- Fintech investment deal activity in the EMEA region peaked in 2021 but declined significantly in 2022 and the first half of 2023. There were 2,373 fintech deals in 2022 and 702 deals in the first half of 2023. - Venture capital investments in fintech companies in the EMEA region peaked in the first half of 2021 but declined throughout 2022 and the first half of 2023. The value of investments raised was $6.8 billion in the first half of 2021 but only $2.7 billion in the first half of 2023. - The largest fintech deal in Europe in the first half of 2023 was the $3.1 billion dive

1. DIGITAL & TRENDS
Fintech in Europe

2. Table of Contents
1
01 Overview
04
Number of fintech startups worldwide 2018-2023, by region
05
Biggest fintech unicorns from Europe based on market value in 2023
06
Number of fintech users in Europe 2017-2027, by segment
07
Fintech transaction value per user in Europe 2017-2027, by segment
08
Fintech transaction value in Europe 2023, by country
02 Investments
10
Value of investment in fintech worldwide in 2019-2023, by region
11
Share of investment deals in fintech sector 2018-2022, by region
12
Largest fintech investment deals in EMEA 2022-2023
13
Largest fintech investment deals in Europe 2023
14
Venture capital raised by fintech companies in EMEA Q1 2019-Q2 2023
03 Deal activity
16
Fintech investment deals in EMEA 2017-2023
17
Fintech investment deal value in leading countries in Europe as of 2022
18
Median value of M&A deals in EMEA 2017-2022
19
Fintech VC deal count in Europe Q1 2018-Q4 2022
04 Mobile banking
21
Online banking penetration in European markets 2022
22
Number of customers at European app-only banks in 2022
23
Largest European digital banks 2023, by funding amount
24
Largest European digital banks 2023, by number of countries of operation
25
Leading online bank unicorns in Europe 2023
26
Estimated customer growth of Revolut and N26 2018-2023
05 Open banking
28
Number of open banking third party registrations in Europe Q1 2023, by country
29
Number of open banking third party registrations in Europe 2019-2023
30
Top 10 countries in Europe with highest number of home registered TPPs 2023
31
Top 10 countries in Europe with highest number of passported TPPs 2023
32
Number of countries in Europe with over 100 passported TPPs Q3 2021-Q1 2023
06 Finance apps
34
Finance app downloads in Germany 2022, by type
35
Finance app downloads in France 2022, by type
36
Finance app downloads in Italy 2022, by type
37
Finance app downloads in Spain 2022, by type
38
Share of local finance app downloads in Europe 2019-2022
07 Country comparison

3. Table of Contents
2
40
Fintech users in Europe 2023, by country
41
Fintech revenue in Europe 2023, by country
42
Fintech transaction value in Europe 2023, by country
43
Assets under management of fintech sector in Europe 2022, by country

4. Overview
CHAPTER 01

5. Description: As of May 2023, there were 11,651 fintech (financial technology) startups in the Americas, making it the region with the most fintech startups globally. In comparison, there were 9,681 fintech startups in the EMEA region (Europe, the Middle East, and Africa) and
5,061 in the Asia Pacific region. In 2023, the United States ranked first in terms of the number of fintech unicorns globally, having roughly five times more of these companies than the United Kingdom, that ranked second. Read more
Note(s): 2018 to November 2021
Source(s): BCG; CrunchBase; Statista
5,686 5,779
8,775
10,755 11,651
3,581 3,583
7,385
9,323
9,681
2,864 2,849
4,765
6,268
5,061
0
5,000
10,000
15,000
20,000
25,000
30,000
2018 2019 2020 2021 2023*
Number
of
fintech
startups
Americas EMEA APAC**
4
Number of fintech startups worldwide from 2018 to 2023, by region
Number of fintech startups worldwide 2018-2023, by region

6. Description: As of April 2023, Revolut was the fintech company with the highest market valuation in Europe. The London-based neobank had a market valuation of 33 billion U.S. dollars. In 2022, Revolut had more than 25 million customers, making it the most widely used
neobank in Europe. Blockchain.com was the second largest fintech unicorn in Europe, with a market value of 14 billion U.S. dollars. Read more
Note(s): Europe; April 7, 2023
Source(s): CB Insights
Country of origin Last known valuation
Revolut United Kingdom 33
Blockchain.com United Kingdom 14
Checkout.com United Kingdom 11
N26 Germany 9.23
Rapyd United Kingdom 8.75
SumUp United Kingdom 8.5
Klarna Sweden 6.7
Mollie Netherlands 6.5
5
Leading fintech unicorns in Europe as of April 2023, by market valuation (in
billion U.S. dollars)
Biggest fintech unicorns from Europe based on market value in 2023

