mckinsey -金融科技的下一个时代 人工智能、数字资产和新的成功之路 The next age of fintech AI,digital assets,and new paths to success 2026

Mckunsey

Incollaborationwith

&company

April2026

Thenextageoffintech

AI,digitalassets,andnewpathstosuccess

Confidentialandproprietary.Anyuseof

thismaterialwithoutspecificpermissionofMcKinsey&Companyisstrictlyprohibited.

Copyright©2026McKinsey&Company.Allrightsreserved.

Coverimage©JStudios/GettyImages.Allinteriorimages©GettyImages.

ThisreportisacollaborativeeffortbyJonSteitz,MaxFlötotto,Uzayr

Jeenah,andVikramIyer,withEdwardAllanson,representingviewsfromMcKinsey’sFinancialServicesPractice,andNigelMorris,NickGasbarro,AmiasGerety,andAdamsConradfromQEDInvestors.

Contents

Keyfindings1

Executivesummary2

Thestateofplaytoday5

Fourtrendsreshapingfintech18Newrecipesforsuccess31

Acknowledgments35

Thenextageoffintech:AI,digitalassets,andnewpathstosuccess

Thenextageoffintech:AI,digitalassets,andnewpathstosuccess1

McKinsey&Company

QEDInvestors

Keyfindings

—$650billion:totalfintech

revenuesin2025,representing4percentpenetrationofwider

financial-servicesrevenuepools

—Approximately$2trillion:

projectedfintechmarketsizeby2030ifrecenttop-linegrowthratesaresustained

—Morethan40percentincreaseinannualcapitaldeployedto

fintechsince2023

—Fivefintechsapproaching“centicorn”valuations

($100billion)

—Morethan50percentoffintechacquisitionsweremadeby

fintechsratherthanincumbentsorsponsors

—$35trillioninstablecoin

transactionvaluein2025,withjust1percentrelatedto“truepayment”activity

—21applicationsreceivedforUSbankingchartersin2025,morethaninthepreviousfouryearscombined

—13percentoffintechrevenuegeneratedby“horizontal”

players—softwarefirmsthathelpdigitizeincumbentsfromtheinsideout

Thenextageoffintech:AI,digitalassets,andnewpathstosuccess2

McKinsey&Company

QEDInvestors

Executive

summary

Afteryearsofturbulence,theglobalfintech

industryhasenteredaneweradefinednotby

speculativeexuberancebutbyabalancedfocusonscalability,profitability,andoperationaland

regulatorymaturity.Thisisthefifthageoffintech:

Thefirstage,fromthelate1990sto2013,markedtheemergenceofpioneers.Thesecondage,from2014to2020,sawrapidgrowthbutlimitedprofitability.

Thethirdage,in2021–22,wasmarkedbyamassivesurgeinventurecapitalinvestment,followedinthefourthagebyamajorresetandsharpcontraction

in2023–24.Inthisfifthage,weseeasetofscaledglobalfintechsachievingsuccess,anewcohortofAI-enabledinsurgentsscaling,risingmegatrendsthatputthewindatfintechs’backs,andrenewedinvestorconfidence.

In2025,theglobalfintechmarketgenerated

approximately$650billioninrevenues,representingagrowthrateofabout21percentyearoveryearfrom2024,andaround23percentannuallyoverthepastfouryears.Thismateriallyoutpacedthebroader

$15trillionfinancial-servicesindustry,whichhas

expandedmoremodestlyata6percentannualrate.Despitethisgrowth,fintechshavecapturedonly

about4percentoftotalfinancial-servicesrevenues,underscoringboththeprogressandthesubstantialroomforgrowththatremains.

Scaleandspeedvarymarkedlyacrossgeographiesandverticals.NorthAmerica,withfintechrevenues

ofabout$310billion,remainsthebiggestmarket,

whilepayments(about$250billioninrevenue)

remainsthelargestvertical.ThefastestgrowthisinLatinAmerica(40percentaverageannualgrowth

overthepastfiveyears),drivenbyarapidexpansioninlending,whichhasgrownatabout50percent

annuallysince2021.

Totalcapitalinvestedhasincreasedbyabout

40percentsince2023,particularlyamonglater-stage,scaledfintechswithproveneconomics;

althoughtotaldealvolumesremainbelowpeaklevels.

In2025,fintechIPOsalsoreturnedtoprominence,with31newlistings.1Infact,ofthetop100IPOs

globallyin2025,fintechsaccountedforabout

12percentoftotalmarketcapitalization.2BolsteredbythelikesofAdyen,Nubank,andRobinhood,thetotalmarketcapitalizationoflistedfintechshas

reached$850billion,itshighestlevelever.

