'FinTech in 2020 – A Year in Charts’ Report – By MEDICI


When someone mentions 2020, we usually think about COVID-19, the rise of work-from-home culture, bull run across all the major wealth assets, and the economic turmoil that every nation had to go through due to decline in trades. However, when it comes to FinTech, it was not as bad as we thought it was. While some FinTech segments were adversely affected, others registered growth. In this report, we revisit FinTech in 2020 through various charts.

COVID-19 brought FinTech to the limelight. Companies that relied on offline channels for sales rapidly commenced the digital transformation of their processes and products. Companies that had established online platforms witnessed rapid growth during this period. For example, in the Digital/Neobank segment, Chime registered 1.5 million new accounts from December 2019 to February 2020 and Nubank registered 2.3 million new users from December 2019 to March 2020, resulting in a total of 22 million users.

Overall, FinTech registered a 16.9% increase in the total number of funding deals but registered a marginal decline of 1.1% in overall FinTech funding. WealthTech, Payments, and Cybersecurity were among the segments that registered significant growth.

A detailed analysis is available in our ‘FinTech in 2020 – A Year in Charts’ report. Access the full report here.

The year 2020 was promising for large FinTechs that were planning to go public for some time. According to MEDICI, 31 FinTechs went public in the year gone by. Some of the prominent ones are Lemonade and SelectQuote in InsurTech, Velocity and Upstart in Lending, and Lufax and WealthNavi in WealthTech.

A detailed analysis is available in our ‘FinTech in 2020 – A Year in Charts’ report. Access the full report here.

Compared to 2019, fewer companies attained the Unicorn status ($1 billion+ valuation) in 2020. Familiar names such as Remitly, Zerodha, Razorpay, Flywire, and Better became Unicorns.

A detailed analysis is available in our ‘FinTech in 2020 – A Year in Charts’ report. Access the full report here.

Buy-Now-Pay-Later is a zero-interest, short-term micro-credit for online purchases such as food, clothing, and travel. It is a digital credit payment offered by online providers, which allows a consumer to make a purchase and either delay the payment by 14–30 days or slice the payment into smaller chunks that can be repaid over several installments (may not be structured loans). BNPL has been one of the most significant trends worldwide, and leaders in BNPL registered significant growth in the lending segment.

In this report, we have mapped the impact of FinTech across multiple segments through various charts. To learn about the impact of FinTech across various segments, check out our report here.