Future of Global Fintech Second Edition 2025

Introduction Research objective and rationale Fintech firms have evolved rapidly over the last two decades, securing their position alongside traditional financial institutions. This is due, in large part, to their ability to harness technology to deliver affordable, accessible financial products and services at scale. Recently, the COVID-19 pandemic served as an unprecedented accelerator, and the industry’s momentum has proven resilient since. With fintechs now central to the global financial system, it is critical to monitor key trends – ranging from market performance and customer shifts to regulation, fundraising and technological innovation. This study explores the core drivers of fintechs’ continued growth, including mechanisms that support scale, partnerships with financial institutions and a healthy regulatory environment. It also examines topics such as the fintech industry’s role in advancing financial inclusion and its adoption of artificial intelligence (AI). Building on the last edition of this research in 2024, this report draws on empirical data to provide actionable insights for policy-makers, regulators, investors, financial institutions, development banks, consumers and academic stakeholders. Methodology Data source and collection The main dataset for this report was gathered via the Future of Global Fintech Insight Survey (second edition), conducted by the Cambridge Centre for Alternative Finance (CCAF) and the World Economic Forum. A logic-based survey consisting of 34 questions enabled firms to respond to specific questions based on their country, region of operation and customer groups. For global reach and accessibility, the survey was translated from English into 11 other languages: Arabic, Bahasa Indonesian, Bahasa Malaysian, Brazilian Portuguese, Chinese (simplified), French, Spanish, Tagalog, Thai, Turkish and Vietnamese. The data collection period spanned from 17 September to 31 December 2024. The panel of respondents was composed of firms that participated in the first edition of the Future of Global Fintech research initiative, as well as fintechs that were newly identified in the mapping process. To ensure data robustness, the research team mapped firms based on some entry criteria: the number of operational years, the number of countries where the firm operated, business vertical, customer base, valuation and maturity. This invitation-only initiative consisted of a carefully selected group of innovative leading fintech3 firms representing six key retail-facing fintech business verticals (digital lending, digital capital raising, digital payments, digital banking and savings, insurtech and wealthtech4) across six regions (Asia-Pacific, Europe, Latin America and the Caribbean, Middle East and North Africa, the US and Canada, and Sub-Saharan Africa). A total of 240 fintech firms responded to the survey. Data sanitation and verification Alongside data collection, a multi-stage verification process was executed. This process involved scrutinizing survey responses for anomalies and inconsistencies to ensure robust representation of fintech verticals and regions in the sample. In compliance with the EU General Data Protection Regulation (GDPR) and the data protection rules of the University of Cambridge, personal and firm-level identifiers were removed, each firm was assigned a unique ID and the raw data was transferred to a separate database. All analyses were conducted on an anonymized and sanitized dataset, and results were reported at an aggregate level, categorized by fintech industry vertical or geographical jurisdiction. Entries that could not be verified were excluded. While selection, data sanitation and verification were conducted carefully, due to the invitation-only nature of the survey and the fact that data was self-reported by a selected group of fintechs, report findings may not fully represent the entire fintech ecosystem and should be interpreted with appropriate caution. Sample demographics The research sample was made up of fintechs with a highly global footprint. Most fintechs in the sample (60%) operated in multiple jurisdictions, with 31% operating in multiple regions. Asia-Pacific (APAC) fintechs exhibited a more local focus, expanding less internationally than firms from other regions. Even when they did expand, it was predominantly within their own region. Drawing on direct input from fintechs, this research provides new data and insights into fintech market developments. With fintechs now central to the global financial system, it is critical to monitor key trends – ranging from market performance and customer shifts to regulation, fundraising and technological innovation. The Future of Global Fintech: From Rapid Expansion to Sustainable Growth 5