Earlier-stageinvestmenthasrecoveredmoreslowly,andgrowthequityhasdeclined,creatingabarbell-

shapedinvestmentprofile.Capitalisincreasingly

concentratedinasmallnumberoffirms—oftendrivenbyAIordigitalassets—aswellasthemostcompellingearly-stagechallengers,whilemidstageplayers

facerealchallengesinfindingthecapitalneededtogrow.Meanwhile,scaledfintechsareleveragingtheirbalancesheetstodriveconsolidation,accountingformorethan50percentofacquisitionsinthesector.

1IPOswithlessthan$30millionincapital

raisedareexcluded.DataisfromDealroom.co

.

2DataisfromPitchBook.

Thenextageoffintech:AI,digitalassets,andnewpathstosuccess3

Fourtrendsthatwillshapethefutureoffintech

Lookingahead,ouranalysissuggestsfourtrendswillshapethisfifthageoffintech.

Thefirstandmostconsequentialforceisartificial

intelligence.Itistheaccelerantbehindmosttrendsinthisreport.AIissuperchargingstructuraltrendsthathavebeenerodingincumbentadvantagesforyears—butthepacehaschanged.FintechsaredeployingAItobuildproductsinweeksthatoncetookyears,to

servecustomersegmentsthatwerepreviouslynot

economicallyviable,andtocompresscoststructuressothatlegacyoperatingmodelscannotcompete

onprice.Early-adopterincumbentsareseeing

realreturns.Butforthosethathavenotyetmoved

decisively,thecompetitivegapiswidening.For

manymidsizeincumbents,thestrategicpressureis

increasinglyacute:investforscaleorriskprogressiveirrelevance.Forscaledfintechs,AIisadouble-

edgedsword—itpowerstheircurrentadvantage

whilesimultaneouslyloweringthebarriersthatonceprotectedthemfromthenextwaveofinsurgents.

Secondistheriseofdigitalassetssuchas

stablecoinsandtokenizeddeposits.Withinstant,

near-freesettlement,thepromiseofstablecoins

forcross-borderpaymentsandremittancesis

clear.However,ofthe$35trillionreportedannual

stablecointransactionvolume,onlyabout1percent,or$390billion,representstrueenduserpayments,suchaspayingsuppliersorsendingremittances.Theremainderistrading,arbitrage,andcrypto-native

activity.3Arangeofindustryestimatessuggeststhatby2030,themarketvalueofstablecoinswillbebetween$2trillionand$4trillion,implying

acompoundedannualgrowthrateofabout

40percent,withabroaderrangeofon-chaintokenizedassetspotentiallyevenhigher.

Third,fintechsareincreasinglyviewingbankinglicensesnotasconstraintsbutasstrategictoolstounlockcheaperfunding,enableexpansion

opportunities,enhancetrustwithcustomers,and

reinforcetheirmoats.In2025,21fintechsapplied

forbankingchartersintheUnitedStates,more

thaninthepreviousfouryearscombined.Thiscouldfurtherreinforcethemarketbifurcationbetweenthelargest-scaledfintechswithlicensesandtherest,

andpotentiallyreduceakeymoatforincumbentfinancialinstitutions.

Finally,anewformoffintechisgatheringmomentumandattractingadisproportionateshareof

investment.Theseare“horizontal”fintechs—

softwarefirmsthathelpdigitizeincumbentsfrom

theinsideout.Theyareecosystemenablersthat

improvetheefficiencyofpartsofthefinancial-

servicesvaluechain.Today,thesehorizontalfintechsrepresentabout13percentofindustryrevenuesandhavegrown25percentfasterthanthosedirectly

competingwithfinancial-servicesplayersoverthepastfouryears.Theyposelittledirectcompetition

toincumbentsand,infact,helpthemmodernizeandsurvive,particularlythosewithoutthescale,cash,

orappetitetobuildsimilarsolutionsthemselves.Insomepockets—forexample,UKinsurtech—they

havereceived90percentofallinvestmentoverthepastfiveyears.

Newrecipesforsuccess

Thisreportconcludeswithalookatwherethenextareasofmaterialdisruptionwillemerge.Ouranalysissuggeststhatfintechsthatreachanewlevelof

maturityacrossthreedimensionscouldcomeoutontop.Thethreedimensionsareasfollows:

—Economics.Theindustryhasmovedfromaphaseinwhichgrowthalonewasrewarded,througha

periodwhereprofitabilitybecameparamount,

intoanewequilibriumthatdemandsboth.

