North America Fintech Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

North America Fintech Market is segmented by Service Proposition (Money Transfer and Payments, Savings and Investments, Digital Lending & Lending Marketplaces, Online Insurance & Insurance Marketplaces, and Others), and by Country (United States, Canada, Mexico, and Rest of North America).

North America Fintech Market Size

Market Summary
Study Period: 2019 - 2028
CAGR: > 8 %

Major Players


*Disclaimer: Major Players sorted in no particular order


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North America Fintech Market Analysis

Despite the obstacles posed by the global pandemic, the year 2020 remained a promising one for fintech in North America. New relationships are being formed as the ecosystem evolves, and international awareness is increasing. Despite the uncertainties, several fintech and financial institutions from coast to coast stepped up and pitched in to determine COVID-19's long-term trends.

North and South America accounted for the highest share of overall Fintech investments (USD 12.9 billion) in the middle of 2020, while the Asia Pacific and EMEA respectively accounted for USD 8.1 billion and USD 4.6 billion. North American Fintech Market is mainly driven by many startups and emerged companies offering AI services to financial services. The key applications include Virtual Assistant, Business Analytics & Reporting, Customer Behavioral Analytics, among others.

The United States has dominated the market by revolutionising the financial sector in the United States, including how consumers lend, invest, choose loans, support start-ups, and even purchase insurance. Two or more financial technology services are used by one out of every three digitally active consumers.

The Canadian ecosystem, however, is set for expansion. Although Canadian cities are benefiting from the fundamentals required for worldwide leadership, major hubs may still have space to improve their reputations as world-class fintech ecosystems. Around 700 fintech companies presently operate in the country, with 18 of them launching in 2020. The Payments, Lending, Back Office, and Digital Currencies verticals are still amongst the largest by several Canadian fintech.

North America Fintech Industry Segmentation

The report on the North America Fintech market provides a comprehensive evaluation of the market with market segmentation, product categories, existing market trends, market dynamics shifts, and growth opportunities. The market is segmented by Service Proposition (Money Transfer and Payments, Savings and Investments, Digital Lending & Lending Marketplaces, Online Insurance & Insurance Marketplaces, and Others), and by Country (United States, Canada, Mexico, and Rest of North America).

By Service Proposition
Money Transfer and Payments
Savings and Investments
Digital Lending & Lending Marketplaces
Online Insurance & Insurance Marketplaces
By Country
United States
Rest of North America

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North America Fintech Market Trends

This section covers the major market trends shaping the North America Fintech Market according to our research experts:

The United States Dominates the North America Fintech Market

As of 2018, the United States accounts for 57% of the fintech market. Consumers in the country have identified the key benefits that they can avail themselves of with fintech innovation, such as convenience, security, simplicity, transparency, and personalization. The large increase in online digital-only banks and mobile phone payments has led to the increased adoption of fintech money transfers and payment services. Digital payment is the leading market segment, with a total transaction value of USD 880 billion as of 2018.

The United States fintech market has registered the maximum adaption of solutions due to its initial implementation in most applications and the presence of leading players in the area. London-based Revolut, a Mastercard Start Path participant, has grown rapidly in Europe and partnered with Mastercard in the United States at the end of 2019. A digital alternative to large, traditional banks, Revolut has grown rapidly in Europe since its 2015 launch, with more than 7 million customers. Now, with Mastercard as a card issuer in the United States. Also, Germany-based N26 is a challenger bank that provides more than 3.5 million customers (as of early Q3’19) with personal finance and mobile banking solutions. N26 launched in the United States partnering with Axos Bank to hold and insure deposits. United Kingdom based Monzo is also looking to find additional customers in the United States on top of its more than 2 million existing customers (as of early Q3’19). In June, the challenger bank announced that it would be expanding into the United States and partnering with Sutton Bank. London-based GoCardless (disclosed funding of $122 million) operates an international payments network for businesses to take and settle recurring payments. The company launched in the United States and opened a San Francisco office.