7. Description: The number of fintech users in Europe is forecast to increase annually between 2023 and 2027 in all segment of the industry. As of 2023, there was an estimated 841.5 million fintech users in Europe, with the digital payments segment accounting for the largest
share of users (550.5 million). By 2027, the number of fintech users is expected to exceed 990 million. Further information and methodology notes can be find in Statista's Digital Market Insights. Read more
Note(s): Europe; 2017 to 2023; data shown is using current exchange rates and reflects market impacts of the Russia-Ukraine war
Source(s): Statista Digital Market Insights
0
100
200
300
400
500
600
700
2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
Users
in
millions
Digital assets Digital investments Digital payments Neobanking
6
Number of fintech users in Europe from 2017 to 2027, by segment (in millions)
Number of fintech users in Europe 2017-2027, by segment

8. Description: The average transaction value of fintech users in Europe is forecast to increase annually between 2023 and 2027 in all segment of the industry. As of 2023, the average transaction value per user was estimated to be roughly 103,000 U.S. dollars, with alternative
financing having the highest average transaction value. By 2027, the value of transaction value per user is expected to exceed 133,000 U.S. dollars. Further information and methodology notes can be find in Statista's Digital Market Insights. Read more
Note(s): Europe; 2017 to 2023; data shown is using current exchange rates and reflects market impacts of the Russia-Ukraine war
Source(s): Statista Digital Market Insights
0
10
20
30
40
50
60
70
80
90
100
2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
Transaction
value
in
thousand
U.S.
dollars
Alternative financing Digital payments Neobanking
7
Transaction value of fintech users in Europe from 2017 to 2027, by segment
(in 1,000 U.S. dollars)
Fintech transaction value per user in Europe 2017-2027, by segment

9. Description: In 2023, the value of fintech transactions exceeded 1.2 trillion U.S. dollars in the United Kingdom, making it the European market with the highest fintech transaction generated. The United Kingdom was followed by France and the Netherlands, with roughly 471.5
and 456.3 billion U.S. dollars, respectively. Further information and methodology notes can be find in Statista's Digital Market Insights. Read more
Note(s): Belgium, Denmark, France, Germany, Ireland, Italy, Netherlands, Portugal, Spain, Sweden, Switzerland, United Kingdom; 2023; data shown is using current exchange rates and reflects market impacts of the Russia-Ukraine war
Source(s): Statista Digital Market Insights
1,215.43
471.47
456.28
354
240.55
233.56
168.11
162.53
149.28
144.24
137.21
80.37
0 200 400 600 800 1,000 1,200 1,400
United Kingdom
France
Netherlands
Germany
Switzerland
Italy
Sweden
Spain
Denmark
Ireland
Belgium
Portugal
Transaction value in billion U.S. dollars
8
Fintech transaction value in Europe in 2023, by country (in billion U.S. dollars)
Fintech transaction value in Europe 2023, by country

10. Investments
CHAPTER 02

11. Description: The value of investments in fintech companies in the Americas decreased considerably in 2022, compared to 2021. This was an even bigger decrease than between 2019 and 2020. The value of investments into fintechs showed the same tendency in the EMEA
region, where the total amount of investments dropped to 63 billion U.S. dollars from 77.6 billion U.S. dollars a year earlier. The Asia Pacific region, on the other hand, saw a slight increase in investment activity in the fintech sector. In the [...] Read more
Note(s): Worldwide; 2019 to H1 2023
Source(s): KPMG; PitchBook
118.3
68.1
30.4
95.8
27.5
15.5
118.5
77.6
50
93.8
63
52.2
36.1
11.2
5.1
0
20
40
60
80
100
120
140
Americas EMEA Asia Pacific
Value
in
billion
U.S.
dollars
2019 2020 2021 2022 H1 2023
10
Value of investment in fintech companies worldwide from 2019 to H1 2023, by
region (in billion U.S. dollars)
Value of investment in fintech worldwide in 2019-2023, by region

