New Delhi: Global fintech is entering a new era of maturity and momentum. According to a new report from Boston Consulting Group (BCG) and QED Investors, Fintech’s Next Chapter: Scaled Winners and Emerging Disruptors, the sector has emerged from a tough funding environment stronger, more disciplined, and with greater growth prospects than ever.
In 2024, fintech revenues grew by 21%—up from 13% in 2023—marking a threefold acceleration over the financial services industry at large. Meanwhile, the average EBITDA margin of public fintechs climbed to 16%, and 69% of public fintechs are now profitable. Importantly, much of this performance is being driven by a new class of scaled players generating $500 million or more in annual revenue. These now account for approximately 60% of total fintech revenues.
“Global fintech is entering a new phase—defined by profitability, disciplined growth, and AI-led innovation. In 2024 alone, fintech revenues grew by 21%, nearly 3x the pace of traditional financial services, and 69% of public fintechs turned profitable, with average EBITDA margins reaching 16%. India is a critical part of this growth story. The Asia-Pacific region (excluding China) contributed 10% ($22 billion) to global scaled fintech revenues, with India emerging as a standout market—driven by a young, digital-first population and public digital rails like UPI, which processed over 100 billion transactions last year. Yet, vast white spaces remain—only ~2–3% of global deposit and lending revenue pools have been penetrated by fintechs, mirroring the opportunity in India across banking & insurance with only ~4-5% and ~1-2% revenue penetration by fintechs, respectively.
The next generation of Indian fintechs must seize this moment: by embedding agentic AI at the core, leveraging India’s digital infrastructure, and solving for underserved segments with sustainable economics.”, said Yashraj Erande, India Leader, Financial Institutions Practice, and Global Leader, Fintech Practice, BCG
“A class of scaled fintechs is coming of age. Investors are demanding greater maturity, and regulators want more accountability,” said Deepak Goyal, a managing director and senior partner at BCG. “Meanwhile, emerging disruptors are harnessing next-generation technologies like agentic AI and pioneering new business models, pushing established players to continuously innovate.”
