The buzz around consumer finance companies isn’t what it used to be, but Apptopia’s data makes us think the negative sentiment is more of a new normal. While installs of top consumer fintech apps were down 14% year-on-year in the third quarter, they were still up 19.4% compared to the third quarter in 2020. It is rather a situation where the market has found a lost growth trajectory.
However, this does not mean that things are not changing and users are not responding to the new economic reality. Some sectors of the fintech industry are suffering harder than others, while some are growing as opportunities arise.
People are using the “buy now, pay later” option more for their purchases. The growth in new users shown above in the Apptopia download estimate confirms that people are willing to buy products that they don’t currently have the cash to pay for. This can be seen in the rise of cash-dispensing apps like Klover and “Buy Now, Pay Later” apps like Zip.
At the same time, people are trying to better understand and track their finances with budgeting apps like Truebill’s Rocket Money. Things like sending money to friends and family and investing seem to have taken a backseat. So are cryptocurrencies with banking apps for teenagers.
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