£27.1bn
£XXX.Xm
125k
2,953
£X.Xbn
The UK Financial Technology (FinTech) industry is highly fragmented and is expanding rapidly. In recent years, areas such as peer-to-peer lending, money transfer and digital banks have performed well. Industry revenue is expected to grow at a compound annual rate of 22.1% over the five years through 2024-25 to reach £32.4 billion, including estimated growth of 18.1% in 2024-25. The industry relies heavily on third-party financing. Despite volatile economic conditions, both private and public funding have been strong.
Industry revenue has grown at a CAGR of 20.4 % over the past five years, to reach an estimated £27.1bn in 2024.
Market size is projected to grow over the next five years.
Company | Market Share (%)
2024 | Revenue (£m)
2024 |
---|---|---|
Revolut Ltd | 1,274.2 | |
Wise Payments Ltd | 1,157.5 | |
Monzo Bank Ltd | 880.0 |
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Industry revenue is measured across several distinct product and services lines, including Payments and digital banking, Investment platforms and management and Credit and lending. Payments and digital banking is the largest segment of the Financial Technology in the UK.
Payments and digital banking make up the highest share of FinTech revenue
The Financial Technology industry offers services that integrate finance with technology in order to provide new or improved services to businesses and consumers. Many of the services offered by the industry had previously been offered by traditional financial institutions such as banks.
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SIC 62.01 - Financial Technology in the UK
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
The FinTech boom begins to slow. Revenue has fallen out of double-digit growth now that the industry has established itself, but it still continues to climb. Economic turbule...
Learn about an industry's products and services, markets and trends in international trade.
Payments and digital banking rise to the top. They’re the most-used service offered by FinTech firms, given a boost by the introduction of the Faster Payment Service.
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
London dominates the FinTech industry. The overwhelming majority of FinTech firms are based in the UK’s business capital, where they benefit from access to many local finance...
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Developing new and innovative services is key. The wide range of services offered by FinTech companies means competition isn’t always direct, with firms striving to get ahead...
Learn about the performance of the top companies in the industry.
No single company generates more than 5% of the industry's revenue. The FinTech market is highly fragmented, with the broad range of product and service offerings making it p...
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
FinTech companies operate under heavy regulatory oversight. The Prudential Regulation Authority and the Financial Conduct Authority keep a close eye on their operations, aimi...
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Relying on skilled workers means high wage expenditure. Payments to workers take up nearly half of the average FinTech company’s revenue because it is important to have skill...
Including values and annual change:
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Key data sources in the UK include:
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
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The market size of the Financial Technology in the UK industry in United Kingdom is £27.1bn in 2024.
There are 2,953 businesses in the Financial Technology in the UK industry in United Kingdom, which has grown at a CAGR of 9.6 % between 2019 and 2024.
The market size of the Financial Technology in the UK industry in United Kingdom has been growing at a CAGR of 20.4 % between 2019 and 2024.
Over the next five years, the Financial Technology in the UK industry in United Kingdom is expected to grow.
The biggest companies operating in the Financial Technology market in United Kingdom are Revolut Ltd, Wise Payments Ltd and Monzo Bank Ltd
Payments and digital banking and Investment platforms and management are part of the Financial Technology in the UK industry.
The company holding the most market share in United Kingdom is Revolut Ltd.
The level of competition is high and increasing in the Financial Technology in the UK industry in United Kingdom.