Fintech revenues are projected to grow sixfold from $245 billion to $1.5 trillion by 2030, according to a recent report from the Boston Consulting Group. Banking fintechs are expected to constitute almost 25% of all banking valuations worldwide by 2030, a forecast that has led to billions in venture capital funding, the creation of around 30,000 startups and the launch of new products from tech and financial services incumbents.
“Berkeley Payments is a unique company in our space, the fintech industry,” says its CEO, Lawrence Tepperman. “We aren’t a typical startup. We have grown bootstrapped a hundred percent from day one.”
The typical fintech startups worldwide received a record $140 billion in total funding in the banner year of 2021, which dropped to $75 billion last year (but was up from $50 billion in both 2019 and 2020), according to CB Insights. Still, at the end of 2022, there were 312 fintech unicorns worldwide, up from 250 at the end of 2021. According to the Boston Consulting Group, the 2022 “plunge was merely a short-term correction in an otherwise long-term positive trajectory.”