Over 1M Brits turn to FinTech Apps for Money Management in 2024

By Gloria Methri

The rising cost of living has spurred record growth in FinTech money management apps, with over one million new users in the UK adopting these tools in 2024, according to a study by SplitMetrics.

The sector has grown by an estimated 25% year-on-year, bringing total lifetime downloads to 5 million. This means that roughly one in 10 UK adults now uses a FinTech app to manage their finances.

Money management apps surged in popularity in 2022 as inflation tightened household budgets. While inflation has since eased, the trend shows no sign of slowing. With an expected 1.1 million new users in 2024, the growth outpaces previous years, which saw 896,000 and 854,000 new users in 2022 and 2023, respectively.

This sustained interest suggests that British consumers are increasingly embracing FinTech solutions to make the most of their money.

Top Performers in 2024

The standout apps driving this growth include:

• Plum: 318,000 new downloads
• Moneybox: 264,000 new downloads
• Snoop: 157,000 new downloads
• HyperJar: 123,000 new downloads
• Emma: 74,000 new downloads
• Chip: 63,000 new downloads

In terms of lifetime downloads, Plum and Moneybox lead the pack with 1.6 million each, followed by Snoop (762,000) and Emma (600,000).

SplitMetrics’ analysis also highlights the rising popularity of apps with deal comparison and financial management features. Deal comparison apps such as Meerkat and MoneySavingExpert grew by 21% year-on-year, while banking apps offering financial management tools saw a 32% spike in new users.

Fastest-Growing Banking Apps in 2024:

• Revolut: 14 million downloads
• Monzo: 1.6 million downloads
• Starling: 421,000 downloads
• Curve: 408,000 downloads
• Chase UK: 387,000 downloads

Thomas Kriebernegg, General Manager of SplitMetrics Agency, attributes this growth to the increasing accessibility and innovation in FinTech. “As the cost of living crisis continues, people are seeking tools to optimise their finances. FinTech apps are now indispensable for tracking expenses, budgeting, and finding better deals.”

Kriebernegg also highlighted the fierce competition in the FinTech app market, noting that finance is the most expensive category for user acquisition. “Innovation in functionality and ease of use is critical, but marketing is equally vital. Apps that excel in both will define the market in 2025.”

The research emphasises that even small changes, such as bold colours in app icons and screenshots, can boost conversion rates by an average of 12%.

The Future of FinTech Money Management

With millions of Brits adopting FinTech solutions to navigate their finances, the sector is poised for continued growth. Traditional banks are racing to catch up while innovative startups continue to disrupt the landscape. As 2025 approaches, the leaders in this space will likely be those who can seamlessly combine innovative features with effective marketing strategies.

The cost of living may have sparked this shift, but the convenience and efficiency of FinTech tools ensure their staying power in consumers’ lives.