12. Description: The United States continued to lead deal share in 2022, with an average of 36.75 percent of all deals taking place there. Europe and Asia followed with a deal share of 24.75 percent and and 22.75 percent, respectively. Read more
Note(s): Worldwide; 2018 to 2022
Source(s): CB Insights
0%
20%
40%
60%
80%
100%
120%
Q1
2018
Q2
2018
Q3
2018
Q4
2018
Q1
2019
Q2
2019
Q3
2019
Q4
2019
Q1
2020
Q2
2020
Q3
2020
Q4
2020
Q1
2021
Q2
2021
Q3
2021
Q4
2021
Q1
2022
Q2
2022
Q3
2022
Q4
2022
Share
of
investment
deals
United States Asia Europe Latin America Other regions
11
Share of investment deals in the fintech sector from 2018 to 2022, by region
Share of investment deals in fintech sector 2018-2022, by region

13. Description: The largest fintech deal in Europe, the Middle East and Africa (EMEA) in 2022 was Italian payments platform Sia, with an M&A deal of 3.9 billion U.S. dollars. In the first half of 2023, the corporate divestiture of Wood Mackenzie was the largest fintech deal, with a
deal value of 3.1 billion U.S. dollars. Up until June 2023, that was the only multibillion-dollar deal in the region. Read more
Note(s): Europe, MENA; 2022 and H1 2023
Source(s): KPMG; PitchBook
3.1
0.6
0.49
0.3
3.9
2.1
1.8
1.4
1.15
1
0.84
0.8
0.74
0.7
0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5
Sia (Italy)
Tink (Sweden)
Interactive Investor (UK)
FNZ (UK)
Trade Republic (Germany)
Checkout.com (UK)
Nucleus Financial Group (UK)
Klarna (Sweden)
Spartfin (France)
International Game Technology (UK)
Wood Mackenzie (UK)
Abound (UK)
Ledger (France)
Teylor (Switzerland)
2022 2021
Value in billion U.S dollars
12
Largest fintech deals in Europe, the Middle East and Africa in 2022 and H1
2023 (in billion U.S dollars)
Largest fintech investment deals in EMEA 2022-2023

14. Description: The United Kingdom (UK) was the leading player in terms of the largest fintech investment deals in Europe in the first half of 2023. Five out of the ten largest fintech deals took place in the UK. In the first half of 2023, Wood Mackenzie's corporate divestiture was the
largest fintech deal in Europe, with a deal value of 3.1 billion U.S. dollars. During this period, this was the only multibillion-dollar deal in Europe. Read more
Note(s): Europe; H1 2023
Source(s): KPMG; PitchBook
3.1
0.6
0.49
0.3
0.25
0.25
0.23
0.16
0.15
0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5
Wood Mackenzie (UK - institutional/B2B)
Abound (UK - consumer finance)
Ledger (France - blockchain)
Teylor (Switzerland - lending)
eToro (UK - capital markets)
Metaco (Switzerland - blockchain)
SignUp Software (Sweden - institutional/B2B)
The Bank of London (UK - institutional/B2B)
Cushon (UK - consumer finance)
Investment value in billion U.S. dollars
13
Largest fintech investment deals in European countries in H1 2023 (in billion
U.S. dollars)
Largest fintech investment deals in Europe 2023

15. Description: 2021 was a record year in Europe, Middle East and Africa (EMEA) in terms of venture capital (VC) investments in fintechs. In the first half of 2021, the fintech sector raised more VC investments than 2020 overall. The value of VC investments remained similarly
high for the rest of the year. However, 2022 saw a sharply decreasing trend towards the end of the year, with almost each quarter measuring lower VC investments into fintechs than the previous one. Investments remained low in the first [...] Read more
Note(s): Africa, Europe, MENA; Q1 2019 to Q2 2023
Source(s): KPMG; PitchBook
2.7
2.3
1.7 1.7
2.2 2.4
4
2.8
6.8
8.9
6.9 7
8.9
9.7
6.1
3.2
3.9
2.7
0
2
4
6
8
10
12
Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023
VC
investments
in
billion
U.S.
dollars
14
Venture capital (VC) investments in fintechs in Europe, Middle East and Africa
from 1st quarter 2019 to 2nd quarter 2023 (in billionU.S. dollars)
Venture capital raised by fintech companies in EMEA Q1 2019-Q2 2023