Winningfirmsdemonstratestronggrowthwhileachievingprofitabilityordemonstratinganear-termgraduationpathtocredibleuniteconomics.

3MattHigginson,AlecZorrilla,JuliaMadden,andMichaelKirchner,“Stablecoinsinpayments:Whattherawtransactionnumbersmiss,”McKinsey,February18,2026.

Thenextageoffintech:AI,digitalassets,andnewpathstosuccess4

—Productanddistribution.Inaworldinwhich

AIisreshapingthecostandspeedofproduct

development,theage-olddebatebetween

productanddistributionnowlookstobeover.

Trusteddistributionisthecriticalingredientthatwilldifferentiatewinnersfromlosers;fintechs

thathaveearnedthattrustthroughyears

ofreliableservice,transparentpricing,and

regulatorycredibilitywillfinditcompounds

overtime.Thatisnottosayuserinterfacesandproductswon’tbeimportant;rather,theywill

belessdifferentiating.Afeatureisnolongerafintech.

—Regulatorypostureandproduction-grade

capabilities.Fintechsareincreasinglyshiftingtheperceptionofregulationfromabarriertoasourceofdifferentiation.Maturecompliancecapabilitiesareatouchstoneofdistinctivemodernfintechs.

Thesectorisemergingfromaturbulentperiod.

Theindustryisnonethelesslargerandmore

profitablethanever,andinvestmentisreturning.Whilepenetrationremainslowandopportunity

abounds,themostsuccessfulfintechsare

demonstratinganewlevelofmaturityacrosstheireconomics,products,distributionchannels,andoperatingmodels.

Thenextageoffintech:AI,digitalassets,andnewpathstosuccess6

McKinsey&Company

QEDInvestors

Thestateofplaytoday

Theindustryinitscurrentformbeganinthelate

1990swithearlypioneers,particularlyinpayments.Whilemanyoftoday’sgiants,includingPayPaland

Stripe,werefoundedbefore2013,fintechduring

thoseearlyyearsattractedlittleattention.(Fora

definitionofhowwedefinefintechforthisreport,seesidebar,“Fintech:Definitionsandourmethodology.”)

Overthepastdecade,majorfintechshaveestablishedastrongbaseforexpansion.From2014throughthestartoftheCOVID-19pandemicin2020,markets

rewardedrapidcustomeracquisitionandheadline

growth.Investorsinthissecondagepricedinthe

optionvalueofdisruption,oftenindependentofuniteconomics.Thesectorgrewfasterthanever,butthenumberofprofitablefirmsdeclined.

The2021–22period,thethirdage,sawahuge

surgeinventurecapital(VC)investment,withabout80roundsoflarge-scalefinancingexceeding

$250million.Thencamethefourthage,following

thebroaderVCmarketresetin2022,atatime

wheninterestratesrosesharplyaroundtheworld

andinvestorfocuspivotedtocostcontrol,funding

resilience,andclearpathstoprofitability.Subscaleorcapital-dependentfintechsweredisproportionatelypenalizedthroughvaluationcompression.Somefellbythewayside.

In2025,fintechenteredanewage,asevidenced

bythereturntoyear-over-yeargrowth,improving

profitabilityamongleadingplayers,andarenewed

flowofinvestorcapitalfollowingapost-hype

recalibration(Exhibit1).Thelargestfintechsare

approaching—andinprivatemarketsexceeding—

“centicorn”valuations,definedasvaluations

exceeding$100billion,or100timesthemagnitude

of“unicorns.”Thismaturationisfurtherevidentin

fintechssteppinguptheiracquisitionsofpeerstoaddcapabilitiesordriveconsolidation.Thisisanindustrythathascomeofage.

Thenextageoffintech:AI,digitalassets,andnewpathstosuccess7

Fintech:Definitionsandourmethodology

Thechallengeofdefiningthetermfintechbecomesharderasnewbusinessmodelsemergeandgrow.Thisreportusestwo

categoriesoffintech:technology-firstfinancial-servicesfirmsandtechnologyprovidersfocusedonservingfinancial-servicesinstitutions.

Fintechsinthefirstcategorycompete

withincumbentplayerstoprovidefinancialproductstoconsumersandbusinesses.

Fintechsinthesecondcategoryhelpdigitizefinancial-servicesfirmsandacquirenew

customersforthem.

