Global fintech and funding innovation ecosystem

Fintech in 2024: Growth, Challenges, and Opportunities

Global Fintech Market Report | Jul 9, 2024

BCG and QED 2024 Global Fintech Markets - Fintech in 2024: Growth, Challenges, and Opportunities

Image: Global Fintech 2024 (BCG and QED Investors)

The 2024 Global Fintech Report by Boston Consulting Group (BCG) and QED Investors provides a comprehensive view of the continuously evolving fintech landscape. The research provides key insights for fintech startups, investors, and financial institutions globally by highlighting important trends, growth projections, and noteworthy hurdles. Ten takeaways from the study are outlined below, emphasizing the prospects and threats that will influence the direction of fintech.

💹 $1.5 Trillion in Revenue by 2030 (positive)

  • By 2030, the global fintech market is expected to generate $1.5 trillion in sales, rising at a rate of around five times that of 2023.  The fintech industry has enormous potential, as seen by its exponential expansion. This is still a lucrative opportunity for innovators, and offers a profitable chance to develop and grow.

📈 14% Annual Revenue Growth (positive)

  • Over the last two years, global fintech sales have increased at a rate of 14% per year (or 21% if crypto and China-related fintechs are taken out).  The fintech industry's steady revenue growth is indicative of both its tenacity and the rising demand for digital financial services. Businesses can take advantage of this trend to grow their operations and draw in investment.

🏦 100 Million Users at Nubank (positive)

  • In May 2023, Nubank achieved the milestone of 100 million users, with the objective of being the biggest and most lucrative bank in Latin America.  Nubank's success is inspiring for digital challenger banks who may be encouraged by their approach of adopting aggressive growth strategies while concentrating on user acquisition.

📊 9 Percentage Points Increase in EBITDA Margins (positive)

  • Public fintech companies' EBITDA margins have increased by 9 percentage points on average, although many of them are still below the "rule of 40" barrier".   Increasing EBITDA margins are a sign of growing efficiency and profitability for fintech companies. Many still have to strike a balance between profitability and expansion, though, which is a crucial lesson for anyone hoping for long-term success.

💸 70% Decline in Fintech Funding (negative)

  • Fintech funding has decreased by 70% since its peak, with an 81%–89% dip in late-stage investments (series C to E+). The considerable reduction in funding emphasizes how critical sustainability and sound financial management are. Businesses need to concentrate on developing solid business models that are resistant to changes in funding.

🌍 1.5 Billion Unbanked Adults (positive)

  • Fintech opportunity to target the 1.5 billion unbanked (and 2.8 billion underbanked) adults in the world. Fintech companies have a huge untapped opportunity in unbanked and underbanked global populations and to create products and services that promote financial inclusion.

🔒 78% Increase in Data Compromise Incidents (negative)

  • Data breaches rose 78% in the United States in 2023, and identity fraud accounted for over 40% of Bank Security Act reports. The increase in data breaches highlights how important it is for fintech to have strong cybersecurity safeguards. To safeguard client data and uphold confidence, businesses must place a high priority on data security.

📱 5x Growth in Real-Time Payments in India (positive)

  • Over the course of three years, the number of monthly real-time payments in India increased five-fold, from 2.6 billion to 13.3 billion. Businesses can improve their domestic payment systems by taking a cue from India.

💼 $320 Billion in Embedded Finance Revenue (positive)

  • By 2030, the embedded finance market is forecasted to bring in $320 billion, with the small and medium-sized business sector leading the way at $150 billion. By incorporating financial services into non-financial platforms, embedded finance has the potential to completely transform the financial services sector.

🤖 GenAI's Impact on Productivity (positive)

  • The application of GenAI has the potential to drastically reduce costs and improve operational efficiency. Businesses should invest in integrating GenAI technology to enhance service delivery, and increase productivity and competitiveness.


The 2024 Global Fintech Report: Prudence, Profits, and Growth by BCG and QED investors presents a positive outlook for the fintech industry, highlighting future growth despite obstacles such as funding volatility and cybersecurity. Fintech firms and financial institutions focused on innovation, compliance, and strategic alliances will have the greatest chance of success.

NCFA Jan 2018 resize - Fintech in 2024: Growth, Challenges, and OpportunitiesThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit:

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