16. Deal activity
CHAPTER 03

17. Description: There were a total number of 2,373 venture capital, private equity and M&A deals in fintech in Europe, Middle East and Africa in 2022, which was significantly lower than in 2021, but remained well above the deal count in 2020. The downward trend continued in the
first half of 2023, with 702 registered deals until June. The largest European fintech deal in the first half 2023 had a deal value of 3.1 billion U.S. dollars. Read more
Note(s): Africa, Europe, MENA; 2017 to H1 2023
Source(s): KPMG; PitchBook
995
1,217
1,487
1,636
2,518
2,343
702
0
500
1,000
1,500
2,000
2,500
3,000
2017 2018 2019 2020 2021 2022 H1 2023
Number
of
deals
16
Total number of fintech investment deals in Europe, Middle East and Africa
(EMEA) from 2017 to H1 2023
Fintech investment deals in EMEA 2017-2023

18. Description: The United Kingdom accounted for the highest fintech investment value in Europe in 2022, reaching 12.5 billion U.S. dollars. This value was more than four times higher than the amount of investments in Germany, the country with the second highest fintech
investments, which was 2.9 billion U.S. dollars in 2022. Read more
Note(s): Europe; 2022
Source(s): Innovate Finance
12.5
2.9
2.8
1.5
1
0.7
0.6
0 2 4 6 8 10 12 14
United Kingdom
Germany
France
Sweden
Switzerland
Italy
Luxembourg
Investment value in million U.S. dollars
17
Leading European countries for fintech investment deal value in 2022 (in
billion U.S. dollars)
Fintech investment deal value in leading countries in Europe as of 2022

19. Description: The median deal value of fintech merger and acquisitions (M&A) in Europe, Middle East and Africa (EMEA) reached a new high of 65.7 million U.S. dollars in 2022. This value was significantly higher than that of the previous year, when the median deal value was
40.3 million U.S. dollars. Read more
Note(s): Africa, Europe, MENA; 2017 to 2022
Source(s): KPMG; PitchBook
22.7
46.7
27.6
18.8
40.3
65.7
0
10
20
30
40
50
60
70
2017 2018 2019 2020 2021 2022
Deal
value
in
million
U.S.
dollars
18
Median value of Fintech merger and acquisitions (M&A) in Europe, Middle
East and Africa (EMEA) from 2017 to 2022 (in million U.S. dollars)
Median value of M&A deals in EMEA 2017-2022

20. Description: The number of investment deals into the fintech sector in Europe decreased considerably in 2022. In the fourth quarter of 2022, there was a total of 248 fintech deals registered, the lowest number of deals since the third quarter of 2020.. The value of VC-backed
funding in fintech companies also decreased notably.. Read more
Note(s): Europe; Q1 2018to Q3 2022
Source(s): CB Insights
201
189
211
230 231
253
198
206
218
200
216
267
317
306
288
313 317
307
262
248
0
50
100
150
200
250
300
350
Q1
2018
Q2
2018
Q3
2018
Q4
2018
Q1
2019
Q2
2019
Q3
2019
Q4
2019
Q1
2020
Q2
2020
Q3
2020
Q4
2020
Q1
2021
Q2
2021
Q3
2021
Q4
2021
Q1
2022
Q2
2022
Q3
2022
Q4
2022
Number
of
VC-backed
deals
19
Number of venture capital-backed fintech deals in Europe from 1st quarter
2018 to 4th quarter 2022
Fintech VC deal count in Europe Q1 2018-Q4 2022

