The Evolution of the FinTech Market in the United States: An Analysis of Technology Investments and the Startup Ecosystem
By: Ali Bentayeb, Alaeddine Medjdoub and Amina Kadja

References
- A. Singh & S. J. , (2024), Emerging Trends in Fintech: Revolutionizing Financial Services in Commerce, International Journal For Multidisciplinary Research, vol. 6, no. 2, doi: 10.36948/ijfmr.2024.v06i02.15546.
- Adhikari, P., Hamal, P., & Jnr, F. (2024). The role of fintech in U.S. entrepreneurship: How AI is shaping the future of financial services. International Journal of Science and Research Archive. https://doi.org/10.30574/ijsra.2024.13.2.2292.
- Ajambo, E., Virdee, A. S., Virdee, A. S., Lucio, J. P., Cantillo, M., Obikili, N., et al. (2017). Fintech and digital finance for financial inclusion. United Nations Economist Network. https://www.un.org/sites/un2.un.org/files/fintech4_14_march_2023.pdf
- Balyuk, T., Berger, A. N., & Hackney, J. (2022). What is fueling FinTech lending? The role of banking market structure. The Review of Corporate Finance Studies, 11(1), 1–88. http://dx.doi.org/10.2139/ssrn.3633907
- Bellardini, L., Del Gaudio, B., Previtali, D., & Verdoliva, V. (2021). How do banks invest in fintechs? Evidence from advanced economies. Journal of International Financial Markets, Institutions and Money. https://doi.org/10.1016/j.intfin.2021.101498
- Bogaard, H., Doerr, S., Jonker, N., Kiefer, H., Koltukcu, O., Lopez, C., et al. (2024). Literature review on financial technology and competition for banking services. Bank for International Settlements. https://www.bis.org/bcbs/publ/wp43.pdf
- CFTE. (2021, August 17). The fintech unicorn hubs of 2021: Where do the largest fintechs hail from? Retrieved March 3, 2026, from https://blog.cfte.education/the-fintech-unicorn-hubs-of-2021-where-do-the-largest-fintechs-hail-from/
- Choudhary, P. (2023, April 17). FinTech radar: 105 U.S. fintech unicorns and their core offerings. Global FinTech Series. https://globalfintechseries.com/fintech/fintech-radar-100-fintech-companies-you-should-follow-in-2023/
- Fortune Business Insights. (2026, February 23). Smart contracts market size, share & industry analysis by platform, blockchain type, enterprise type, end-users, and regional forecast, 2026–2034. Fortune Business Insights. https://www.fortunebusinessinsights.com/smart-contracts-market-108635
- Garg, G., Shamshad, M., Gauhar, N., Gauhar, N., Tabash, M. I., Hamouri, B., et al. (2023). A bibliometric analysis of fintech trends: An empirical investigation. International Journal of Financial Studies, 11(2), 1–15. https://doi.org/10.3390/ijfs11020079
- Giglio, F. (2022). Fintech: A literature review. International Business Research, 15(1), 80–85. https://DOI:10.5539/ibr.v15n1p80
- Gomber, P., Koch, J. A., & Siering, M. (2017). Digital finance and FinTech: Current research and future research directions. Journal of Business Economics, 87(5), 537–580. https://doi.org/10.1007/s11573-017-0852-x
- Grand View Research. (2023). Fintech-as-a-Service Market Size, Share & Trends Analysis Report. Grand View Research. https://www.grandviewresearch.com/industry-analysis/fintech-as-a-service-market-report
- Ishaan Srivastava, (2025), Sustainability Through FinTech: The Case for the Incorporation of Sustainability Perspectives in FinTech Education, Cureus Journal of Business and Economics, Econ 2: es44404-025-06681-x, doi: https://doi.org/10.7759/s44404-025-06681-x.
- Kalai, L., & Toukabri, M. (2024). Risks, Regulations, and Impacts of FinTech Adoption on Commercial Banks in the United States and Canada: A Comparative Analysis. Thunderbird International Business Review. https://doi.org/10.1002/tie.22404.
- Kou, G., & Lu, Y. (2025). FinTech: A literature review of emerging financial technologies and applications. Financial Innovation, 11(1), 1–34. https://DOI:10.1186/s40854-024-00668-6
- Kou, G., & Lu, Y. (2025). FinTech: A Literature Review of Emerging Financial Technologies and Applications. Financial Innovation, 11(1), https://doi.org/10.1186/s40854-024-00668-6.
- Lavrinenko, O., Čižo, E., Ignatjeva, S., Danileviča, A., & Krukowski, K. (2023). Financial technology (FinTech) as a financial development factor in the EU countries. Economies, 11(2), 1–20.https://doi.org/10.3390/economies11020045
- Lee, I., & Shin, Y. J. (2018). Fintech: Ecosystem, business models, investment decisions, and challenges. Business Horizons, 61(1), 35–46.https://doi.org/10.1016/j.bushor.2017.09.003
- Leong, K., & Sung, A. (2018). FinTech (financial technology): What is it and how to use technologies to create business value in fintech way? International Journal of Innovation, Management and Technology, 9(2), 74–78. https://doi.org/10.18178/ijimt.2018.9.2.791
- Li, E., Mao, M., Zhang, H., & Zheng, H. (2022). Banks’ Investments in Fintech Ventures. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3979248
- Locatelli, R., Schena, C., & Tanda, A. (2021). A Historical Perspective on Disruptive Technologies. Palgrave Studies in Financial Services Technology. https://doi.org/10.1007/978-3-030-81835-7_2.
