TheFutureofGlobalFintech:

FromRapidExpansion

toSustainableGrowth

SecondEdition

INSIGHTREPORTJUNE2025

Images:GettyImages

Contents

Foreword3

Executivesummary4

Introduction5

1

Marketperformance9

2

Growthenablersandinhibitors13

3

Regulatoryperceptions22

4

Financialinclusion29

5

AIadoption36

6

Lookingtothefuture45

Conclusion49

Contributors50

Endnotes55

Disclaimer

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Thefindings,interpretationsand

conclusionsexpressedhereinarearesultofacollaborativeprocessfacilitatedand

endorsedbytheWorldEconomicForumbutwhoseresultsdonotnecessarily

representtheviewsoftheWorldEconomicForum,northeentiretyofitsMembers,

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?2025WorldEconomicForum.Allrightsreserved.Nopartofthispublicationmaybereproducedortransmittedinanyformorbyanymeans,includingphotocopyingandrecording,orbyanyinformation

storageandretrievalsystem.

TheFutureofGlobalFintech:FromRapidExpansiontoSustainableGrowth2

TheFutureofGlobalFintech:FromRapidExpansiontoSustainableGrowth3

June2025

TheFutureofGlobalFintech:FromRapidExpansiontoSustainableGrowth

Foreword

DrewPropson

Head,Technology

andInnovationin

FinancialServices,

WorldEconomicForum

BryanZhang

Co-FounderandExecutiveDirector,CambridgeCentreforAlternativeFinance

TheFutureofGlobalFintechresearchinitiative

waslaunchedwiththeprimarygoalofcollecting

empiricaldataonhowtheglobalfintechindustry

isevolvingandseizingnewopportunitieswhile

navigatingchallengesassociatedwiththerapidlyshiftingfinancialserviceslandscape.Asthis

dynamicandoftendisruptivesectorcontinuestoreshapefinancialservices,itchallengesregulatorsandpolicy-makerstokeeppace.Theindustry

requiresadaptabilityandcoordinationtocultivateinnovation,supportmarketcompetitionandensureconsumerprotection.

Inresponsetothesechallenges,theWorld

EconomicForumandtheCambridgeCentrefor

AlternativeFinance(CCAF)havepartneredonce

againtoproducethesecondeditionofthisglobalstudy.Thiseditionofferskeybenchmarksand

comparativeinsightsonmarketperformance

indicatorswhilealsoexploringhowfirmsreach

underservedcustomersegmentsandunlock

marketpotentialthroughfinanciallyinclusive

products.Itfurthercapturesevolvingperceptions

aroundregulatoryandsupervisoryframeworks,andhowtheseinfluencethegrowthanddevelopmentoffintechbusinesses.

Thisresearchdrawsondatafrom240fintechfirmsspanningsixindustryverticalsandsixgeographicalregions.Withrespondentsheadquarteredin

59jurisdictionsandoperatingin109countries,thefindingsofferacomprehensiveanddiversesnapshotoftheglobalfintechindustry.

Between2020and2023,consumerdemandforfintechservicesremainedstrong,driving

sustainablegrowthacrossthesector.Duringthisperiod,fintechfirmsnotonlyexpandedbutalsodevelopedcustomer-centricvaluepropositions

aimedatenhancingfinancialinclusion,particularlyforunderservedpopulationsinemergingmarketsanddevelopingeconomies.Yet,thesectorfaceditsshareofchallenges,especiallymacroeconomicinstabilityandpersistentuncertaintiessurroundingregulatoryandsupervisoryframeworks.

Thiseditionalsoexplorestheexpandingroleof

artificialintelligence(AI)withinfintech,atopicfirst

identifiedintheinauguralstudyasthemostrelevantissueshapingtheindustry’sfuture.ItexamineshowfirmsintegrateAIacrossvariousbusinessfunctions,thesubsequentimpactonperformanceandthe

associatedrisks(includingconcernsaroundbias,deepfakesandthecostofadoption).ThefindingsrevealthatfirmsareactivelyinvestinginAIto

enhancecustomerexperience,improveoperationalefficiencyanddrivecostsavings.

Wehopethattheinsightspresentedinthisstudyhelpstakeholdersbetterunderstandtheevolvingdynamicsofthefintechindustry.Ouraimisto

shedlightonbothopportunitiesandchallengesacrosskeyareas–particularlyregulation,

technologyanddigitalpublicinfrastructure,andtheirroleinexpandingfinancialaccessandadvancingfinancialinclusion.

