Spain, European bronze medal in active fintechs

Finnovating has recently published the report Fintech Global Vision to publicize in detail the state of the fintech sector worldwide.

The study collects data on the number of active fintechs in each country, the number of local fintechs (based in their country of origin) and the maturity index of the sector by country and region, data that is calculated taking as reference the number of fintechs per million inhabitants in each country.

He number of active fintechs in Spain is 977a figure that places the country in el Top 3 in the industry, behind only the UK and Germany. The payments, lending, embedded finance and crypto&blockchain sectors were the ones that experienced the greatest growth in our country in 2022.

One in three fintechs operate in the US, UK or India, which are positioned as industry leaders globally, adding more than 9,000 active fintechs between the three regions in 2022. However, they are not leaders in terms of maturity index. The most mature fintech ecosystems are found in Estonia, Singapore and Switzerland.

In the words of Rodrigo García de la Cruz, CEO of Finnovating and vice president of the Spanish Association of FinTech and InsurTech (AEFI), “When talking about fintech companies, we must not only take into account the number of those that operate in a country, but also the number of companies depending on the size of that country, in order to also be able to analyze their maturity index. To do this, in our study, we have analyzed the number of active fintechs per million inhabitants and the results are most interesting”.

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Europe is positioned as the region with the most active fintech, with a total of 10,549, a third of all fintech in the world. After it, we find North America and Oceania, with 7,992 active fintechs in 2022. Asia and LATAM stand at 4,913 (17% of the total) and 4,370 (16% of the total), respectively. Africa, growing at a good pace, has 819 fintechs, half of them local.


Europe continues to consolidate as the fintech factory of the world, especially with regard to those focused on B2B and those oriented towards embedded finance solutions.

Regarding the ranking of active fintechs in each country, the leader is the United Kingdom, with 2,439 active fintechs. It is followed by Germany with 978, Spain with 977, France with 903 and Switzerland with 599.

However, if we focus exclusively on the European fintech maturity index, the ranking changes. Estonia is positioned as the leader not only at a European level, but also worldwide, with a maturity index of 238, that is, for every million inhabitants in Estonia there are 238 active FinTechs. It is followed by Switzerland, with 69, Ireland with 60, Latvia with 41 and the United Kingdom with 36.


LATAM has established itself in 2022 as one of the hubs with the greatest global projection, especially in B2C services. Brazil is at the forefront in this region, with 869 active fintechs in 2022. Followed by it are Mexico (844), Colombia (642), Argentina (452) and Chile (361).

As with Europe, the maturity index changes the ranking notably. Uruguay is in the number 1 position, with 31 fintechs per million inhabitants, followed by Panama, Chile, Costa Rica and Colombia.


India is positioned as the leader in Asia, with 1,512 active fintechs in the country, followed by Singapore (696), Israel (495), the United Arab Emirates (250), Hong Kong (237) and Indonesia (184). The maturity index in this case remains quite similar. Singapore ranks first, with 127 fintechs per million inhabitants, followed by Israel with 55, Hong Kong with 32, the United Arab Emirates with 25 and Bahrain with 14.


Nigeria takes the lead with 207 fintech active in the country, behind it we find South Africa (199), Kenya (112), Egypt (53) and Ghana (39). Regarding the maturity index, Botswana leads the ranking along with South Africa, with three fintechs for every million inhabitants. Then we find Kenya with two, Ghana with 1.25 and Rwanda with 1.20 per million inhabitants.

North America and Oceania

In terms of the number of active fintechs, the United States clearly leads, with 5,730, followed by Canada (1,376), Australia (693), New Zealand (96) and the Cayman Islands (28). Regarding the maturity index, the ranking is led by Canada, with 35 fintechs per million inhabitants, followed by Australia with 27, New Zealand with 19 and the United States with 17.

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