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Fintech in 2024: Trends and transformations which can redefine financial services

As of FY23, the combined revenues of all fintech companies in India were estimated at $20 billion, highlighting the substantial economic impact of this sector.

Global Fintech Firms’ Revenue Grows 14% annually between 2021 and 2023: Report

June 28, 2024
in Fintech
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Global fintech companies have seen their revenues grow at a compound annual rate of 14% between 2021 and 2023, despite a significant drop in funding and valuations, according to a report by Boston Consulting Group (BCG) and QED Investors. This growth highlights a shift in the industry, where key players have managed to achieve profitability and scale their operations effectively.

From 2021 to 2023, the average valuation multiples for fintech firms fell dramatically from 20x to 4x. The report, based on insights from interviews with over 60 global fintech CEOs and investors, identifies the main forces shaping the industry and trends driving innovation. 

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Concurrently, equity funding for fintechs dropped from $144 billion in 2021 to $42 billion in 2023. According to Deepak Goyal, BCG managing director and senior partner, “Profitability and compliance are now the cornerstones of fintech success. They are essential for attracting continued investment, scaling operations, and building lasting, valuable companies,” as quoted by Financial Express.

The report indicates that the fintech industry has moved away from the “growth at all costs” model, emphasizing sustainable and profitable growth instead. This transition has led to an average improvement of nine percentage points in profit margins.

Looking forward, the report suggests that the fintech industry will face a prolonged period of higher interest rates, which will continue to increase funding costs. In this new financial landscape, the era of rapid growth fueled by inexpensive capital is ending. Additionally, new regulatory norms emerging globally will play a crucial role in shaping the industry’s future.

Tags: FintechFintech IndustryGlobal Fintech firmsGlobal Fintech Firms revenue

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