North America Fintech Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 123.72 Billion |
| Market Size (2029) | USD 277.09 Billion |
| CAGR (2024 - 2029) | 17.50 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
North America Fintech Market Analysis
The North America Fintech Market size is estimated at USD 123.72 billion in 2024, and is expected to reach USD 277.09 billion by 2029, growing at a CAGR of 17.5% during the forecast period (2024-2029).
Fintech, which stands for financial technology, involves harnessing technological advancements to offer financial services with greater efficiency than traditional institutions. It includes mobile banking, peer-to-peer lending, crowdfunding, robo-advisors for wealth management, and digital payments. Fintech companies leverage technology to offer services that are more convenient and cost-effective than traditional financial institutions.
The North American fintech market is dynamic and rapidly evolving, with companies revolutionizing how people access financial services. Key segments include digital payment solutions like mobile wallets and peer-to-peer payment platforms. The regulatory environment in North America is relatively favorable for fintech companies, with regulators encouraging innovation. North American consumers and businesses are early adopters of fintech solutions, driving the demand for digital banking and mobile payments. North America attracts significant investment and funding in the fintech sector, with venture capital firms, banks, and other financial institutions investing in startups and innovative technologies.
North America Fintech Market Trends
Growth in the North American Digital Payment Market
North America's digital payment transaction value has grown significantly in recent years, driven by several factors. The expansion of e-commerce has substantially increased the demand for efficient and secure digital payment solutions. This growth reflects consumers' increasing preference for seamless and reliable payment methods, driven by technological advancements and the rise in online shopping.
The widespread adoption of mobile and contactless payments is another major contributor, offering consumers enhanced convenience and speed. Technological improvements, including enhanced security measures and innovative payment platforms, further stimulate the market's growth. Supportive regulatory environments and increased investment in digital payment infrastructure also improve market accessibility. The COVID-19 pandemic accelerated the shift to digital transactions, with businesses and consumers increasingly favoring contactless and remote payment methods. This transition has further reinforced the movement toward a cashless economy.
The United States is Leading the North American Fintech Market
The United States has significantly altered various aspects of finance, including lending, investing, loan selection, startup support, and acquisitions. A notable trend shows that one-third of US digital consumers now use two or more fintech services, indicating increased acceptance and integration of fintech solutions in daily financial activities.
The US fintech market continues to grow, as reflected in its increasing market value. Neo-banking and digital payments lead in transaction value, attracting increased investment from new market entrants. This expansion is driven by consumer demand for more convenient, efficient, and accessible financial services.
Consumers aged 18-40 show higher trust in fintech brands compared to traditional financial institutions. This demographic shift suggests a changing landscape in financial services, with younger generations more readily adopting innovative financial technologies.
These trends in the United States significantly influence the broader North American fintech landscape. As the US market matures, it establishes benchmarks and patterns that often extend across the continent, potentially shaping the development of fintech sectors in neighboring countries.
North America Fintech Industry Overview
The North American fintech market is largely consolidated, with a few dominant players in each sub-sector of the industry. This consolidation has been driven by a few factors, including high barriers to entry due to regulatory compliance requirements, the need for significant capital investment to develop and scale fintech solutions, and the network effects that arise as fintech companies grow and develop their customer bases. Some of the major players in the market are Stripe, Chime, Avant, Wealthsimple, and SoFi.
North America Fintech Market Leaders
-
Avant, LLC
-
SoFi Technologies, Inc.
-
Wealthsimple Inc.
-
Stripe, Inc.
-
Chime Financial, Inc.
*Disclaimer: Major Players sorted in no particular order
North America Fintech Market News
- August 2024: Stripe was named a Leader in the 2024 Gartner Magic Quadrant for Recurring Billing Applications. Launched in 2018, Stripe Billing manages hundreds of millions of subscriptions for over 300,000 companies, offering flexible billing models and features. This recognition highlights its strong execution and vision in the billing sector.
- June 2024: Stripe launched new features in France, including Alma鈥檚 BNPL integration and advanced Stripe Terminal capabilities. The strengthened CB partnership now supports CB on Apple Pay and enhanced transaction features. Stripe's French user base has grown significantly, with major companies like Accor and TF1 joining the network.
