks.p.23
6. Private credit fund assets under management have reached $1.7 trillion, growing at a 20% CAGR over the last five years.p.26
7. Fintechs have penetrated only about 3% of the $2 trillion in global lending revenues.p.25