Fintech innovation is now active in more than 200 markets worldwide, according to the Cambridge Centre for Alternative Finance at the University of Cambridge. The geographic concentration has shifted substantially over the past five years. In 2019, the United States and China accounted for more than 70% of global fintech investment. By 2025, that share had fallen below 50%, as fintech ecosystems in India, Brazil, the United Kingdom, Singapore, Nigeria, and dozens of other countries matured and attracted significant capital. The Expanding Geographic Footprint The global spread of fintech innovation reflects several converging factors. Smartphone penetration has reached 85% of...