Finally,weextendoursincerethankstothe

UKForeign,CommonwealthandDevelopmentOffice(FCDO)fortheirsupportandtoallsurveyparticipantsandcollaboratorsinvolvedinthis

researchfortheircontributionsandperspectives.

TheFutureofGlobalFintech:FromRapidExpansiontoSustainableGrowth4

Executivesummary

Thefintechindustryistransitioningfrom

rapidexpansionintoaphaseofsustainablegrowth,increasedcollaborationand

broadermarketreach.

ThissecondeditionoftheFutureofGlobalFintechreportaimstoprovideaclearviewofthecurrentfintechlandscape.Itbuildsonthefirstedition1aswellasearlierstudiesontheimpactofCOVID-19onthefintechindustry.2Itsinsightsaredesignedtosupportevidence-baseddecision-makingby

public-andprivate-sectorleadersacrossthefintechecosystem.

Thisempiricalstudysurveyedatotalof240carefullyselectedfintechcompaniesacrosssixkeyretail-

facingfintechbusinessverticals(digitallending,

digitalcapitalraising,digitalpayments,digital

bankingandsavings,insurtechandwealthtech)andsixregions(Asia-Pacific,Europe,LatinAmericaandtheCaribbean,MiddleEastandNorthAfrica,the

USandCanada,andSub-SaharanAfrica).

Keyfindings:

Theglobalfintechindustryremainsrobust

initstransitiontoamoresustainablegrowth

phase.Theindustrymaintainspositiveperformancemetrics,thoughatmoremoderateratesthanduringtheCOVID-19pandemicsurge.Averagecustomergrowthfrom2022-2023standsat37%,down

from55%in2020-2021,reflectingnaturalmarket

normalizationastheindustrymaturesbeyond

pandemic-drivendigitalacceleration.Encouragingly,revenuegrowthisstrongat40%,whileprofit

growthisalsopromisingat39%.

Macroeconomicfactorscontinuetobethe

primarychallengeforfintechgrowth,though

improvementshavebeennoted.Intotal,18%

ofsurveyrespondentscitemacroeconomicfactorsasunsupportivetogrowth,and37%citethem

asneithersupportivenorunsupportive.Inthe

previousstudy,56%ofrespondentsconsideredthesefactorsahindrance.Similarly,perceptionsofthefundingenvironmenthaverecovered,with31%offintechshavingneutralopinionsandonly12%offintechscitingitasahindrance(comparedto40%inthepreviousstudy).

Financialinclusionremainscentraltothefintechvalueproposition,withtraditionallyunderservedsegmentscomprisingsignificantportionsof

customerbases.Fintechsreportthatmicro,smallandmediumenterprises(MSMEs)makeup57%

oftheircustomers,low-incomepopulationsmakeup47%andwomenmakeup41%,representingaconsiderableportionoftheircustomerbase.

Thesesegmentsalsogeneratedsubstantial

revenue,particularlyinemergingmarketsanddevelopingeconomies(EMDEs),demonstratingthatinclusioncansupportprofitability.

Partnershipsplayacriticalroleinfintech

strategies.Overall,84%ofsurveyedfintechs

arepartneringwithincumbentfinancialinstitutions,mostcommonlythroughapplicationprogramminginterface(API)integrations(52%),technology

providers(41%)andfundingagreements(36%).Technologysolutionsandinfrastructure(48%)arenotedastheprimarymotivatorsforcollaboration,followedbyenhancedcredibilityandtrust(34%)andproductandserviceinnovation(34%).

Fintechsaregenerallysatisfiedwiththe

regulatorylandscapeandapproachestaken

byregulators.Intotal,62%offintechsreport

thatregulationintheregionswheretheyconductbusinessisadequatefortheiroperations,and

35%citestrongclarityoftheregulatoryapproach.Notableareaswherechallengespersist,however,includefinancialauthorityknowledgeandcapacity,coordinationoffinancialauthorities,andlicensingandregistrationprocesses.

Technologyadoptioncontinuestoaccelerate.Intotal,80%ofsurveyedfintechsareimplementingartificialintelligence(AI)acrossmultiplebusiness

domains.Customerserviceandprocess

automationleadAIapplications,with91%offintechseitherimplementingAIorplanningtoimplementitintheseareasinthenearfuture.

ThiswidespreadadoptionofAIispositivelyaffectingfintechs’performance,withreportedimprovementsincustomerexperience(83%),costreduction(75%)andprofitability(75%).