- Munir, S., & Kazemian, S. (2023, October 27). How many Americans own crypto? (2026 statistics). Coinweb. https://coinweb.com/trends/how-many-americans-own-crypto/
- Murchison, S., et al. (2019). FinTech and market structure in financial services: Market developments and potential financial stability implications. Financial Stability Board. https://www.fsb.org/uploads/P140219.pdf
- N. Raviteja, (2024), Financial Technology (Fintech) and Banking Industry Transformation: A Symbiotic Evolution into the Digital Era, doi: 10.59256/ijsreat.20240401004.
- Nicoletti, B. (2017). Financial services and FinTech. In The future of FinTech: Integrating finance and technology in financial services. Springer. https://doi.org/10.1007/978-3-319-51415-4
- Nonaka, M., & Hayashi, N. (2017). An overview of NEC’s FinTech strategy. NEC Technical Journal, 11(2), 9–11. https://www.nec.com/en/global/techrep/journal/g16/n02/pdf/160202.pdf
- Precedence Research. (2026, January 5). U.S. Artificial Intelligence (AI) market size, share and trends 2026 to 2035. https://www.precedenceresearch.com/us-artificial-intelligence-market
- R. Surabhi & S. M. Kumar, (2024), Evolution of FinTech: A Systematic Literature Review, Nowoczesne Systemy Zarządzania, vol. 19, no. 2, pp. 49–62, doi: 10.37055/nsz/200426.
- Rajesh Meena, (2023), The Impact of Financial technology on Financial Services: A Comprehensive Analysis, RESEARCH REVIEW International Journal of Multidisciplinary, 8(3):185-192, DOI: 10.31305/rrijm.2023.v08.n03.022.
- ResearchAndMarkets.com. (2024). United States Internet of Things market: By region, competition, forecast & opportunities, 2019-2029F [Market report]. ResearchAndMarkets.com. https://www.researchandmarkets.com/report/united-states-internet-of-things-market
- Ruby, D. (2026, January 1). Fintech statistics (2026): Growth & market size. Retrieved March 3, 2026, from https://www.demandsage.com/fintech-startups-statistics/
- S. Gupta, (2025), The Evolution of Fintech: From Traditional to Modern Innovations, International Journal For Multidisciplinary Research, vol. 7, no. 4, doi: 10.36948/ijfmr.2025.v07i04.51860.
- Salem, M. R., & Shahimi, S. (2025). A comprehensive analysis of FinTech (1968–2025): A bibliometric approach. Future Business Journal, 11(1), 1–20. https://DOI:10.1186/s43093-025-00652-1
- Surabhi, R., & Kumar, S. (2024). Evolution of FinTech: A systematic literature review. Nowoczesne Systemy Zarządzania (Modern Management Systems), 19(2), 49–62. https://doi.org/10.37055/nsz/200426
- Tracxn. (2026, March 5). Unicorn startups in United States. Retrieved March 5, 2026, from https://tracxn.com/d/unicorns/unicorns-in-united-states/
- Vision Research Reports. (2022). Fintech-as-a-Service market size, share, growth, trends (Report No. 39655). Vision Research Reports. https://www.visionresearchreports.com/fintech-as-a-service-market/39655
- Vision Research Reports. (2024). U.S. cloud computing market size to hit USD 1,380.57 Bn by 2033. Vision Research Reports. https://www.visionresearchreports.com/us-cloud-computing-market/41211
- Waliullah, M., George, M. Z., Hasan, M. T., Alam, M. K., Munira, M. S., & Siddiqui, N. A. (2025). Assessing the influence of cybersecurity threats and risks on the adoption and growth of digital banking: A systematic literature review. American Journal of Advanced Technology and Engineering Solutions, 1(1), 226–257. https://doi.org/10.63125/fh49gz18
- Zeidy, I. A. (2022). The role of financial technology (FinTech) in changing financial industry and increasing efficiency in the economy. Common Market for Eastern and Southern Africa. https://www.comesa.int/wp-content/uploads/2022/05/The-Role-of-Financial-Technology.pdf
- Zigurat Institute of Technology. (2022, August 25). Evolution of fintech: The 5 key eras. Retrieved March 3, 2026, from https://www.e-zigurat.com/en/blog/evolution-of-fintech/
- Zoting, S., & Shivarkar, A. (2025, October 16). Cyber security market size, share and trends 2025 to 2034. Precedence Research. https://www.precedenceresearch.com/cyber-security-market
- Zoting, S., & Shivarkar, A. (2026, February 18). Blockchain Technology Market size, share and trends 2026 to 2035. Precedence Research. https://www.precedenceresearch.com/blockchain-technology-market
DOI: https://doi.org/10.2478/wsbjbf-2026-0014 | Journal eISSN: 2657-4950
Language: English
Page range: 63 - 80
Published on: Jul 15, 2026
Published by: WSB Merito University in Gdansk
In partnership with: Paradigm Publishing Services
Publication frequency: 1 issue per year
Keywords:
Related subjects:
© 2026 Ali Bentayeb, Alaeddine Medjdoub, Amina Kadja, published by WSB Merito University in Gdansk
This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License.