Fintech Funding Hits 2017 Lows: Q1 2024 Report
Recent research indicates a significant drop in global fintech funding, reaching its lowest level since 2017.
The Q1 2024 State of Venture Report by CB Insights reveals a 16% decline in fintech investment during the first quarter of the year.
Comparatively, the figures starkly contrast with previous years, where Q1 2023 saw $16 billion invested in 1,271 fintech startups, and Q1 2022 witnessed $32.9 billion in funding across 2,026 fintech startups.
Notably, the $7.3 billion raised by fintech startups in Q1 2024 represents the lowest amount since early 2017.
Among the notable fundings, Monzo secured the largest amount with $430 million, followed by Flexport, which raised $260 million for its trade finance and cargo insurance services.
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While US-based companies led in funding with $3.3 billion across 393 deals, European companies raised $2.2 billion in 203 deals.
Although there was a 15% increase in equity deal making during Q1, the average deal size experienced a decline.
Moreover, the quarter witnessed the emergence of 19 new unicorns across the US, Asia, and Europe, slightly fewer than the previous quarter’s 23.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
