The global Fintech app market has shown continuous growth in recent years. Since the outbreak of COVID-19, its growth rate has been further amplified. In fact, Sensor Tower data shows that worldwide downloads of Fintech apps exceeded 6.1 billion in 2021, up 25.2 percent year-over-year. In Q1 2022, the cumulative downloads of financial, Fintech apps reached a new high of 1.74 billion.
Sensor Tower’s State of Fintech and Crypto Apps 2022 report, available as a free download, takes a deep dive into this fast-growing category in different regions, and compares the competitive landscapes for top players.
After a brief decline at the beginning of the COVID-19 pandemic, Fintech apps in Asia started to flourish, with India and Southeast Asia as the leading markets. In Q1 2022, total downloads reached 880 million, a 44 percent increase from pre-pandemic levels in Q4 2019. Latin America and Europe also saw quarterly downloads increase, with Payment, Crypto, and Banking apps being the main growth drivers.
SEA has shown its potential as an emerging market for Crypto apps with downloads in this region surging from 6 million in 2020 to 21 million in 2021. In Q1 2022, Crypto apps accounted for 7 percent of the downloads of Top50 Fintech apps in SEA.
With the development and application of blockchain technology, the global Crypto app market is expanding year-over-year, and its growth has been accelerated from the onset of COVID-19. In 2021, the total downloads of the world's top 30 Crypto apps exceeded 500 million, which was 2.8 times that of 2020. In Q1 2022, downloads of Crypto apps also surpassed 100 million.
As one of the earliest markets in this field, Crypto apps accumulated more than 160 million downloads in the U.S. in 2021, accounting for 43 percent of the Top 50 Fintech apps' downloads.
Top Crypto apps in the U.S. saw their daily active users (DAU) peak from April to June and October to November in 2021, coinciding with spikes in Bitcoin's closing price, indicating rapid changes in the crypto market have a great impact on user engagement.
Australia's mobile crypto market is a bit behind the U.S. and Europe, but that hasn't prevented app downloads from growing rapidly in 2021. In Australia, Crypto apps generated 5 million downloads in 2021, accounting for 24 percent of the total downloads of Fintech apps.
Although Binance, Crypto.com, and Coinbase have performed well in the global market, the Australia-based app CoinSpot managed to top the list of popular Crypto apps in Australia by downloads in 2021, with 1 million downloads. Swyftx, another Australia-based crypto trading app, achieved similar performance and ranked fifth on the annual download list.
For more analysis on how the global Fintech and Crypto market looked in 2021 and Q1 2022, you can download the free report below: