United Kingdom Fintech Market Introduction and Overview
According to SPER Market Research, the United Kingdom Fintech Market is estimated to reach USD 35.86 billion by 2033 with a CAGR of 10.49%.
The report includes an in-depth analysis of the United Kingdom Fintech Market, including market size and trends, product mix, distribution channels, and supplier analysis. FinTech companies offer a range of financial technology solutions, tools, and services as a service to other businesses (B2B). Since these services are usually provided via the cloud, other businesses can integrate and make use of financial technology capabilities without having to develop these technologies internally. Peer-to-peer (P2P) lending platforms, fraud detection, payment processing, and other financial services and technology solutions are all provided by financial technology providers. Insurance firms, banks, and other financial institutions use these services extensively.
- In September 2023, Moneybox, the renowned platform for saving and investing, introduced a new Cash ISA that leads the industry and offers a variable 4.65% annual percentage rate (AER) on deposits of GBP 500 (USD 629.99) or more. This new Cash ISA, which offers an appealing interest rate, permits up to three withdrawals within a year of the account establishment date, all without affecting the tax-free growth of savings over a medium-long term.
- March 2023: With the launch of its rebrand, the fintech company formerly known as Transferwise is carrying on with its development. With inspiration from the currencies, languages, and locations it serves across the globe, Wise's new style was developed to showcase its global reach, coinciding with the company's 16 millionth customer worldwide.
Market Opportunities and Challenges
Opportunities:- There are opportunities for inventive fintech solutions in the UK to be offered as a disruptive technology and to establish collaborations with the leading established financial institutions. Despite being centered in London, there are significant FinTech hubs spread across the UK's many regions. Growing Digital Banking and Payments in the UK The most popular services provided by FinTech companies are digital banking and payments, which have been boosted by the launch of the Faster Payment Service. In the UK, more than 90% of adults used internet banking in 2022. Since the pandemic began, more people have been using digital financial services, with mobile banking apps seeing the biggest rise in usage.
Challenges:- Concerns about security and data privacy might restrict market expansion. FinTech businesses frequently collect and manage financial and personal data. It might be difficult to ensure data privacy and compliance with data protection laws like GDPR. Furthermore, financial technology service providers are appealing targets for cyberattacks since they manage sensitive financial data. Significant financial and reputational repercussions may result from security breaches. Furthermore, establishing consumer trust is essential in the financial industry. Customers used to traditional banking institutions may be skeptical of these startups. It is projected that these issues will limit market expansion in the upcoming years.
Market Competitive Landscape
FinTech, or financial technology, is a fast-growing and extremely fragmented business in the UK. Peer-to-peer lending, money transfers, and digital banks are among the sectors that have done well recently. More than 800 FinTech companies, offering a wide range of services including digital payments, alternative finance, wealth management, and blockchain, are presently based in the UK. These companies serve a large clientele. MoneyBox, Monzo, Transfer Wise, Payment Sense, and Starling Bank are a few of the leading companies in the industry.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2020-2033 |
| Base year considered | 2023 |
| Forecast period | 2024-2033 |
| Segments covered | By Service Proposition, By Technology, By User Type
|
| Regions covered | Eastern Region, Western Region, Southern Region, Northern Region
|
| Companies Covered | Money Box, Monzo, Nutmeg, Payment Sense, Revolut, NRTC Group, Soldo, Starling Bank, WeGift.io, YoYo, Others.
|
COVID-19 Impact on United Kingdom Fintech Market
The financial services industry's increased use of digital technology contributed to the market's growth.
The epidemic hastened financial services' digital revolution. The use of mobile and online banking by consumers and businesses led to an increase in the need for financial technology platforms. Furthermore, as e-commerce, contactless payments, and digital wallets gained traction during the pandemic, financial technology companies providing payment and transaction processing services saw a spike in demand.
Key Target Audience
- Retail consumers
- Small and medium-sized enterprises (SMEs)
- Corporate clients
- Investors and shareholders
- Financial institutions (banks, credit unions, etc.)
