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Laxman Pai, Opalesque Asia: Investing by venture capitalists in financial technology startups declined during the first quarter of 2019, said a study.
The Global Insights Report Q1 2019 revealed that FinTech companies backed by venture capitalists closed 445 deals globally, raising $6.3bn, in Q1. The sheer number of deals, then, was up quarter-over-quarter by 4%, but the total funding raised was down quarter-over-quarter by 13%.
Asia is he worst hit, as its funding fell under $1bn for the first time in five quarters. As a whole, $875m was invested in Asian FinTech through venture capital, said the report published by CB Insights.
China funding for FinTech startups declined 89% to $192m during the first quarter of 2019. China is now behind India as investors look for the next bastion of growth. With China lagging, venture capitalists have been setting their signs on India, the report indicated.
Meanwhile, European deals hit $1.7bn on the back of 102 deals as the region attracts more global investors. European FinTech deals were up 58% quarter on quarter from $1.08bn invested in 82 deals in Q1 2018.
The US remains the top market for VC/FinTech deals. There were 170 such financings in the US in the first quarter, worth $3.3bn.
The top deal of the quarter was that of Clover, a tech-centric health insurance carrier, which raised $500m in January, from select investors including Greenoaks Capital Management, First Round Capital, and Sequoia Capit...................... To view our full article Click here
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