Inacontinuouslyevolvingindustry,fintechshave

identifiedAI,regionalinteroperability,openbankingandopenfinanceasthemostimportanttopics

fordevelopmentinthenextfiveyears.Combined

withbroaderreportfindings,thispointstoa

strategicfocusonsustainablegrowth,cross-borderexpansionanddeeperintegrationwithtraditional

financialinfrastructure.Theindustrymaybemovingbeyondpuredisruptiontowardscollaborative

transformationofdigitalfinancialservices.

TheFutureofGlobalFintech:FromRapidExpansiontoSustainableGrowth5

Withfintechs

nowcentralto

theglobalfinancialsystem,itiscriticaltomonitorkey

trends–rangingfrommarket

performanceandcustomershiftstoregulation,

fundraisingandtechnologicalinnovation.

Introduction

Drawingondirectinputfromfintechs,

thisresearchprovidesnewdataand

insightsintofintechmarketdevelopments.

Researchobjectiveandrationale

Fintechfirmshaveevolvedrapidlyoverthelast

twodecades,securingtheirpositionalongside

traditionalfinancialinstitutions.Thisisdue,in

largepart,totheirabilitytoharnesstechnology

todeliveraffordable,accessiblefinancial

productsandservicesatscale.Recently,the

COVID-19pandemicservedasanunprecedentedaccelerator,andtheindustry’smomentumhas

provenresilientsince.Withfintechsnowcentral

totheglobalfinancialsystem,itiscriticaltomonitorkeytrends–rangingfrommarketperformance

andcustomershiftstoregulation,fundraisingandtechnologicalinnovation.

Thisstudyexploresthecoredriversoffintechs’

continuedgrowth,includingmechanismsthat

supportscale,partnershipswithfinancialinstitutionsandahealthyregulatoryenvironment.Italso

examinestopicssuchasthefintechindustry’sroleinadvancingfinancialinclusionanditsadoption

ofartificialintelligence(AI).Buildingonthelast

editionofthisresearchin2024,thisreportdrawsonempiricaldatatoprovideactionableinsightsforpolicy-makers,regulators,investors,financialinstitutions,developmentbanks,consumersandacademicstakeholders.

Methodology

Datasourceandcollection

Themaindatasetforthisreportwasgathered

viatheFutureofGlobalFintechInsightSurvey

(secondedition),conductedbytheCambridge

CentreforAlternativeFinance(CCAF)andthe

WorldEconomicForum.Alogic-basedsurvey

consistingof34questionsenabledfirmsto

respondtospecificquestionsbasedontheir

country,regionofoperationandcustomergroups.Forglobalreachandaccessibility,thesurveywastranslatedfromEnglishinto11otherlanguages:

Arabic,BahasaIndonesian,BahasaMalaysian,

BrazilianPortuguese,Chinese(simplified),French,Spanish,Tagalog,Thai,TurkishandVietnamese.Thedatacollectionperiodspannedfrom17

Septemberto31December2024.

ThepanelofrespondentswascomposedoffirmsthatparticipatedinthefirsteditionoftheFutureof

GlobalFintechresearchinitiative,aswellasfintechsthatwerenewlyidentifiedinthemappingprocess.Toensuredatarobustness,theresearchteammappedfirmsbasedonsomeentrycriteria:thenumberof

operationalyears,thenumberofcountrieswhere

thefirmoperated,businessvertical,customerbase,valuationandmaturity.Thisinvitation-onlyinitiative

consistedofacarefullyselectedgroupofinnovativeleadingfintech3firmsrepresentingsixkeyretail-facingfintechbusinessverticals(digitallending,digital

capitalraising,digitalpayments,digitalbanking

andsavings,insurtechandwealthtech4)acrosssix

regions(Asia-Pacific,Europe,LatinAmericaandtheCaribbean,MiddleEastandNorthAfrica,theUS

andCanada,andSub-SaharanAfrica).Atotalof240fintechfirmsrespondedtothesurvey.

