A financial app is a mobile or web-based application designed to help individuals and businesses manage their finances. It typically offers features such as budgeting, tracking expenses, monitoring investments, and providing insights into spending habits. These apps aim to simplify financial management, improve financial literacy, and support smarter financial decision-making.
The financial app market consists of revenues generated by entities (organizations, sole traders, and partnerships) that develop and provide software applications designed to manage personal or business finances. Financial apps offer features such as expense tracking, investment management, and secure transactions, helping users make informed financial decisions.
The global financial app market was valued at $845.99 million in 2019 which grew till 2024 at a compound annual growth rate (CAGR) of more than 11.00%.
Increasing Smartphone Penetration
The increasing smartphone penetration propelled the growth of the financial app market in a historic period. Smartphone penetration refers to the percentage of a population or market that owns or uses smartphones. It is often used as a metric to measure the adoption rate of smartphones in a particular region, country, or demographic group. As more people gain access to smartphones, they are able to download and use various financial apps, such as banking, investment, payment, and budgeting tools, directly from their devices. This ease of access has revolutionized how individuals manage their finances, providing convenience, speed, and security. Furthermore, the growing number of smartphone users, especially in emerging markets, has created a more extensive customer base for financial services, driving innovation and competition among app developers. For instance, in 2024, according to the Mobility Report of Ericsson, a Sweden-based telecommunications company, global smartphone subscriptions reached 7.16 billion in 2024, increased slightly compared to 6.93 billion in 2023. Therefore, increasing smartphone penetration drove growth of the financial app market.
Innovative Financial Knowledge Apps Empowering Users with Financial Literacy and Decision-Making
Leading financial app companies are focused on developing innovative apps, such as financial knowledge apps, to enhance financial literacy, empower users with informed decision-making, provide interactive learning experiences, and promote better money management through accessible and engaging educational resources. A financial knowledge app is a digital platform designed to educate users about personal finance, investing, banking, and economic concepts. These apps provide interactive learning experiences, financial literacy resources, and tools to help users make informed financial decisions. For instance, in February 2025, Lloyds Banking Group, a UK-based financial institution, launched a white-label financial knowledge app offering over 150 gamified lessons covering tax payments, credit card debt management, stock investing, and retirement planning. The app will first be available to 100,000 Lloyds student account holders as part of a pilot program. Participants must sign up for Doshi independently to start using the app, with the pilot expected to run until early Q3 2025.
The global financial app market is fairly fragmented, with a large number of small players operating in the market. The top ten competitors in the market made up to 19.77% of the total market in 2023.
Financial App Global Market Opportunities And Strategies To 2034 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global financial app market as it emerges from the COVID-19 shut down.
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Where is the largest and fastest-growing market for financial app? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The financial app market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider financial app market; and compares it with other markets.
The report covers the following chapters
- Introduction And Market Characteristics- Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by type, by service, by deployment and by application.
- Key Trends- Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Growth Analysis And Strategic Analysis Framework- Analysis on PESTEL, end use industries, market growth rate, global historic (2019-2024) and forecast (2024-2029, 2034F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods, forecast growth contributors and total addressable market (TAM).
- Global Market Size And Growth- Global historic (2019-2024) and forecast (2024-2029, 2034F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional And Country Analysis- Historic (2019-2024) and forecast (2024-2029, 2034F) market values and growth and market share comparison by region and country.
- Market Segmentation- Contains the market values (2019-2024) (2024-2029, 2034F) and analysis for each segment by type, by service, by deployment and by application in the market. Historic (2019-2024) and forecast (2024-2029) and (2029-2034) market values and growth and market share comparison by region market.
- Regional Market Size And Growth- Regional market size (2024), historic (2019-2024) and forecast (2024-2029, 2034F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape- Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Other Major And Innovative Companies- Details on the company profiles of other major and innovative companies in the market.
- Competitive Benchmarking- Briefs on the financials comparison between major players in the market.
- Competitive Dashboard- Briefs on competitive dashboard of major players.
- Key Mergers And Acquisitions- Information on recent mergers and acquisitions in the market covered in the report. This section gives key financial details of mergers and acquisitions, which have shaped the market in recent years.
- Recent Developments- Information on recent developments in the market covered in the report.
- Market Opportunities And Strategies- Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions And Recommendations- This section includes recommendations for financial app providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix- This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
- 1) By Type: Banking; Stock Trading; Digital Wallets; Payment System; Other Types
- 2) By Service: Consulting Services; Operations And Maintenance; Training And Support Services; Integration Services
- 3) By Deployment: Cloud; On-Premise
- 4) By Application: Tracking Expenses; Investments; Budgeting; Payment App
- Companies Mentioned: Nu Pagamentos S.A.; Block Inc. (Cash App); Revolut Ltd.; Chime Financial Inc.; JPMorgan Chase & Co.
- Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Canada; Brazil; France; Germany; UK; Italy; Spain; Russia
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time-series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; financial app indicators comparison.
- Data segmentations: country and regional historic and forecast data; market share of competitors; market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.