Numerous fintech startups make it easier for people to take greater control of their finances
The fintech personal finance industry is expected to be worth $1.5 trillion this year, according to LearnBonds. In addition to that, it’s set to come in at almost $2.7 trillion by 2023.
The data revealed that fintech personal transactions hit $291 billion in value in 2017. Afterward, the market value boosted five times increasing to $1.5 trillion. By 2023, the number of people using fintech personal transactions is expected to jump to 147 million worldwide, compared to 79 million this year.
According to the survey, the robo-advisory industry is the largest part of this sector and is expected to grow $2.5 trillion by 2023. This market grew out of the 2008 financial crisis since small investors looked for wealth managers who charged lower fees.
The research found out that digital remittances are the second-largest segment of the fintech personal finance market. It’s expected to reach a $95.9 billion transaction value in 2020, with the total transaction value exceeding $143 billion over three years. Besides, the number of people using digital remittances is believed to rise to 13.2 million by 2023.
The study unveiled that the US is the leading market for fintech personal finance services globally with more than $1 trillion worth transaction value in 2020. The second-largest industry is in China with $317 billion worth transactions. The UK ranked as the third-largest market in the world with $27.1 billion in fintech personal transactions.
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