{"id":3901,"date":"2019-10-23T00:00:00","date_gmt":"2019-10-23T00:00:00","guid":{"rendered":"http:\/\/the-codest.localhost\/blog\/why-is-the-fintech-industry-thriving-so-fast\/"},"modified":"2026-04-24T08:50:38","modified_gmt":"2026-04-24T08:50:38","slug":"why-is-the-fintech-industry-thriving-so-fast","status":"publish","type":"post","link":"https:\/\/thecodest.co\/en\/blog\/why-is-the-fintech-industry-thriving-so-fast\/","title":{"rendered":"Why is the fintech industry thriving so fast?"},"content":{"rendered":"

Fintech<\/a> is a buzzword for innovative financial services based on information technology. In recent years, we have seen a marked increase in markets in the United States<\/a>, Europe<\/a>, and Asia. Technology has reached the world of finance<\/a>, and everything indicates that the revolution is happening before our eyes. There is no doubt that soon all financial solutions<\/a> offered to clients will be based on modern technologies. This is the future.<\/p>\n

The history of the fintech industry<\/a> is so interesting. As a rule, it happens that global innovations are determined by the Silicon Valley. This is where Google or Apple was created. In this case, it wasn’t quite like that. The Silicon Valley has received strong support from other cities such as London<\/a>, New York, and Singapore. It is in these four locations around the world where fintech was born. It is assumed that most fintech companies<\/a> are in Europe, with London being clearly dominant. The Asian market<\/a> is also developing strongly. Furthermore, centers such as Hong Kong, Taipei, and Tokyo have a particularly strong position.<\/p>\n

Are you wondering why we are observing such a boom in this industry? I wondered for a long time how I could answer this question. Now I already know. This trend is best expressed by the numbers that illustrate the changes in the financial market in the world, which will not develop without modern technological solutions.<\/p>\n

\"Fintech<\/p>\n

Most interesting data on the fintech market:<\/strong><\/h2>\n
    \n
  1. As many as 96% of consumers worldwide know at least one available fintech service on the market.<\/a><\/li>\n
  2. There are currently over 12,000 fintech startups in the world, which only confirms the dynamic development of this industry.<\/li>\n
  3. As much as 88% of financial institutions in the world are afraid of losing revenues to companies from the fintech industry, which are gaining customers by offering modern solutions in such areas as payments or money transfers.<\/li>\n
  4. The expected value of the financial sector in 2022 is USD 26.5 trillion. CAGR will be 6% (MarketScreener).<\/li>\n
  5. The total investment in the fintech industry in 2019 reached USD 55.4 billion. As much as USD 25.5 billion of this amount comes from China.<\/li>\n
  6. E-commerce<\/a> is one of the biggest growth drivers of fintech, with a CAGR of 10%\u201312% (IndustryArc.)<\/li>\n
  7. Approximately 24% of people in the world know about blockchain<\/a> technology.<\/li>\n
  8. Blockchain technology was worth USD 70\u201375 billion in 2018. Over the next six years, CAGR will amount to 50%.<\/li>\n
  9. PayPal is one of the best known fintech companies. The sum of their transactions in 2019 was USD 333.8 billion.<\/li>\n
  10. A clear increase in the awareness of fintech solutions<\/a> by users is visible. In 2019, 64% of users used one or more fintech platforms, and in 2017, there were only 33%.<\/li>\n<\/ol>\n

    \"Fintech<\/p>\n

    Fintech companies that are worth observing<\/strong><\/h2>\n

    Not all fintech companies must be unicorns to have interesting and noteworthy products. I have prepared for you a list of three, in my opinion, great prospering fintech companies that are developing dynamically and operate effectually in their local markets. I think that they are a good example of thriving business models. Who knows, maybe someday, they will also obtain unicorn status. Fingers crossed!<\/p>\n

    Digital Revisor<\/a><\/strong><\/h3>\n

    Based:<\/strong> Forde (Norway<\/a>)<\/p>\n

    Founded:<\/strong> 2017<\/p>\n

    Specialities:<\/strong> Computer Software<\/p>\n

    About Digital Revisor:<\/strong> It provides digital tools for accounting financial advisers. They simplify, optimize, and increase the efficiency of everyday workflow, as well as improve the quality delivered to customers. The main features of this solution are being able to increase work productivity and being simple for everyday use, compatible with other tools, compliant with the GDPR<\/a> regulation, and available to users 24 hours a day. It is worth adding that the Digital Revisor offers modern solutions on the basis of AI<\/a> technology.<\/p>\n

    Compricer AB<\/a><\/strong><\/h3>\n

    Based:<\/strong> F\u00f6rs\u00e4kring (Sweden<\/a>)<\/p>\n

    Founded:<\/strong> 2005<\/p>\n

    Specialities:<\/strong> Insurance<\/a><\/p>\n

    About Compricer:<\/strong> The company offers personalized advice and assistance in finding offers for clients\u2019 personal finances. Each month, Compricer boasts over 500,000 unique visitors, and over 15,000 people use services such as choosing a power provider or insurance or looking for the best lender for themselves. Compricer is a solution that compares over 350 companies \u2014 both large and smaller. It\u2019s completely free for users. In return, it charges a fee from companies whose services are available on the site.<\/p>\n

    Svea Ekonomi<\/a><\/strong><\/h3>\n

    Based:<\/strong> Sztokholm (Sweden)<\/p>\n

    Founded:<\/strong> 1981<\/p>\n

    Specialities:<\/strong> Financing, Ledger services, Factoring, Payment solutions for e-commerce and stores, Invoice purchasing<\/p>\n

    About Svea Ekonomi:<\/strong> Svea Ekonomi is a leading actor in northern Europe that has been offering financial and administrative services since 1981. Our service portfolio includes factoring, leasing, ledger administration, debt administration, payment solutions for e-commerce and loans, and saving accounts for consumers.<\/p>\n

    The Svea Ekonomi Group is authorized by the Swedish Financial Supervisory Authority and has offices in ten countries and collaboration partners all over the world.<\/p>\n

    By combining new technologies and innovative solutions with a high degree of personal services with focus on clients, we will always offer prime alternatives to our clients and partners.<\/p>\n

    Fintech software development<\/strong><\/h2>\n

    The development of the fintech industry is directly related to the need to build innovative and technologically advanced products. Every day, we work with thriving companies from Nordic countries such as FolkeFinans<\/a><\/strong> or SupplierPlus<\/a><\/strong>. We help them build software and develop technological background for products. Having experience in this industry at the end of this article, I assure you once again that fintech is the future, and the digitization of the financial industry is taking place before our eyes.<\/p>\n

    Read more:<\/strong><\/p>\n