Inthisreport,weincludefirmsinallmajorfinancial-servicesverticals:payments

(includingmoneymovementandcrypto),

lending,deposits,capitalmarkets,wealthandassetmanagement,andinsurance.Wealsoincludeallgeographies.Recognizing

thatpublicdatavariesindepth,we

havesupplementeditwherenecessarywithproprietaryMcKinseyandQED

Investorsinsights.

Fintechdisruptionisnotmonolithic.Wethereforesegmentthemarketacross

geography,vertical,andbusinessmodellayerstoisolatethepocketswhere

innovation,penetration,andgrowthdiffermeaningfully.

Althoughmanyfintechsarefastgrowingandrelativelyyoung,weintentionally

avoiddefiningthecategorybyage,size,valuation,orgrowthrate.Thereport

usesMcKinsey’sproprietaryPanorama

databaseofmorethan10,000fintechs

fromaroundtheworld.Thedatabaseis

regularlyupdatedandmanuallyreviewed

toensurecontinuedrelevance.Thesizing

methodologyusesabottom-upapproach,compilingtherevenuesofallfintechswithinthedatabaseandmanuallyclassifyingthembygeography,vertical,andbusinesstype.

Someofthemostdisruptivefintechsof

yesterdayhavebecomethenewincumbentsoftoday.Thereportfocusesonplayers

launchedsince2000,exceptwherethe

frontierofdisruptioncontinuestobepushedbyolderfirms.

Thereportalsoincludesasmallnumber

ofquantitativehedgefundsandhigh-

frequencytradingfirms.Withacorefocusonfinancialservicesandtheuseofcutting-edgetechnology,thesefirmsmeetthe

necessarycriteriacentraltoourdefinitionoffintech.

Thereportexcludesthefollowing:

—Most“incumbent”financialinstitutions

areexcluded,eventhosewithhighlevelsoftechnologyspendorsignificantAI

investments.Wedoincludeaselectnumberoffintechbusinesseswithinincumbents,particularlywherethesebusinessesoperateasmeaningfullydistinctentitieswithtechnology-firstpropositionsandreportseparate

financials.

—Horizontalsoftwarefirmswhosemajorityfocusisnotonfinancialservicesareexcluded.

—BigTechfirmswhosefinancial-servicesofferingsarenoncoreareexcluded.

Exceptionsincludepaymentwallets

thathavemeaningfullyreshapedthe

modernpaymentslandscape,aswellasasmallnumberoftelecommunicationsfirmswithmaterialfinancial-services

businesses,forexample,inAfricaandAsia.

Inourmostcomprehensivesizingoffintechsgloballytodate,weestimatethetotalfintechmarketatabout$650billioninrevenuein2025,representingroughly4percentoftheoverallfinancial-servicesindustry.

Fintechisnowacriticalglobalsector:ItsrevenuesarelargerthantheeconomiesofcountriessuchasNorway,thePhilippines,orSingapore,asmeasuredbyGDP.

Morebroadly,2025wasastrongyearforthe

financial-servicesindustry,withthesectorachievingasolid6percenttop-linegrowthandtotalrevenue

reachingabout$15.5trillion.Fintechsgrew3.5timesfaster,withabout21percentyear-over-yeargrowthcomparedwith2024.

Ifrecentgrowthcontinuesunabated,fintechcouldrepresenta$2trillionindustryby2030—orthreetimesitscurrentsize—andaccountforabout

9percentoftheoverallfinancial-servicesvaluepool.

Fintechbymarketverticalandgeography

Thescale,growth,andpenetrationoffintechsdiffersignificantlyacrossmarkets.Fintechvaluecreationisunevenacrossverticals,withspikesreflectingwherestructuralgrowthandinefficienciesaregreatest.

—Payments.Thisremainsthelargestvertical,withabout$250billioninrevenue(with18percent

year-over-yeargrowthin2024–25).Playerssuch

Exhibit1

Thenextageoffintech:AI,digitalassets,andnewpathstosuccess8

Approximate

annualventure

capitalinvestment,$billion

Theyear2025marksthestartofthefifthageoffintech.

Keymetricsofthe5agesoffintech1

Undertheradar

<5

(pre-2013)

28

Emerging(2014–20)

Hype

(2021–22)

34

Setback(2023–24)

452

Returntogrowth(2025onward)

97

4.5

Numberof

annualfintechlaunches,

thousand

3.6

3.3

<2

5.7

80

Approximate

numberof

annualmegarounds

(>$250million)0

16

14

25

Numberof

profitablefintechsoutof2003

200

26

74

69

90

95

1Includesonlyfintechslaunchedafter2000(includingdigitalassetsandexcludinginsurancesubsectors).Excludesgrants,SPACprivateplacements,debt,post-IPOdebt,lendingcapital,andfundingroundsnotverified

byDealroom.co

.