- Regulators and policymakers
- Technology partners and vendors
- Fintech startups and innovators
Our in-depth analysis of the United Kingdom Fintech Market includes the following segments:
|
By Service Proposition: |
Money Transfer and Payments
Savings and Investments
Digital Lending and Lending Marketplaces
Online Insurance and Insurance Marketplaces
Others
|
|
By Technology: |
Mobile Apps
AI and Machine Learning
Cryptocurrency
Others
|
|
By User Type: |
Consumers
Businesses
|
Key Topics Covered in the Report
- United Kingdom Fintech Market Size (FY’2024-FY’2033)
- Overview of United Kingdom Fintech Market
- Segmentation of United Kingdom Fintech Market By Service Proposition (Money Transfer and Payments, Savings and Investments, Digital Lending and Lending Marketplaces, Online Insurance and Insurance Marketplaces, Others)
- Segmentation of United Kingdom Fintech Market By Technology (Mobile Apps, AI and Machine Learning, Cryptocurrency, Others)
- Segmentation of United Kingdom Fintech Market By User Type (Consumers, Businesses)
- Expansion Analysis of United Kingdom Fintech Market
- Problems and Obstacles in United Kingdom Fintech Market
- Competitive Landscape in the United Kingdom Fintech Market
- Impact of COVID-19 and Demonetization on United Kingdom Fintech Market
- Details on Current Investment in United Kingdom Fintech Market
- Competitive Analysis of United Kingdom Fintech Market
- Prominent Players in the United Kingdom Fintech Market
- SWOT Analysis of United Kingdom Fintech Market
- United Kingdom Fintech Market Future Outlook and Projections (FY’2024-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report
1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data
2.1.2. Primary Data
2.1.3. SPER’s internal database
2.1.4. Premium insight from KOL’s
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges
4.2. COVID-19 Impacts of the United Kingdom Fintech Market
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths
5.1.2. Weaknesses
5.1.3. Opportunities
5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape
5.2.2. Economic Landscape
5.2.3. Social Landscape
5.2.4. Technological Landscape
5.2.5. Environmental Landscape
5.2.6. Legal Landscape
5.3. PORTER’s Five Forces
5.3.1. Bargaining power of suppliers
5.3.2. Bargaining power of buyers
5.3.3. Threat of Substitute
5.3.4. Threat of new entrant
5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. United kingdom Fintech Market Manufacturing Base Distribution, Sales Area, Product Type
6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in United kingdom Fintech Market
7. United Kingdom Fintech Market, By Service Proposition (USD Million)
7.1. United kingdom Fintech Market Value Share and Forecast, By Service Proposition, 2024-2033
7.2. Money Transfer and Payments
7.3. Savings and Investments
7.4. Digital Lending and Lending Marketplaces
7.5. Online Insurance and Insurance Marketplaces
7.6. Others
8. United kingdom Fintech Market, By Technology (USD Million)
8.1. United kingdom Fintech Market Value Share and Forecast, By Technology, 2024-2033
8.2. Mobile Apps
8.3. AI and Machine Learning
8.4. Cryptocurrency
8.5. Others
9. United kingdom Fintech Market, By User Type (USD Million)
9.1. United kingdom Fintech Market Value Share and Forecast, By User Type, 2024-2033
9.2. Consumers
9.3. Businesses
10. United kingdom Fintech Market Forecast, 2020-2033 (USD Million)
10.1. United kingdom Fintech Market Size and Market Share
11. United kingdom Fintech Market, By Service Proposition, 2020-2033 (USD Million)
11.1. United kingdom Fintech Market Size and Market Share By Service Proposition (2020-2026)
11.2. United kingdom Fintech Market Size and Market Share By Service Proposition (2027-2033)
12. United kingdom Fintech Market, By Technology, 2020-2033 (USD Million)
12.1. United kingdom Fintech Market Size and Market Share By Technology (2020-2026)
12.2. United kingdom Fintech Market Size and Market Share By Technology (2027-2033)
13. United kingdom Fintech Market, By User Type, 2020-2033 (USD Million)
13.1. United kingdom Fintech Market Size and Market Share By User Type (2020-2026)
13.2. United kingdom Fintech Market Size and Market Share By User Type (2027-2033)
14. United kingdom Fintech Market, By Region, 2020-2033 (USD Million)
14.1. United kingdom Fintech Market Size and Market Share By Region (2020-2026)
14.2. United kingdom Fintech Market Size and Market Share By Region (2027-2033)
14.3. Eastern Region
14.4. Northern Region
14.5. Western Region
14.6. Southern Region
15. Company Profile
15.1. Money Box
15.1.1. Company details
15.1.2. Financial outlook
15.1.3. Product summary
15.1.4. Recent developments
15.2. Monzo
15.2.1. Company details
15.2.2. Financial outlook
15.2.3. Product summary
15.2.4. Recent developments
15.3. Nutmeg
15.3.1. Company details
15.3.2. Financial outlook
15.3.3. Product summary
15.3.4. Recent developments
15.4. Payment Sense
15.4.1. Company details
15.4.2. Financial outlook
15.4.3. Product summary
15.4.4. Recent developments
15.5. Revolut
15.5.1. Company details
15.5.2. Financial outlook
15.5.3. Product summary
15.5.4. Recent developments
15.6. NRTC Group
15.6.1. Company details
15.6.2. Financial outlook
15.6.3. Product summary
15.6.4. Recent developments
15.7. Soldo
15.7.1. Company details
15.7.2. Financial outlook
15.7.3. Product summary
15.7.4. Recent developments
15.8. Starling Bank
15.8.1. Company details
15.8.2. Financial outlook
15.8.3. Product summary
15.8.4. Recent developments
15.9. WeGift.io
15.9.1. Company details
15.9.2. Financial outlook
15.9.3. Product summary
15.9.4. Recent developments
15.10. YoYo
15.10.1. Company details
15.10.2. Financial outlook
15.10.3. Product summary
15.10.4. Recent developments
15.11. Others
16. List of Abbreviations
17. Reference Links
18. Conclusion
19. Research Scope
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
