Where Does the Real Big Money Lie?

FinTech is an increasing sector worldwide. Statistics and facts from recent years show a clear positive and growing trend of big money migration towards FinTech technologies, services and start-ups. 

FinTech is Expanding Worldwide, Especially in the United States

The best illustration of the FinTech trend is the industry’s growth in size. In 2017, the industry size was below $100 billion, while today in 2022, the FinTech industry has increased to almost $200 billion in worth – more or less doubling itself over a period of five years, and that is only the beginning. 

In 2012, annual investments concluded at $4 billion. By 2015, that number has grown to 67 $billion, and by late 2021, no less than $210 billion of annual investments in FinTech initiatives and businesses – meaning that from 2015 to 2022 annual investments in FinTech businesses have grown by 3.5 times.

The FinTech industry growth is understandable when taking the market segment sizes in which the industry operates into account. In North America alone, for example, the digital payments FinTech market segment amounted to no less than $1.2 trillion in 2020, while the market segment of Asia-Pacific countries excluding China was $1.76 billion.

Worldwide speaking, the FinTech industry employs no less than 300,000 workers. In the United States, 160,000 Americans work in FinTech-related businesses, thus embodying more than half of the entire global FinTech industry, positioning the United States as the world’s most important hub for FinTech development. 

The most significant FinTech employers in terms of workforce are credit giants Mastercard and Visa, as well as Ally Financial bank and the transaction services provider Square. It’s no surprise that the most significant share of the American FinTech industry relates to payment and settlement services, amounting to 19% of the entire industry. 

FinTech’s second biggest sector is technological services in the international capital markets, with 16% of the total industry. Next are data analysis services, 12%, and tax and accounting services, with 10% of the FinTech industry. Finally, businesses in real estate, wealth management, blockchain technologies, personal finances, data aggregations and regtechs construct the rest of the American FinTech industry.

Globally, it seems that more and more regions are adopting the FinTech industry. For example, in China, the world’s second-biggest economy, more than 60% of local small and medium businesses have adopted FinTech services. Moreover, by 2024, Chinese and American FinTech transactions are forecasted to amount to more than 60% of global FinTech transactions value. In addition, more and more FinTech start-ups are showing up in Europe, Africa and the Middle East, with almost 8,000 start-ups in total as of 2020, while in the United States, some 8,775 FinTech start-ups are operating at the moment.

Growing Salaries for Workers in FinTech Companies

Investments and growth in the FinTech industry translate into better working conditions, mainly more significant salaries. Of course, it depends on each role, but a technical-skilled employee can expect to attract an annual payment of between 80,000 to 180,000 $. Also, workers who do not use technical skills in their daily job are expected to get a salary range of between 90,000 to 120,000 $ per year. Therefore, salaries in FinTech businesses are skyrocketing to unprecedented heights. 

The increasingly growing FinTech industry embodies many employment possibilities with more than good incomes. Some of the most desirable professions in the FinTech sector naturally refer to technical skills, such as product management, software engineering, UI and UX design and development and DevOps. On the other hand, non-skills-based professionals relate to management and strategy, such as customer success managers and business analysis. 

Yet, there is no doubt that the most desirable professionals in the FinTech industry, with the highest salary potential in the market are cyber security experts. The reason is simple; as more and more businesses use FinTech services, they all need cyber protection. 

Financial services based on technology cannot operate without adequate protection from hackers and potential cyber threats. Hence, any business in the FinTech sector needs experts in cyber security, as without them the whole FinTech market could not exist. 

The Future of FinTech

After conducting an extensive review of all newly-listed cyber security jobs on EXPOINT’s job search platform during 2022, the organization’s experts presented their conclusions. “Predictions regarding the FinTech industry are more than optimistic. For 2023, the FinTech industry is expected to grow by more than 10% compared to 2022 and by more than 8% in 2024. This fact demonstrates the markets’ great confidence in the FinTech industry’s expansion in the near future. Furthermore, forecasts show that by early 2024, the FinTech industry will amount to almost $250 billion in net worth, a fact which will make it one of the most profitable industries in the world. 


Interesting Related Article: “3 Proven Ways to Succeed at Fintech Content Marketing