FinTech funding witnessed a decline in the month of December – recording around $96 million from 10 deals, compared to $122 million from 10 deals in the previous month.
The highest raised in the month was from fintech company InCred, which raised approximately USD 60 million in December. InCred raised the amount of Varanium Capital Advisors and Sattva Group, revealed latest data from 1Lattice.
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 revealed.
A total of USD 7475 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 2982 has been raised so far, from January to December 2023.
In CY23, the highest was raised by payments giant PhonePe. The company raised USD 350 million in January, USD 100 million in February, USD 200 million in March, USD 100 million in April and another USD 100 million in May. A total of USD 850 million was raised from January to May 2023.
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 – with USD 5.4 billion raised in 2022 and USD 8.4 billion in 2021, respectively.
To give an overview, here are the main funding rounds in the FinTech sector, totaling around USD 96 million for the month of December, according to data collected by 1Lattice.
COMPANY | Funds raised (In $mln) | Investors |
InCred | 60 | Varanium Capital Advisors and Sattva Group |
RevFin | 14 | Omidyar Network |
Escrowpay | 6 | Existing investors |
DGV | 6 | Omidyar Network India, Omnivore and InfoEdge Ventures |
Navadhan Capital | 5 | Prime Venture Partners, Gemba Capital and Varanium NexGen Fintech Fund |
Pyramid | 3 | Infibeam Avenues |
FINAYA | 1.9 | F MEC International Financial, Election |
Cashvisory | 0.1 | SucSEED Endowment Fund, EvolveX and We Founder Circle |
Fatak Pay | unknown | Capital Ventures |
Agprop | unknown | Kathyawad Ventures |