There has been a decline in the funds raised by FinTechs around the world. Top 20 FinTechs around the world raised approximately USD 1.71 billion in the month of December 2023, compared to USD 1.94 in November, USD 1.28 billion in October and USD 1.8 billion in September, the latest data from 1Lattice revealed.
While there was a decline in global fintech funding in December, a total of USD 2.5 billion was raised by fintechs across the globe in November, USD 2,000 million was raised in October, compared to USD 2.56 billion in September and USD 2.34 billion in August.
FinTech company Tamara led the global fintech funding in December with a whopping USD 340 million from SNB Capital and Sanabil Investments. The lead was followed by SumUp with USD 307 million of growth from Sixth Street Growth, Bain Capital Tech Opportunities, Fin Capital and Liquidity Group, highlighted the data.
Later, fintech company Line Next followed with a USD 140 million raise from Crescendo Equity Partners and fintech company Vestwell followed with a USD 125 million raise from Lightspeed Venture Partners, Fin Capital, Primary Venture Partners, FinTech Collective, Blue Owl and HarbourVest .
In India, the highest raised in the month was from fintech company InCred, which raised approximately USD 60 million in December. InCred acquired the amount from Varanium Capital Advisors and Sattva Group. The listing was followed by RevFin which raised about $14 million from Omidyar Network. After RevFin, FinTechs such as Escrowpay, DGV and Navadhan Capital raised the most, with USD 6 million, USD 7 million and USD 5 million raised respectively, the data said.
In India, a total of USD 7475 million was raised by the FinTech sector in 2021, USD 4041 million in the previous calendar year, from January 2022 to December 2022 and approximately USD 2992 million was raised so far, from January to December 2023.
Following Vestwell’s $125 million fundraiser, the lead was continued by Arkon Energy with a $110 million fundraiser, Scalable Capital with a $64.7 million fundraiser and KOHO with a $63.3 million fundraiser.
According to a latest report by Tracxn, India ranked 3rd globally in 2023 in terms of FinTech startup funding, strengthening its position as a significant player on the global stage.
However, like all other sectors, funding in the FinTech space has also experienced a downward trend in India as well as globally. The FinTech sector received funding of USD 2 billion in 2023, a decrease of 63 percent and 76 percent compared to previous years.
Here are the top 10 companies in fintech funding:
Company | Latest Funding (million USD) |
Investors |
Tamara | 340 | SNB Capital and Sanabil Investments |
to summarize | 307 | Sixth Street Growth, Bain Capital Tech Opportunities, Fin Capital and Liquidity Group |
Line Next | 140 | Crescendo Equity Partners |
Westwell | 125 | Lightspeed Venture Partners, Fin Capital, Primary Venture Partners, FinTech Collective, Blue Owl and HarbourVest |
Arkon Energy | 110 | Bluesky Capital Management, Kestrel 0x1 and Nural Capital |
Scalable Capital | 64.7 | Balderton Capital, HV Capital |
KOH | 63.3 | Drive Capital and Eldridge Industries |
Pontera | 60 | ICONIQ Growth, Blumberg Capital, Collaborative Fund, Hanaco Ventures, Lightspeed Venture Partners and The Founders Kitchen |
Capital | 40 | Cervin Ventures, Tru Arrow, MS&AD Ventures and Alumni Ventures |
igloo | 36 | Eurasia, BNP Paribas Cardif |
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