To examine the impact and mechanism of fintech on the digital transformation of enterprises, data from 2011-2020 based on A-share main board enterprises in China’s Shanghai and Shenzhen markets were examined. The results show that fintech effectively drives the digital transformation of enterprises and has a more prominent effect on the digital transformation of non-state-owned, high-tech enterprises. In terms of mechanism, fintech can improve the financing situation of enterprises, strengthen their internal control and financial stability, and enhance their innovation dynamics, thus accelerating their digital transformation. At the same time, a good external financial system can help bring into play the effectiveness of fintech in serving the real economy.