Europe Fintech Market Size, Trends, Revenue, Demand, Growth Drivers, Key Players, Business Challenges and Future Opportunities Till 2023-2033: SPER Market Research

05/07/202405/07/2024 Neha Sharma

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Fintech, or financial technology, is the application of innovation and technology to enhance financial processes, transactions, and services. It uses data analytics, blockchain, artificial intelligence (AI), and mobile technologies to make financial services more accessible and user-friendly while also streamlining processes and cutting costs. To protect user data, it makes use of secure protocols, biometric authentication, and encryption. It incorporates numerous technical advancements designed to enhance and mechanize different financial operations and services. It is an essential component of peer-to-peer payment apps, contactless payment systems, and mobile wallets, among other digital payment solutions. It puts consumers in direct contact with lenders, frequently offering speedier approval procedures and more accommodating terms.

According to SPER Market Research, ‘Europe Fintech Market Size- By Deployment Mode, By Technology, By Application, By End User- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ states that the Europe Fintech Market is estimated to reach USD XX million by 2033 with a CAGR of 13.04%.

Open banking and PSD2 are the two main factors that significantly propel the fintech business in Europe. The PSD2 permits the European Union to further fintech growth and is seen as a great move for the open banking environment. Fintech companies have gained importance among Europeans due to factors such as growing digital technology advancements, shifting consumer preferences, declining trust in the banking system, favourable regulations, and easy access to venture capital funding. These factors have also made fintech companies more widely adopted and have boosted growth in the European market. Due to their widespread adoption among Europeans, digital payment solutions such as mobile wallets, mobile payments, payment applications, and contactless payments are becoming increasingly popular and are driving the rise of market share.

Concerns about data security and privacy are one of the reasons why all data is now digital. Cybersecurity issues are impeding the European market’s progress, and the likelihood of cyberattacks is considerable. Growth in the European fintech business is constrained by the necessity for a person to execute digital payments, which is anticipated to be minimal in low-income countries. A major obstacle to growing the European market for fintech is the wide range of fraud and scam dangers. Cyberattacks pose a serious threat to fintech companies. Fintech companies face challenges in gaining traction with European consumers because they provide a distinct array of financial products and services when compared to traditional financial institutions.

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Due to the early epidemic’s effects on European economy and the ensuing effects on the fintech business, the pandemic had a mixed effect on the European fintech market. Fintech agreements have declined in number as investors have shifted their focus from startups to larger enterprises. The industry saw a decline in the early epidemic because to the government lockdown and investors selling off. The shift to digital and banks’ heightened interest in new infrastructure, however, have spurred the industry’s expansion and increased its market share compared to previous years. After the COVID-19 pandemic broke out, new venture capital fintech investments in Europe have been expanding quickly.

Fintech investment has historically been dominated by the UK both in Europe and beyond. In terms of space investment, it is ranked second only to the United States. Some of the key players are- Adyen, Funding Circle, Klarna, Monzo, N26, Nexi, Oaknorth, Rapyd, Revolut, Transferwise.

Our in-depth analysis of the Europe Fintech Market includes the following segments:

By Deployment Mode: