Financial technology startups raise $6.58 bn in 529 deals in first-quarter

Financial technology startups have raised $6.58 billion in 529 funding rounds in the first quarter of 2024, according to S&P Global Market Intelligence data.
VC funding in Fintech in Q1 2024This represents an 18 percent drop in round count and a 26 percent dip in dollar value on a year-over-year basis.

Financial technology startups in Asia Pacific have raised $1.85 billion (down 46 percent).

Financial technology startups in Latin America doubled their investments to just under $500 million.

Financial technology startups in North America and EMEA each attracted over $2.1 billion, registering declines of 26 percent and 10 percent, respectively.

By segment, the banking technology segment had a decent quarter, pulling in $1.86 billion from 72 deals in Q1 2024, up from $1.7 billion via 62 deals a year ago. Payments drew in $1.41 billion from 127 rounds, featuring just one more-than-$100 million funding round. This is down from $3.5 billion through 151 rounds during the same period last year.

Fintech startups harnessing AI, largely hail from insurance technology, which saw a cumulative total of 55 rounds worth $700 million since the beginning of 2023.

“The fintech industry is expected to experience growth in funding during the latter half of 2024. This outlook is supported by the strong public market valuations of fintech companies,” Sampath Sharma Nariyanuri, Fintech Research Analyst at S&P Global Market Intelligence, said.

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