2AnnualizedbasedondataasofOct2025.

3Basedonasubsetof200+globallylistedfintechs;positiveadjustednetincome.

Source:Dealroom.co

;McKinseyFintech;McKinseyValueIntelligence

McKinsey&Company

asPayPalandStripearecapturingthefastest-growingglobaltransactionflows,including

digital,embedded,cross-border,andplatform-basedcommerce.

—Lending.Rapidgrowthinconsumerandsmall

andmedium-sizeenterprise(SME)creditin

underbankedmarketshasdrivenfintechlendingrevenues,whichnowtotalabout$120billion(with19percentyear-over-yeargrowth).Globalplayersinthesemarkets,suchasNubankandWeBank,

havescaledlendingbyembeddingcreditintodigitalplatforms.

—Insuranceandcapitalmarkets.Thesesegmentsaregrowingfast,butfromalowerbase,and

lagtheotherverticalsinpenetration.Each

representsaround$80billionintotalrevenue.

Insurtechshaveseensomeofthefastest

accelerationofgrowthamongallfintechverticals,with37percentgrowthsince2021.

Wealsoseedifferingpatternsbygeography.

NorthAmericanfintech,withrevenuesof$310billion,accountsforabouthalfoftheglobalfintechmarket.Fintechsinthisregionhavemadeheadwayinpart

becauseofdeepercapitalpools,afragmented

bankingsystem,andanenablingregulatory

environment.LargermarketshaveallowedNorthAmericanfintechstosucceedbeyondpaymentsinareassuchascapitalmarketsandinsurance.

Thenextageoffintech:AI,digitalassets,andnewpathstosuccess9

FintechsinAsia–Pacifichaverevenuesofabout$150billion,representingabout3percent

penetrationoflocalfinancial-servicesmarketsin

2025.Fintechsinthisregionhadearlysuccess

withplatform-ledecosystemssuchasTencentand

Alipay,whichbuilthigh-volumepaymentsandlendingbusinesses.Thesefirmshavesinceseenslowing

growth,inpartbecauseofregulatoryandstate

barriers.Asaresult,theAsia–Pacificmarketgrowthhasdroppedto15percentyearoveryearin2024–25,downfromthe23percentgrowthseenbetween

2021and2025(Exhibit2).

InEurope,despitehighdigitaladoption,thefintechsectorhasremainedsmaller,withrevenuesofabout$110billionandapproximately2.6percentmarket

penetrationin2025.Fragmentednationalmarkets,fiercercompetitionfromincumbents,tighter

regulation,andloweraccesstocapitalhavelimitedgrowthrelativetoAsiaandNorthAmerica.

LatinAmerica,withrevenuesofabout$60billion

andmarketpenetrationofabout8percentin2025,

isstillmodestinabsolutesizebutisgrowingquickly,at26percentyearoveryearand43percentannuallysince2021.Fintechsintheregionhavesucceeded

byaddressingfinancialexclusionandinefficiencies

inpaymentsandcredit,withgrowthconcentrated

amongasmallnumberofregionalchampionssuchasC6Bank,MercadoPago,andNubank.

Severalpatternsemergeattheintersectionofgeographyandvertical

Exhibit3showstheintersectionofgeographyandverticalrevenuepoolsforfintechs.

Severalpatternsstandout.InNorthAmerica,themixoffintechrevenuesacrossverticalsshowsearlysignsofmaturation.Paymentsaccountsforonlyabout

35percentoffintechrevenues,whileinsurance

representsarelativelyhighshareatapproximately

15percent,andcapitalmarketshasgrowntoabout

21percentin2025,upfrom8percentin2021.Earlierwavesofdigitaladoptionhavealreadyexpanded

fintechpenetrationbeyondpaymentsintorisk,wealth,andmarketinfrastructure.

Exhibit2

Thefintechindustrynowgeneratesnearly$650billionintotalrevenue.

Fintechrevenuepools,2025,$billion

CAGR,2021–25,%MiddleEast48

Africa64

LatinAmerica43

Europe17

Asia–Pacific23

NorthAmerica17

Banking

63%

CAGR,2021–25,%Insurance15

Capital37

markets

Wealth/asset29management

Deposits122Lending12

Payments21

CAGR,2021–25,%B2B2X15

B2B21

B2C22

ByregionByverticalBybusinesstype

650

80

80

80

40

120

250

650

80

265

305

650

60

110

145

310

10

15

1Includingcash.