North America Fintech Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS AND DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Innovations Such as Blockchain, Artificial Intelligence, and Machine Learning Enhance the Efficiency and Capabilities of Fintech Solutions
4.3 Market Restraints
4.3.1 Increasing Concerns 糖心vlog传媒 Data Breaches and Fraud May Hinder Consumer Trust and Adoption of Digital Financial Services
4.4 Market Opportunities And Future Trends
4.4.1 Collaborations Between Fintech Firms and Traditional Financial Institutions Can Drive the Market's Growth By Integrating Innovative Technologies Into Established Systems
4.4.2 Increased Adoption of Digital Wallets Presents Opportunities for Fintech Firms to Offer Innovative Payment Solutions and Integrate with Various Financial Services
4.5 Insights on Key Regulations and Industry Policies Impacting Fintech Market in the Region
4.6 A Brief on Internet and Smartphone Penetration in the Region
4.7 Revenue and Funding Statistics
4.8 Porter's Five Forces Analysis
4.8.1 Bargaining Power of Buyers/Consumers
4.8.2 Bargaining Power of Suppliers
4.8.3 Threat of New Entrants
4.8.4 Threat of Substitute Products
4.8.5 Intensity of Competitive Rivalry
4.9 Impact of the COVID-19 Pandemic on the Market
5. MARKET SEGMENTATION
5.1 By Service Proposition
5.1.1 Money Transfer and Payments
5.1.2 Savings and Investments
5.1.3 Digital Lending and Lending Marketplaces
5.1.4 Online Insurance and Insurance Marketplaces
5.1.5 Other Service Propositions
5.2 By Country
5.2.1 United States
5.2.2 Canada
5.2.3 Rest of North America
6. COMPETITIVE LANDSCAPE
6.1 Overview (Market Concentration and Major Players)
6.2 Company Profiles
6.2.1 Avant LLC
6.2.2 Chime Financial Inc.
6.2.3 Wealthsimple Inc.
6.2.4 Stripe Inc.
6.2.5 SoFi Technologies Inc.
6.2.6 Square
6.2.7 Kraken
6.2.8 Oscar Health
6.2.9 Mogo
- *List Not Exhaustive
7. MARKET FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
North America Fintech Industry Segmentation
The fintech market is defined as the sector encompassing technology-driven financial services and solutions within the region. This market includes various innovations and services such as digital payments, online banking, blockchain technology, robo-advisors, peer-to-peer lending, and financial management platforms.
The North American Fintech Market is segmented by service proposition and country. By service proposition, the market is segmented into money transfer and payments, savings and investments, digital lending and lending marketplaces, online insurance and insurance marketplaces, and other service propositions (digital banking). By country, the market is segmented into the United States, Canada, and the Rest of North America. The report offers market size and forecasts in terms of value (USD) for all the above segments.
| By Service Proposition | |
| Money Transfer and Payments | |
| Savings and Investments | |
| Digital Lending and Lending Marketplaces | |
| Online Insurance and Insurance Marketplaces | |
| Other Service Propositions |
| By Country | |
| United States | |
| Canada | |
| Rest of North America |
North America Fintech Market Research FAQs
How big is the North America Fintech Market?
The North America Fintech Market size is expected to reach USD 123.72 billion in 2024 and grow at a CAGR of 17.5% to reach USD 277.09 billion by 2029.
What is the current North America Fintech Market size?
In 2024, the North America Fintech Market size is expected to reach USD 123.72 billion.
Who are the key players in North America Fintech Market?
Avant, LLC, SoFi Technologies, Inc., Wealthsimple Inc., Stripe, Inc. and Chime Financial, Inc. are the major companies operating in the North America Fintech Market.
What years does this North America Fintech Market cover, and what was the market size in 2023?
In 2023, the North America Fintech Market size was estimated at USD 102.07 billion. The report covers the North America Fintech Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the North America Fintech Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Fintech in North America Industry Report
Statistics for the 2024 Fintech in North America market share, size and revenue growth rate, created by 糖心vlog传媒鈩� Industry Reports. Fintech in North America analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