Datasanitationandverification

Alongsidedatacollection,amulti-stageverificationprocesswasexecuted.This

processinvolvedscrutinizingsurveyresponses

foranomaliesandinconsistenciestoensure

robustrepresentationoffintechverticalsand

regionsinthesample.IncompliancewiththeEU

GeneralDataProtectionRegulation(GDPR)andthedataprotectionrulesoftheUniversityofCambridge,personalandfirm-levelidentifierswereremoved,

eachfirmwasassignedauniqueIDandtheraw

datawastransferredtoaseparatedatabase.All

analyseswereconductedonananonymizedand

sanitizeddataset,andresultswerereportedatan

aggregatelevel,categorizedbyfintechindustry

verticalorgeographicaljurisdiction.Entriesthat

couldnotbeverifiedwereexcluded.Whileselection,datasanitationandverificationwereconducted

carefully,duetotheinvitation-onlynatureofthe

surveyandthefactthatdatawasself-reportedbyaselectedgroupoffintechs,reportfindingsmay

notfullyrepresenttheentirefintechecosystem

andshouldbeinterpretedwithappropriatecaution.

Sampledemographics

Theresearchsamplewasmadeupoffintechswithahighlyglobalfootprint.Mostfintechsinthesample(60%)operatedinmultiplejurisdictions,with31%

operatinginmultipleregions.Asia-Pacific(APAC)fintechsexhibitedamorelocalfocus,expandinglessinternationallythanfirmsfromotherregions.Evenwhentheydidexpand,itwaspredominantlywithintheirownregion.

TheFutureofGlobalFintech:FromRapidExpansiontoSustainableGrowth6

withexpansionratesrangingfrom43%fordigitallendingfirmsto79%forinsurtechfirms.Notably,surveyedinsurtech,wealthtechanddigitalpaymentfirmsshowedsignificantcross-regionalexpansion(43%,48%and37%,respectively).

Respondentswerealmostevenlydistributedby

incomelevel,with55%representingfirmsoperatinginadvancedeconomies(AEs)andtheremaining

45%operatinginemergingmarketsanddevelopingeconomies(EMDEs).

Incontrast,fintechfirmsintheMiddleEastandNorthAfrica(MENA),LatinAmericaandtheCaribbean

(LAC)andEuropedemonstratedastronginternationalpresence(72%,71%and70%,respectively),withasubstantialproportionventuringintoanotherregion(42%,29%and43%,respectively).TheUSand

Canadashowedabalancedapproach,withhalf

expandinginternationallyandintootherregions.

Internationalexpansionvariedacrossfintech

verticals.Whilesomeremainedfocusedonlocal

markets,otherspursuedinternationalopportunities,

1

FIGURE

OperationalandheadquarterregionsandcountriesDistributionoffintechsbyregion

8%

7%

30%

9%

18%

APAC

●Europe

●LAC

●MENA

●SSA

●USandCanada

28%

TheFutureofGlobalFintech:FromRapidExpansiontoSustainableGrowth7

Thesurveydatasampleconsistsofresponsesfromfintechsoperatingindifferentgeographies(totalling717datapoints,asafintechfirmmayhavemultipleseparatejurisdictionalsubsidiaries).Thestudy

compositioncontainsrobustdatacuts,withat

leastfiftyfirmsrepresentedfromeachregionand

fintechindustryvertical,allowingtheresearchteamtoderiverelevantinsights.TheAPACregionhad

thelargestproportionofresponses(30%),being

hometosomeofthefastest-growingfintechsintheworld.Europefollowedcloselywith28%,whileLACandMENAcontributed18%and9%ofthesurveysample,respectively.Thesamplealsoincluded

firmsfromSub-SaharanAfrica(SSA)andtheUS

andCanada(8%and7%,respectively).Overall,

thedistributionwassimilartothatofthefirstedition,withnuancessuchasincreasedparticipationby

fintechsinEuropeandadropinparticipationfromSSA(from15%to9%).

Thestudyrevealedthatfintechhotspotsinclude

theUK,India,theUS,Singapore,Braziland

Indonesia,eachofwhichheadquartersover10

firmsandshowcasestheirboomingfintechsector.Additionally,thetopoperatingcountriesforfintechsincludedtheUS,theUK,India,Singapore,the

UnitedArabEmirates,Brazil,Colombia,Mexico,IndonesiaandGermany.

Businessmodels

2

FIGURE

Distributionoffintechsbybusinessmodel

8%

11%

18%

8%

Digitalbankingandsavings

●Digitalpayments

●Digitalcapitalraising

●Digitallending

34%

●Insurtech

●Wealthtech

21%

Digitalwealthmanagementwastheleadingserviceforwealthtechfirms,with50%offeringthisservice,followedbypersonalfinancialmanagement(35%)androbo-advisers(21%).TheUSandCanadaandEuropeledintermsofthenumberofwealthtech

firms(17%and15%,respectively),followedbyMENA(11%)andLAC(10%).