Source:McKinseyGlobalBankingPools;McKinseyGlobalInsurancePools;McKinseyanalysis

McKinsey&Company

Exhibit3

Thenextageoffintech:AI,digitalassets,andnewpathstosuccess10

Fintechgrowthismarkedlydi仟erentbetweenverticalsandregions.

Fintechrevenuepools,$billion

2021

300

7134171324

594272511

361311151318

331635

1631747

18836913

Wealth/assetmanagement2025

650

11040

NorthAmerica

Asia–Pacific

Capitalmarkets

143665

Europe

LatinAmericaAfrica

MiddleEast

Insurance

46

LendingDeposits1

Payments

1Includingcash.

Source:McKinseyGlobalBankingPools;McKinseyGlobalInsurancePools;McKinseyanalysis

McKinsey&Company

ThegrowthpatterninAsia–Pacific,bycontrast,isinvertedcomparedwithotherregions:Revenuesharehasmovedfromlending—whichaccountedfor47percentofthetotalin2021toonlyabout

29percentin2025—topayments,whoseshare

grewfrom24percentin2021to40percentin2025,underpinnedbyrapidconsumerdigitizationand

maturingcreditmarkets.

Lending,withaglobalvaluepoolofabout

$120billion,hasamateriallyhighershareoffintechrevenuesinAfrica,Asia–Pacific,andLatinAmerica.Underbankedconsumers,fragmentedSMEs,limitedcreditbureaucoverage,andlessefficientincumbentlendingmodelshaveenabledfintechstocreatenet-newcreditmarketsintheseregions.

Capitalmarketsfintech,arelativelysmallvaluepoolofabout$80billionglobally,isconcentratedinNorthAmericaandEuropearoundthemostmaturecapitalmarketscentersofLondonandNewYork.

Horizontalfintechsarescalingrapidly.Asdescribedinmoredetailinthenextchapter,thesearemainly

technologyandsoftwarefirmsthatoftendonot

offerfinancialservicesdirectlybuthelptransform

thesector.Ratherthanreplacingincumbents,thesefintechsactascriticalenablers,helpinginstitutionsmodernizelegacysystemsincrementallywhile

meetingrisingregulatoryandcompliancedemands.Theyarethe“picksandshovels”ofthenextphaseoffintechgrowth,benefitingfromstructuraldemand

forefficiency,compliance,andscale.In2025,thesefirmsrepresentedabout13percentoftotalfintechrevenues,and,aftergrowingat13percentper

annumfrom2021to2024,theirgrowthacceleratedto21percentin2025.

Thesebusinessmodelshavebeenparticularly

successfulininsurtech,reflectingboththe

challengesofstartingandscalingfullvalue

chaininsurersandthedemandfromincumbents

seekingtodigitizeandmodernizetheirdistribution

Thenextageoffintech:AI,digitalassets,andnewpathstosuccess11

andoperations.Revenueearnedbyhorizontal

insurtechs—inotherwords,thosethatprovide

solutionstoincumbents,includingunderwritingtools,policyadministration,claimsautomation,pricing,andfraud—isroughlyequaltothegrosswrittenpremiumsearnedbyfull-stackinsurtechs.Whileotherverticalsarebeingdisruptedfromfronttoback,insuranceis

beingdisruptedfrombacktofront.

Valueremainshighlyconcentratedamongthelargestfintechplayers

Firm-leveldatashowsthatarelativelysmallnumberofscaledplayersgenerateadisproportionate

shareofvalue(Exhibit4).Globally,the25largest

fintechsaccountforabout40percentoftotalfintechrevenues.ConcentrationishighestinLatinAmerica,wherethethreelargestfintechs(MercadoPago,

Nubank,andPagBank)haveachievedsuccess

byservingthelarge,previouslyunderbanked

populations.Collectively,thesethreeaccountfor

approximately48percentoftotalfintechrevenuesintheregion.

Europe,ontheotherhand,demonstratesthelowestconcentrationofallregions,reflectingamorematureexistingfinanciallandscapeandtheadditional

frictionscreatedbythevaryingnationalregulatoryregimes.Thethreelargestfintechs—Adyen,Klarna,andRevolut—generatelessthan20percentoftotalfintechrevenuesintheregion.

Insomesubverticals,wealsoseeplaye