21. Mobile banking
CHAPTER 04

22. Description: In 2022, it was found that close to 96 percent of the Norwegian population access online banking sites, making Norway the country with the strongest internet banking penetration in Europe, followed by Iceland and Finland.Montenegro and Albania, on the other
hand, had the lowest internet banking penetration, with 11.35 and 5.24 percent, respectively. Read more
Note(s): Europe; 2022; 16 to 74 years; *2021 data. The EU survey on the use of Information and Communication Technologies (ICT) in households and by individuals is an annual survey conducted since 2002 aiming at collecting and disseminating [...] Read more
Source(s): Eurostat
95.84%
94.84%
94.68%
94.35%
90.72%
86.29%
83.5%
83.36%
82.45%
79.51%
77.44%
77.09%
74.82%
73.13%
69.96%
0% 20% 40% 60% 80% 100% 120%
Norway
Iceland*
Finland
Denmark
Netherlands
Ireland
Sweden
Estonia
Latvia
Belgium
Switzerland*
Czechia
Lithuania
Austria
Luxembourg
Share of individuals
21
Online banking penetration in selected European markets in 2022
Online banking penetration in European markets 2022

23. Description: In February 2018, the London based company Revolut announced that they had hit 1.5 million customers, a figure that has grown to 25 million as of November 2022. The incredible acceleration of new customers joining these digital-only banks has been mirrored
by the Berlin-based N26 who have seen their customer base reaching eight million as of October 2022, and fellow London-headquartered Monzo. By analyzing app downloads of Europe's best performing neobanks, Statista has [...] Read more
Note(s): Europe; 2022
Source(s): Statista estimates; Various sources
25
8
6
2.7
2
0.77
0 5 10 15 20 25 30
Revolut (Nov 2022)
N26 (Oct 2022)
Monzo (Jun 2022)
Starling Bank (Jul 2022)
Monese (2020)
Tandem (Dec 2021)
Number of customers in millions
22
Number of customers at largest online only European banks as of 2022 (in
millions)
Number of customers at European app-only banks in 2022

24. Description: The Berlin based mobile bank N26 saw its total funding reaching over 1.7 billion U.S dollars as of February 2023, making it one of the highest funded digital challenger bank in Europe at the time. N26's first place was as of that month shared with the London-based
firm Revolut, also with a funding reaching 1.7 billion U.S. dollars. Read more
Note(s): Europe; 2023
Source(s): CrunchBase
1.7
1.7
1.1
1.1
0.24
0.21
0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8
Revolut
N26
Monzo
Starling Bank
Bunq
Monese
Value of funding in billion U.S dollars
23
Total value of funding at select online only banks in Europe as of February
2023 (in billion U.S dollars)
Largest European digital banks 2023, by funding amount

25. Description: Europe's largest mobile based app Revolut has lofty ambitions. The bank, which was incorporated in December 2013, has millions of users across 36 countries currently. Read more
Note(s): Europe; April 2023
Source(s): Bunq; N26; Revolut; Various sources
36
30
21
0
5
10
15
20
25
30
35
40
Revolut Bunq N26
Number
of
countries
24
Number of countries of operation for select European online only banks
worldwide as of April 2023
Largest European digital banks 2023, by number of countries of operation

26. Description: Revolut, which was worth 1.7 billion euros as of August 2018, became a unicorn in April 2018 and took only three years from founding to having a valuation of over one billion U.S dollars. As of April 2023, the London-based neobank had a market value of 33 billion
U.S. dollars, making it by far the highest valued unicorn online bank in Europe. Read more
Note(s): Europe; April 7, 2023
Source(s): CB Insights
33
9.23
5
4.5
2.69
2
0 5 10 15 20 25 30 35
Revolut
N26
OakNorth Bank
Monzo
Starling Bank
Bunq
Market value in billion U.S dollars
25
Largest unicorn online banks in Europe as of April 2023, by market value (in
billion U.S dollars)
Leading online bank unicorns in Europe 2023

27. Description: Both Revolut and N26 saw a rapidly growing customer base between 2018 and 2022. Revolut announced its milestone of 25 million customers in November 2022, while N26 reached seven million customers in January 2021. If both companies continue their
current trends in new customers, they could see a combined total of more than 43 million customers by December 2023. Along with the number of customers, the brand value of Revolut also increased rapidly in the last years and [...] Read more
Note(s): Europe; February 2018 to December 2023
Source(s): Statista estimates; Various sources
0
5
10
15
20
25
30
35
Number
of
customers
in
millions
Revolut N26
26
Forecasted growth in customers of online only banks Revolut and N26 from
2018 to 2023 (in millions)
Estimated customer growth of Revolut and N26 2018-2023