Blockchain Technology is Driving the Fintech Market in North America

Global cross-border payments are tightly regulated, and expensive distributed ledger technology has reduced some of the costs and improved traceability. Most fintech vendors are rapidly developing and innovating new platforms for the provision of online financial services. Global financial technology companies are partnering with local cellular operators, money transfer operators, and banks across the borders of the United States, Mexico, and Canada. However, the recent COVID-19 outbreak has highlighted the demand for digital transformation in the banking sector as people are forced to use online services and limit their bank visits. Due to this, most of the banking companies are collaborating with fintech vendors to offer differentiated and competitive services as in the future digital customer experience will be the primary area of competitive advantage and is expected to drive the market. For instance, in June 2020, the Peoples Community Bank has broadened its existing relationship with Finastra to accelerate its innovation and product rollouts. The bank plans to upgrade its infrastructure to adopt Finastra's Phoenix core platform, and will further adopt Finastra's Fusion Digital Banking, LaserPro, and other products as part of its digitization initiative. Moreover, the most significant effect of blockchain technology offered by fintech vendors is reduced fraud and cyber-attacks in the financial world. Blockchain assists in curbing data breaking and other comparable fraudulent operations to enable fintech businesses to share or transfer safe and unaltered information through a decentralized network.


North America Fintech Industry Overview

North America is considered the most competitive and rapidly developing technology market in the financial industry. Some of the major players in the market are Stripe, Chime, Wealthsimple, Klarna, SoFi, Square, Kraken, Avant, Oscar Health and Mogo.

North America Fintech Market Leaders

  1. Avant

  2. SoFi

  3. Wealthsimple

  4. Stripe

  5. Chime

*Disclaimer: Major Players sorted in no particular order


North America Fintech Market News

  • June 2021 - Seven of the top 10 banks in North America and three of the top four banks in Australia deliver flawless brand experiences and improved consumer access to digital products with Applitools. It is a provider of next-generation test automation through Visual AI and Ultrafast Test Cloud and serves the world's largest commercial banks, credit card providers, insurance companies, stock brokerages, FinTech companies and more.
  • April 2021 – Settle to enable cross-border payments & foreign exchange with Currencycloud partnership. European mobile payments pioneer, Settle Group, provider of the mobile payment service in 22 European markets, has partnered with Currencycloud, a New York-based API and service provider for cross-border payments.

North America Fintech Market Report - Table of Contents


    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study




    1. 4.1 Market Overview

    2. 4.2 A Brief on Internet and Smartphone Penetration in the Region

    3. 4.3 Insights on Key Regulations and Industry Policies Impacting Fintech Market in the Region

    4. 4.4 Market Drivers

    5. 4.5 Market Restraints

    6. 4.6 Revenue and Funding Statistics

    7. 4.7 Porter's Five Forces Analysis

      1. 4.7.1 Threat of New Entrants

      2. 4.7.2 Bargaining Power of Buyers/Consumers

      3. 4.7.3 Bargaining Power of Suppliers

      4. 4.7.4 Threat of Substitute Products

      5. 4.7.5 Intensity of Competitive Rivalry

    8. 4.8 Imapct of Covid-19 on the Market


    1. 5.1 By Service Proposition

      1. 5.1.1 Money Transfer and Payments

      2. 5.1.2 Savings and Investments

      3. 5.1.3 Digital Lending & Lending Marketplaces

      4. 5.1.4 Online Insurance & Insurance Marketplaces

      5. 5.1.5 Others

    2. 5.2 By Country

      1. 5.2.1 United States

      2. 5.2.2 Mexico

      3. 5.2.3 Canada

      4. 5.2.4 Rest of North America


    1. 6.1 Overview (Market Concentration and Major Players)

    2. 6.2 Company Profiles

      1. 6.2.1 Stripe

      2. 6.2.2 Chime

      3. 6.2.3 Wealthsimple

      4. 6.2.4 Klarna

      5. 6.2.5 SoFi

      6. 6.2.6 Square

      7. 6.2.7 Kraken

      8. 6.2.8 Avant

      9. 6.2.9 Oscar Health

      10. 6.2.10 Mogo*

    3. *List Not Exhaustive


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North America Fintech Market Research FAQs

The North America Fintech Market is studied from 2019 - 2028.

The North America Fintech Market is growing at a CAGR of >8% over the next 5 years.

Avant, SoFi, Wealthsimple, Stripe, Chime are the major companies operating in North America Fintech Market.

North America Fintech Industry Report

Statistics for the 2023 North America Fintech market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. North America Fintech analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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