The global fintech app market has witnessed continued growth in recent years.
The fintech app market’s growth rate was amplified amid the Covid-19 pandemic, with worldwide downloads of fintech apps surpassing 6.1 billion in 2021, up 25.2 percent year-on-year, according to data from Sensor Tower.
Further, the cumulative downloads of financial, fintech apps reached a new high of 1.74 billion in Q1 2022, as per Sensor Tower’s State of Fintech and Crypto Apps 2022 report.
Fintech app growth in Asia
Fintech apps continued to gain popularity in Asia following a brief decline at the beginning of the pandemic, with India and Southeast Asia as the leading markets.
In Q1 2022, total downloads of these apps stood at 880 million, up 44 per cent from pre-pandemic levels in Q4 2019.
North America, Latin America and Europe also witnessed an increase in quarterly downloads with payment, crypto, and banking apps being the primary growth drivers.
Latin America witnessed 340 million downloads in Q1 2022 while North America and Europe recorded 160 million and 230 million downloads, respectively.
SEA has potential as an emerging market for crypto apps with downloads in the region surging from six million in 2020 to 21 million in 2021. In Q1 2022, crypto apps accounted for 7 per cent of the downloads of top 50 fintech apps in the region.
Top crypto apps also recorded growth in United States and Australia. “With the development and application of blockchain technology, the global Crypto app market is expanding year-over-year, and its growth has been accelerated by the onset of Covid-19,” Sensor Tower said in a blog post.
The total downloads of the world’s top 30 crypto apps surpassed 500 million in 2021, 2.8 times that of 2020.
In Q1 2022, crypto apps downloads also surpassed 100 million.
As one of the earliest markets in this field, crypto apps garnered over 160 million downloads in the US in 2021, accounting for 43 per cent of the region’s top 50 fintech apps downloads.
Australia’s mobile crypto market lagged a little behind the US and Europe. However, downloads have been growing rapidly in the region in 2021. In Australia, crypto apps gained five million downloads in 2021, accounting for 24 per cent of the total downloads of fintech apps. “Although Binance, Crypto.com, and Coinbase have performed well in the global market, the Australia-based app CoinSpot managed to top the list of popular crypto apps in Australia by downloads in 2021, with one million downloads. Swyftx, another Australia-based crypto trading app, achieved similar performance and ranked fifth on the annual download list,” as per the report.