28. Open banking
CHAPTER 05

29. Description: As of March 2023, Sweden had the highest number of home regulated open banking third party providers (TPPs) with 39 registrations, making the total number of TPPs 153. Sweden was followed by Germany and Poland, in terms of home regulated TPPs. The
total number of open banking TPPs was the highest in the United Kingdom with 221. Read more
Note(s): Europe; Q1 2023
Source(s): Konsentus; VocaLink
155
166
148
150
155
132
150
133
118
142
144
139
110
124
39
36
30
30
29
25
19
16
14
14
13
13
9
9
0 20 40 60 80 100 120 140 160 180
Sweden
Germany
Poland
France
Netherlands
Lithuania
Italy
Denmark
Ireland
Belgium
Spain
Finland
Norway
Estonia
Total number of TPPs Home regulated TPPs
Number of third party providers registered
28
Number of open banking third party provider (TPP) registrations in Europe as
of the 1st quarter 2023, by country
Number of open banking third party registrations in Europe Q1 2023, by country

30. Description: The number of third party provider (TPP) registrations to offer services through open banking in Europe increased significantly between January 2019 and March 2023. Growth in the number of TPP registrations was particularly fast between 2020 and 2021, while in
2022 it slowed down. The last quarter of 2022 was the first time during the observed period, when the number of open banking TPP registrations decreased. Read more
Note(s): Europe; Q1 2019 to Q1 2023
Source(s): Konsentus; VocaLink
133
153
196
240
279
361
410
450
474
497
518 529 535
559 559 558 559
0
100
200
300
400
500
600
Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023
Number
of
third
party
providers
registered
29
Number of open banking third party provider (TPP) registrations in Europe
from 1st quarter 2019 to 1st quarter 2023
Number of open banking third party registrations in Europe 2019-2023

31. Description: In March 2023, Sweden had the highest number of home regulated open banking third party providers (TPPs) in Europe with 39 registrations. Sweden was followed by Germany with 36 TPPs, while France and Poland ranked third with 30 home regulated TPPs
each. Read more
Note(s): Belgium, Denmark, France, Germany, Ireland, Italy, Lithuania, Netherlands, Poland, Sweden; Q1 2023
Source(s): Konsentus
39
36
30
30
29
25
19
16
14
14
0 5 10 15 20 25 30 35 40 45
Sweden
Germany
France
Poland
Netherlands
Lithuania
Italy
Denmark
Belgium
Ireland
Number of third party providers
30
Leading countries in Europe with the highest number of home registered third
party providers (TPPs) in 1st quarter 2023
Top 10 countries in Europe with highest number of home registered TPPs 2023

32. Description: In March 2023, Italy and Spain had the highest number of passported open banking third party providers (TPPs) in Europe, with 131 registrations each. Germany followed with 130 TPPs, and Belgium ranked third with a total of 128 passported TPPs. Read more
Note(s): Austria, Belgium, Finland, France, Germany, Italy, Latvia, Netherlands, Portugal, Spain; Q1 2023
Source(s): Konsentus
131
131
130
128
127
127
126
126
120
119
119
0 20 40 60 80 100 120 140
Italy
Spain
Germany
Belgium
Austria
Portugal
Finland
Netherlands
France
Latvia
Luxembourg
Number of third party providers
31
Leading countries in Europe with the highest number of passported third party
providers (TPPs) in 1st quarter 2023
Top 10 countries in Europe with highest number of passported TPPs 2023

33. Description: The number of countries in Europe with over 100 passported open banking third party provider (TPP) registrations rocketed between the third quarter of 2021 and the first quarter of 2023. While in the third quarter of 2021, there was no European country with so
many passported TPPs, by the end of 2022, 28 countries had over 100 registrations. In the first quarter of 2023, Italy and Spain had the highest number of passported TPPs in Europe. Read more
Note(s): Europe; Q3 2021 to Q1 2023
Source(s): Konsentus
0
4
10
16
21
28 28
0
5
10
15
20
25
30
Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023
Number
of
countries
32
Number of countries in Europe with over 100 passported open banking third party
provider (TPP) registrations from 3rd quarter 2021 to 1st quarter 2023
Number of countries in Europe with over 100 passported TPPs Q3 2021-Q1 2023