Thisreportfocusesonsixretail-facingfintechindustryverticals.Thedistributionwassimilartothatofthepreviousedition,withtheadditionofwealthtech.Intherecentstudy,digitalpaymentswerethelargestvertical,comprising34%ofthetotalresponses,

followedbydigitallending(21%),insurtech(18%)

andwealthtech(11%).Digitalcapitalraisingand

digitalbankingandsavingsaccountedfor8%each.

Technicalserviceproviders(TSPs),on-demand

insuranceandcustomermanagementwerethetopthreecategoriesintheinsurtechvertical.TSPdominatedmostregions,exceptfortheUSandCanadaandAPAC.InAPAC,theclaimsandriskmanagementsolutionscategoryled(34%),whileintheUSandCanada,use-basedinsurancewasthelargestsegment(44%),withone-thirdofferingparametric-basedinsurance.

Thetopthreedigitalpaymentcategorieswere

cross-borderremittances(45%),moneytransfer

(43%)anddomesticremittances(40%).ThistrendwasconsistentinSSA,EuropeandLAC.Digital

lendingwasthesecondlargestverticalinAPAC

(29%),LAC(26%)andMENA(16%).InLACand

Europe,mostdigitallendingfirmsprovidedbalancesheetbusinesslendingservices.Meanwhile,

inMENAandAPAC,theyprimarilyfocusedonbalancesheetconsumerlendingservices.

TheFutureofGlobalFintech:FromRapidExpansiontoSustainableGrowth8

Distributionoffintechsbyannualrevenuebetween2022-2023in$,millions

24%

24%

19%

7%

16%

10%

FIGURE3

<2million

2-10million

10-50million

50-100million

100-500million

>500million

Lookingattheoperations,48%offintechsreportedhavingannualrevenuerangingfromunder$2millionto$10million(24%foreachgroup)between2022-2023.Additionally,26%reportedannualrevenueofbetween$10millionand$100million(19%$10-50millionand7%$50-100million),followedby16%

withrevenueof$100-500million.Another10%

reportedannualrevenueofover$500million.Thisreflectsastrongcompositionoffintechswithlowerbutsignificantrevenuelevels.

Intotal,23%offintechsinAEsand26%offintechsinEMDEsreportedrevenueunder$2million.AEs

ledinthe$2-10million(27%versus20%)and

$10-50million(20%versus17%)ranges,while

EMDEshadahighershareinthe$100-500millionrange(20%).

Acrossmostverticals,exceptfordigital

paymentsanddigitallending,annualrevenue

under$2millionwasthemajortrend.Digital

capitalraisinghadthehighestprevalence(63%),followedbywealthtech(41%)anddigitalbankingandsavings(36%).Mostdigitalpaymentsfirms

reportedrevenueof$2-10million(29%)and$100-500million(2%).

TheFutureofGlobalFintech:FromRapidExpansiontoSustainableGrowth9

1

Marketperformance

Thefintechindustryseescontinuedgrowth,withpositivetrendsobservedinrevenue,profitandmarketreach.

TheFutureofGlobalFintech:FromRapidExpansiontoSustainableGrowth10

Customergrowth

Datafrom2020onwardformedthebasisofthe

FutureofGlobalFintechinitiative’sanalysis,capturingthebeginningofaperiodofexceptionalgrowthforthefintechindustry.Datafromthesecondedition

ofthesurveyrevealedthatfintechscontinuedtoperformatahighstandard,indicatinganaveragefintechcustomergrowthrateof37%from2022-2023.However,thisrepresentedadeclinefrom

recentyears–customergrowthwas55%in2020-2021and52%in2021-2022,asseeninFigure4.

Thisdeceleration,consistentacrossverticalsandregions,highlightedapost-COVID-19pandemicnormalizationfollowingaperiodofrapidadoptionofdigitalfinancialproducts.Themarketis

maturing,withfintechsfocusingondeepeningtheirvaluepropositionsandstrengthening

customerrelationshipsratherthanrelyingsolelyonuseracquisition.5

4

FIGURE

Rateofcustomergrowth

66%

65%

64%

64%

56%

57%

55%

52%

53%54%54%

51%

44%

42%

42%

42%

37%

36%

35%

34%

21%

Globalaverage

APACEuropeLACMENAUSandCanadaSSA

●2021-2022

●2020-2021

●2022-2023

From2022-2023,fintechsintheUSandCanadaledincustomergrowthat44%,followedby

MENAandLACat42%,allexceedingtheglobal

average.APACandEuropealsodemonstrated

solidgrowthratesof35%and34%(respectively),whileSSAlaggedat21%.DespitetheUSand

CanadaandMENAmaintainingabove-average

growth,theyexperiencedsubstantialyear-on-year(YoY)slowdownsof20%and23%,whichwerethegreatestdropsofallregions.

