The fintech sector is booming with a record US$91.5 billion
in global funding so far this year. That’s almost twice as much as what the
sector collected in the entirety of 2020.
Under pressure to increase the velocity of their digital
transformation and to enhance their digital capabilities, corporates were
particularly active in venture deals, participating in close to $21 billion in
investment over nearly 600 deals globally, with many realizing it’s quicker to
do so by partnering with, investing in, or acquiring fintech.
The CB Insights report shows Tiger Global Management and
Coinbase Ventures lead the pack among fintech investors with 24 and 22 deals in
the third quarter, respectively. The U.S. remains the region with the most
fintech deals, gaining ground during the last quarter to make up 38% of global
fintech deals, followed by Asia with a 26% share.
Forty-two fintech companies became unicorns in the third
quarter alone, making up a third of total unicorn births, according to CB
Insights’ State of Venture Report.
Big deals included $3.4 billion raised by Robinhood, $600
million raised by Stripe, and $500 million raised by Better, ServiceTitan, and
DailyPay.
Funding for financial technology (fintech) startups in ASEAN
more than trebled to hit a record US$3.5 billion in the 9-month period in 2021
compared to full-year 2020, according to a report.
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