34. Finance apps
CHAPTER 06

35. Description: Mobile banking apps were the most popular type of finance apps in Germany in 2022, based on the number of downloads. Throughout the year, such apps were downloaded more than 29 million times. Digital wallet and payments apps followed, with 16.6 million
downloads. Germany is home to one of Europe's leading neobanks, N26, which had the highest share of downloads in France, despite being headquartered in Berlin. Read more
Note(s): Germany; 2022
Source(s): Data.ai; Statista
29.4
16.6
4.8
3.87
0.01
24.5
0
5
10
15
20
25
30
35
Mobile banking Digital wallets and
payments
Personal investing Cryptocurrency trading Personal loans Other
Finance
app
downloads
in
millions
34
Number of finance app downloads in Germany in 2022, by type (in millions)
Finance app downloads in Germany 2022, by type

36. Description: Digital wallets and payment apps were the most popular type of finance apps in France in 2022, based on the number of downloads. Throughout the year, such apps were downloaded roughly 23.5 million times. Mobile banking apps followed, with 20.6 million
downloads. The number of downloads of cryptocurrency trading apps was just above five million. Read more
Note(s): France; 2022
Source(s): Data.ai; Statista
23.5
20.6
5.12
2.69
0.04
16.1
0
5
10
15
20
25
Digital wallets and payment Mobile banking Cryptocurrency trading Personal investing Personal loans Other
Finance
app
downloads
in
millions
35
Number of finance app downloads in France in 2022, by type (in millions)
Finance app downloads in France 2022, by type

37. Description: Digital wallets and payments apps were the most popular type of finance apps in Italy in 2022, based on the number of downloads. Throughout the year, such apps were downloaded roughly 17.8 million times. Mobile banking apps followed, with 13.5 million
downloads. BancoPosta was the leading banking app between 2015 and 2023. Finance apps providing personal loan services were the least popular in terms of the number of downloads. Read more
Note(s): Italy; 2022
Source(s): Data.ai; Statista
17.8
13.5
5.8
3.85
0.27
7.1
0
2
4
6
8
10
12
14
16
18
20
Digital wallets and
payments
Mobile banking Cryptocurrency trading Personal investing Personal loans Other
Finance
app
downloads
in
millions
36
Number of finance app downloads in Italy in 2022, by type (in millions)
Finance app downloads in Italy 2022, by type

38. Description: With more than 15 million downloads, mobile banking apps were the most popular finance apps in Spain in 2022. Digital wallets and payments apps followed, with roughly 13.7 million downloads. Finance apps providing personal loans were the least popular in
terms of the number of downloads. Read more
Note(s): Spain; 2022
Source(s): Data.ai; Statista
15.4
13.7
3.27 3.05
0.46
11.4
0
2
4
6
8
10
12
14
16
18
Mobile banking Digital wallets and
payments
Cryptocurrency trading Personal investing Personal loans Other
Finance
app
downloads
in
millions
37
Number of finance app downloads in Spain in 2022, by type (in millions)
Finance app downloads in Spain 2022, by type

39. Description: Between 2019 and 2022, the fintech sector in the major European countries became less localized in terms of finance app downloads. In all observed countries, the share of locally headquartered finance app downloads decreased between 2019 and 2022,
although 2022 saw an increase in all countries but Italy. In comparison, the share of local finance app downloads in the United States was much higher (87.2 percent) than in any of the observed European countries. Read more
Note(s): France, Germany, Italy, Spain, United Kingdom; 2019 to 2022
Source(s): Data.ai
0%
10%
20%
30%
40%
50%
60%
70%
80%
2019 2020 2021 2022
Share
of
downloads
Germany France United Kingdom Spain Italy
38
Share of locally headquartered finance app downloads in selected European
countries from 2019 to 2022
Share of local finance app downloads in Europe 2019-2022

40. Country comparison
CHAPTER 07

41. Description: In 2023, the United Kingdom (UK) had the highest number of fintech users in Europe, with an estimated 106.53 million users. The UK was followed by Germany and France, with 96.4 and 79.4 million users, respectively. Further information and methodology notes
can be find in Statista's Digital Market Insights. Read more
Note(s): Belgium, Denmark, France, Germany, Ireland, Italy, Netherlands, Portugal, Spain, Sweden, Switzerland, United Kingdom; 2023; data shown is using current exchange rates and reflects market impacts of the Russia-Ukraine war
Source(s): Statista Digital Market Insights
106.53
96.4
79.4
57.49
50.52
22.65
12.76
12.4
11.03
9.23
7.97
7.32
0 20 40 60 80 100 120
United Kingdom
Germany
France
Italy
Spain
Netherlands
Sweden
Belgium
Switzerland
Portugal
Denmark
Ireland
Number of users in millions
40
Number of fintech users in selected European countries in 2023 (in millions)
Fintech users in Europe 2023, by country

