findexable charts global fintech growth

The second annual Global Fintech Rankings report, published June 23, 2021, by findexable, details increased global investment in the fintech sector over the past twelve months, with $440 billion invested in fintech unicorns compared to $199 billion in April 2020. Researchers from Mambu used algorithms to rank fintech ecosystems across 83 countries, using data from findexable's Global Partnership Network and database, according to Simon Hardie, founder and chief executive officer of findexable.

"The level of investment and activity in the fintech sector is hugely gratifying for those of us who have been championing the industry," Hardie said. "It is especially good to see that the pandemic didn't slow down, and may have in fact accelerated, the adoption of fintech in parts of the world that have previously been underserved."

Elliott Limb, chief customer officer at Mambu, agreed, stating that fintechs are part of a global revolution aimed at making financial services easier, faster and simpler. "They are changing the way we save, spend, borrow, and invest money," he said. "Whether competing, cooperating or supporting traditional financial institutions, they are reshaping digital services for a real-time, on-demand world."

Diverse solutions, geographies


Hardie additionally reported that emerging countries appeared for the first time in the report, along with established global centers such as London, New York and San Francisco, and the Seychelles, Rwanda, Tunisia, Zimbabwe and Somalia all moved up the rankings. There were also more fintech companies being founded in these emerging countries, including Flutterwave in sub-Saharan Africa and a digital currency in the Bahamas, reflecting increased activity and innovation in underbanked populations, he added.

Researchers noted that participating countries and cities were ranked according to the following criteria:

• Quantity—Size of fintech ecosystem and supporting structures—number of fintechs, fintech hubs, co-working spaces, accelerators, global influencers and population (countries only)

• Quality—Impact/performance—size and growth of fintechs (for example, number of unicorns), investment, events, value generation, international collaboration, website ranking

• Environment—Ease of doing business, critical mass, regulatory environment—regulatory interventions to improve competitive environment, incentives for startups, internet censorship, payment portals, fintech courses.

Putting fintech on the map

Hardie praised the fintech community for its diversity and inclusiveness, adding that whether it's an aspiring unicorn, neobank seeking new markets, provider that wants to go digital, or financial institution that wants to act like a fintech, you need a roadmap with coordinates that show where you are and where you want to go. This is why a ranking system is so important, he stated.

Data from the report shows fintechs delivering essential services, which have become more valuable after the global pandemic, Hardie noted. He pointed out that a decade ago, fintechs were easy to dismiss but the report's metrics show fintech moving from a side show to center stage.

"It would be foolish to say that our industry can solve the world's biggest challenges on its own," Hardie wrote. "But as you will see throughout this year's report, we can play a pivotal role - by building bridges to remove gaps in access, supporting responsible innovation and enabling a financial services ecosystem that's as diverse as the world it serves."

A copy of the report is available at: findexable.com/.

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