Downloads of the top UK apps for trading and investing soared 40% in 2021 compared to the previous year, adding 1.38 million downloads.
That’s according to new research from app analytics platform App Radar, which examined Google Play downloads.
When factoring in Apple App Store downloads, the total could be as high as 2.6 million.
Estimated investment app downloads are 7.1 million or 13% of the UK adult population.
Wombat saw the biggest growth rate at 300% which Freetrade noted the highest percentage increase at 158%, followed by Nutmeg at 70%.
“Fintech has been the great democratiser of financial services. It’s clear from our numbers that a significant number of people are taking control of their finances through apps,” said Thomas Kriebernegg, MD & Co-Founder, App Radar.
“Significantly, the numbers of downloads are accelerating – by the end of this year we could see more than 10 million people in the UK using these apps to manage their investments – which would be nearly a fifth of the adult population – which is incredible growth over the past few years.”
Analysed apps gained 235k downloads in 2022 already with Plum seeing some of the highest downloads (over 50k) followed by Pension Bee (34k).
“The fintech app market is astonishingly competitive. There’s two main stages to the battle for these startups; first getting people to pick your app over so many other competitors and then, as many people will end up only using one app, retaining these users. This means that investment in, and constant review of your app marketing strategy is just as important as continuing to focus on improving features and usability. The apps that emerge as market leaders will be those that don’t stand still and prioritise marketing as much as development.”