A new study conducted by Tipalti has found that Canada has the highest growth rate of fintech adoption among six global markets. The study analyzed factors such as fintech adoption rates, Google searches for fintech, and virtual capital funding to identify the biggest fintech adoption hotspots.
Out of the six markets analyzed, only three are above the 60% average for fintech adoption rates as of 2019: the UK, Singapore, and Hong Kong. Surprisingly, the United States, despite having one of the largest fintech economies, has the lowest adoption rate among the six markets, standing at just 46%.
When it comes to the growth of fintech adoption rates, Canada emerges as the leader. The country’s adoption rate was only 8% in 2015, but it skyrocketed to 50% in 2019. The average growth rate from 2015 to 2019 was an impressive 151.39%. Following closely behind Canada are the UK and Singapore, with adoption growth rates of 134.52% and 122.32% respectively.
On the other hand, Hong Kong had the lowest growth rate for fintech adoption, averaging at just 59.65%, which is below the total average of 93.65%.
These findings highlight Canada’s strong position in the fintech market and its significant growth in recent years. With a booming fintech adoption rate, the country is establishing itself as a fintech hotspot.
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