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Laxman Pai, Opalesque Asia: With both total fintech funding and the number of deals dropping, from US$63.2 billion across 2,885 deals in H2 2022 to US$52.4 billion across 2,153 deals in H1 2023, the first six months of 2023 were difficult for the fintech market globally, said a study.
According to KPMG Pulse of Fintech - H1'2023, the cloud of uncertainty permeating the market continued to wear on investors, driven by factors including global macroeconomic concerns (high inflation and rising interest rates), geopolitical tensions (the ongoing conflict between Russia and Ukraine), and tech sector challenges (depressed valuations and a continued lack of exits).
The collapse of several US banks early in 2023 likely also kept many investors in wait-and-see mode during H1'23, said the study.
However, not all the news was negative in H1'23 as several sectors attracted robust funding during the first half of 2023.
According to the H1'23 edition of KPMG's Pulse of Fintech, supply chain, and logistics-focused fintech attracted US$8.2 billion in funding in H1'23-well above the space's 2019 annual record of US$5.5 billion.
Green fintech also had robust interest, with US$1.7 billion of funding during H1'23- already slightly ahead of its 2022 results (US$1.5 billion).
At a regional level, the Americas saw fintech funding grow-from US$28.9 billion to US$36.1 billion between H2'22 and H1'23-despite a decline in deals volume-from 1,323 to 1,011 deals-over the same timef...................... To view our full article Click here
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