The overall financial services industry is enormous and very profitable. Over the past decade, fintechs have attracted more than USD 500 billion in funding. Since 2019, they have received roughly 20% of global venture capital outlays, attracting large amounts of capital from generalists, technology private investors, and hedge funds. Still, more than half the world’s population remains unbanked or underbanked, says the latest BCG Global Fintech Report 2023.