GrowthratesinbothAEsandEMDEsmirrored

theglobaltrend.FintechsoperatinginAEsreportedagrowthrateof37%,drivenbywell-established

digitalinfrastructureandamaturecustomerbase,6whileEMDEsstoodat36%,fuelledbyrapiddigitaladoption.

Acrossverticals,digitalbankingandsavings,

digitalpaymentsandwealthtechledwithcustomergrowthratesabove40%(higherthantheglobal

average).Digitallendinggrewby35%,while

insurtech(28%)anddigitalcapitalraising(17%)

reportedthelowestgrowthrates.Comparedtothefirstedition,mostverticalsexperiencedslowdownsexceeding15%,withinsurtechexperiencingthe

sharpestdecline(38%),followedbycapitalraisinganddigitalpayments.

TheFutureofGlobalFintech:FromRapidExpansiontoSustainableGrowth11

Changeinrevenuefrom2022to2023Rateofrevenuegrowth(2022-2023)

FIGURE5

40%

Globalaverage

46%

42%

36%

23%

APACEuropeLACMENAUSandCanadaSSA

44%

43%

Whilecustomergrowthslowed,revenuegenerationremainedresilient.Theaveragerevenuegrowth

ratein2023was40%(Figure5),reflectingstrongindustryperformanceandincreasingrelianceon

digitalfinancialservicesforefficientandaccessiblesolutions.Severalregionsreportedabove-averagerevenuegrowthrates.LACledat46%,followedbyAPAC(44%),MENA(43%)andtheUSandCanada(42%).Europe(36%)andSSA(23%)trailed.

FintechsinEMDEsoutperformedwitharevenue

growthrateof42%.FintechsinAEsreporteda

slightlylowerrevenuegrowthrateof39%.Acrossverticals,revenuegrowthexceededtheindustry

averageinallexceptdigitalcapitalraisingand

insurtechfirms.Digitalbankingandsavingsledwitha67%increase,whileinsurtechanddigitalcapitalraisingfirmsexperiencedtheslowestgrowthat

31%and18%,respectively.

TheFutureofGlobalFintech:FromRapidExpansiontoSustainableGrowth12

Changeinprofitfrom2022-2023Rateofprofitgrowth(2022-2023)

FIGURE6

39%

Globalaverage

45%

42%

37%37%

27%

APACEuropeLACMENAUSandCanadaSSA

45%

TheregionswiththegreatestprofitgrowthrateswereLAC(45%),the

USandCanada

(45%)andMENA(42%).APACandEurope(bothat

37%)reported

near-averageprofitgrowth.

Intermsofprofits,thefintechsectordemonstratedstronggrowthin2023,withanaverageprofit

growthrateof39%(Figure6),indicatingefficient

operations.Deeperimpactevaluationidentified

partnershipswithlocalfinancialinstitutionsandtheintegrationofmicro,smallandmediumenterprises’(MSMEs)productsaskeyfactorsdrivingfintech

profitgrowthby12%and9%,respectively.7Overall,profitperformancehighlightedtheindustry’sabilitytoadaptandthriveinadynamicenvironment.

Theregionswiththegreatestprofitgrowthrates

wereLAC(45%),theUSandCanada(45%)and

MENA(42%).APACandEurope(bothat37%)

reportednear-averageprofitgrowth.Incomparison,SSAreportedthelowestprofitgrowthrateof

27%,largelyduetotheregion’sstruggleswith

economicinstability,limitedaccesstocapitalandinfrastructuralconstraints.8

FintechsinAEsoutperformedthoseinEMDEs,withaprofitgrowthrateof41%and36%,respectively.ThisslightdisparitycanbeattributedtothelowergrowthratesobservedinSSA,whichreducedtheoverallperformanceofEMDEs.

Acrossverticals,allexceptfordigitalcapitalraisingfintechsreportedabove-averageprofitgrowth.

Digitalbankingandsavingsledat59%,drivenby

strongcustomeradoptioncausedbyincreasing

demandfordigitalfinancialservices.Insurtechfollowedwithaprofitgrowthrateof42%,reflectingthegrowinginterestin