United Kingdom Fintech Market Report and Forecast 2024-2032

United Kingdom Fintech Market

The United Kingdom fintech market size reached USD 10.32 billion in 2023. The market is expected to grow at a CAGR of 7.05% between 2024 and 2032, reaching USD 17.81 billion by 2032.

Key Takeaways:

• The UK's FinTech sector, with 1,600+ firms, is set to double by 2030, as per the International Trade Administration.

• The FinTech industry adds $13.4 billion (£11 billion) and 76,000+ jobs to the UK, according to the International Trade Administration.

• In 2020, London drew $4.1 billion, 94% of the UK's FinTech venture capital, indicating its appeal to investors, states Deloitte.

Due to the deployment mode, the United Kingdom fintech market growth benefits from enhanced data control

This entails companies having full authority over their data, which is crucial for safeguarding sensitive financial information. On-site fintech solutions enhance data control, aiding in safeguarding sensitive financial information. They simplify adherence to regulations as data remains under the company's jurisdiction. Customization options are adaptable, and performance can be quicker with reduced latency. Some perceive them as more secure due to direct security oversight.

Cloud-based fintech solutions offer scalability, adjusting resources according to market needs. They are cost-effective, eliminating substantial hardware investments with pay-as-you-go models. Accessible globally, they support remote work. Cloud providers manage updates, alleviating the IT team's burden. Furthermore, they offer robust disaster recovery through data redundancy and backups.

In August 2023, the UK introduced a £1 billion Fintech Growth Fund to enhance its global FinTech investment standing. Supported by industry giants like Mastercard and Barclays, the fund aims to assist growth-stage FinTech companies, addressing concerns about UK FinTech obstacles and promoting local listings.

Market Segmentation

United Kingdom Fintech Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Market Breakup by Deployment Mode

• On-Premises

• Cloud

Market Breakup by Technology

• Artificial Intelligence

• Application Programming Interface (API)

• Robotic Process Automation

• Data Analytics

• Others

Market Breakup by Application

• Payments and Fund Transfers

• Loans

• Insurance and Personal Finance

• Wealth Management

• Others

Market Breakup by Region

• England

• Wales

• Scotland

• Northern Ireland

The United Kingdom fintech market key players are Revolut Ltd., Monzo Bank Limited, Wise Plc, Paymentsense Limited, Starling Bank Limited, JPMorgan Chase & Co. (Nutmeg), Soldo Software Ltd., Digital Moneybox Limited, OakNorth Bank Plc, and SumUp Payments Limited among others.

Key Highlights of the Report