Fintech personal finance market to top 2.7tr by ’23

DUBAI: The last decade has seen a surge in the number of fintech startups, using technology to make it easier for people to make payments, invest, or get loans. These innovative platforms have not only eaten away at the monopoly power of banks and other established financial players, but also allowed customers to take greater control of their finances.

The global fintech personal finance industry is expected to be worth $1.5 trillion this year, according to data gathered by Learnbonds. com, growing by a massive 45.1 per cent yearon-year. The bullish trend is set to continue over the coming years, with personal finance transactions set to come in at almost $2.7 trillion by 2023.

The fintech personal finance industry relates to online financial services for consumers, such as loans, mortgages and investments. In 2017, fintech personal transactions hit $291.1 billion value, revealed the Statista survey. Since then, the market value enlarged five times and jumped to $1.5 trillion.

The number of users in this sector of the fintech market is forecast to hit 79 million this year, growing by a massive 49.5 per cent year-on-year. Over the next three years, the number of people using fintech personal transactions is expected to almost double and jump to 147 million globally.

Investing through online platforms, known as robo-advisors, is the largest part of this sector.