Customer segments In recent years, fintechs have demonstrated their ability to expand both access and affordability of financial services – two essential components of financial inclusion – by harnessing technology.24 Indicators are showing that they are well-positioned to continue along this trajectory across all regions. The first edition of this study found that fintechs increasingly tailored financial services to traditionally underserved segments of the population, which constituted a large share of their customer base and revenue. This second edition explored these areas further, offering additional insight into the role of fintechs in advancing access.Surveyed fintechs reported a considerable customer base expansion across all traditionally underserved customer segments compared to the first study, as seen in Table 1. Overall, MSMEs remained the largest segment (57%), followed by low-income (47%) and women (41%). Senior and rural/remotely located customers saw the highest growth of 11% and 9%, respectively. SSA led in serving underserved customer segments, with the highest proportions of MSMEs (62%), low-income customers (68%) and rural or remotely located customers (66%). LAC and Europe also showed a strong representation of MSMEs, at 61% and 60%, respectively. Conversely, the US and Canada had the lowest proportion of MSMEs (45%) but led in targeting women customers (48%) and youth (44%). In the MENA region, women accounted for 53% of the customer base, the highest proportion among EMDEs. Customer segment proportion – comparison of the Future of Global Fintech studies TABLE 1 MSMEs Women Low-income Youth Senior Rural/ remotely located 2022 49% 39% 40% 34% 14% 27% 2023 57% 41% 47% 37% 25% 36% Source: World Economic Forum; Cambridge Centre for Alternative Finance (CCAF). Customer segment proportions – AEs versus EMDEs FIGURE 20 MSMEs Women Low-income Youth Senior Rural/remotely located56% 58% 39% 43% 38% 54% 35% 39% 27% 22% 31% 40% AEs EMDEs The Future of Global Fintech: From Rapid Expansion to Sustainable Growth 30

Future of Global Fintech Second Edition 2025