US FINTECH MARKET - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

US FINTECH MARKET - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

FinTech is transforming the US financial sector, including the way people lend, invest, opt for loans, fund start-ups, and even buy insurance. On average, one out of three digitally active consumers uses two or more financial technology services.

Key Highlights

• As of 2018, the United States accounts for 57% of the fintech market. Consumers in the country have identified the key benefits that they can avail with fintech innovation, such as convenience, security, simplicity, transparency, and personalization.
• The large increase in online digital-only banks and mobile phone payments has led to increased adoption of fintech money transfers and payment services. Digital payment is the leading market segment, with a total transaction value of USD 880 billion as per 2018.

Key Market TrendsBooming Digital Payments Segment

• The Digital Payments market segment is led by consumer transactions and includes payments for products and services which are made over the Internet as well as mobile payments at point-of-sale (POS) via smartphone applications.

• Total transaction value in the Digital Payments segment amounted to USD 810.6 billion in 2017.
• The market's largest segment is Digital Commerce with a total transaction value of USD 765. 5 billion in 2017.

Growing Personal Finance Sector

• The Personal Finance market segment contains automated investment services that enable private investors to align their investment strategy or portfolio using automated recommendations.
• Total transaction value in the personal finance segment amounted to USD 201 billion in 2017.
• The market's largest segment is Robo-Advisors with a total transaction value of USD 189.4 billion in 2017.

Competitive Landscape

The report covers major international players operating in the US fintech market. In terms of market share, the following are a few of the major players currently dominating the market.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

Square Inc.
Avant
Stripe
Oscar Health
Wealthfront
Affirm
Credit Karma
Sofi
GreenSky
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