42. Description: In 2023, the value of revenue generated in the fintech sector in the United Kingdom (UK) was estimated at 8.15 billion U.S. dollars, making the UK the leading European country in terms of fintech revenue. Germany and France followed, with 7.47 and 3.26 billion
U.S. dollars, respectively. Further information and methodology notes can be find in Statista's Digital Market Insights. Read more
Note(s): Belgium, Denmark, France, Germany, Ireland, Italy, Netherlands, Portugal, Spain, Sweden, Switzerland, United Kingdom; 2023; data shown is using current exchange rates and reflects market impacts of the Russia-Ukraine war
Source(s): Statista Digital Market Insights
8.15
7.47
3.26
3.04
2.26
1.9
1.88
1.2
1.19
0.77
0.61
0.32
0 1 2 3 4 5 6 7 8 9
United Kingdom
Germany
France
Spain
Netherlands
Switzerland
Italy
Sweden
Belgium
Ireland
Denmark
Portugal
Revenue in billion U.S. dollars
41
Fintech revenue in selected European countries in 2023 (in billion U.S.
dollars)
Fintech revenue in Europe 2023, by country

43. Description: In 2023, the value of fintech transactions exceeded 1.2 trillion U.S. dollars in the United Kingdom, making it the European market with the highest fintech transaction generated. The United Kingdom was followed by France and the Netherlands, with roughly 471.5
and 456.3 billion U.S. dollars, respectively. Further information and methodology notes can be find in Statista's Digital Market Insights. Read more
Note(s): Belgium, Denmark, France, Germany, Ireland, Italy, Netherlands, Portugal, Spain, Sweden, Switzerland, United Kingdom; 2023; data shown is using current exchange rates and reflects market impacts of the Russia-Ukraine war
Source(s): Statista Digital Market Insights
1,215.43
471.47
456.28
354
240.55
233.56
168.11
162.53
149.28
144.24
137.21
80.37
0 200 400 600 800 1,000 1,200 1,400
United Kingdom
France
Netherlands
Germany
Switzerland
Italy
Sweden
Spain
Denmark
Ireland
Belgium
Portugal
Transaction value in billion U.S. dollars
42
Fintech transaction value in Europe in 2023, by country (in billion U.S. dollars)
Fintech transaction value in Europe 2023, by country

44. Description: Germany is leading the ranking by indicator 'Assets under Management' in the 'Digital Investment' segment of the fintech market, recording 126.7 billion U.S. dollars. Following closely behind is the United Kingdom with 106.64 billion U.S. dollars, while Portugal is
trailing the ranking with 5.5 billion U.S. dollars, resulting in a difference of 121.2 billion U.S. dollars to the ranking leader, Germany. Read more
Note(s): Belgium, Denmark, France, Germany, Ireland, Italy, Netherlands, Portugal, Spain, Sweden, Switzerland, United Kingdom; Jan 1st to Dec 31st 2022; data shown is using current exchange rates and reflects market impacts of the Russia-Ukraine war
Source(s): Statista Digital Market Insights
126.7
106.64
72.54
40.59
33.94
33.28
25.69
18.96
17.16
11.16
11.13
5.5
0 20 40 60 80 100 120 140
Germany
United Kingdom
France
Spain
Italy
Netherlands
Switzerland
Sweden
Belgium
Denmark
Ireland
Portugal
Assets under management in billion U.S. dollars
43
Assets under management (AUM) of fintech sector in selected European
countries in 2022 (in billion U.S. dollars)
Assets under management of fintech sector in Europe 2022, by country

45. Sources
44
BCG
BCG (Expand Research)
Bunq
CB Insights
CrunchBase
Data.ai
Eurostat
Innovate Finance
Konsentus
KPMG
N26
PitchBook
Revolut
Statista
Statista Digital Market Insights
Statista estimates
Various sources
VocaLink