Tech adoption and integration increasingly allow the industry to address financial needs across an investor’s entire balance sheet. This aligns with investors’ desire for personalized, holistic advice — and presents growth opportunities for wealth managers, who can sell additional products to increase their share of clients’ wallets.

In the past, financial planning software focused mainly on investment management, such as accumulation planning — i.e., calculating how much clients needed to save for retirement.

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However, two huge deals — for market intelligence firm AlphaSense and payments juggernaut Stripe — obscured the reality that it was another tepid quarter for the sector as a whole.

Based on our deep dive in the full report, here is the TL;DR on the state of fintech:

• Funding increases by 19% quarter-over-quarter (QoQ), buoyed by 2 blockbuster deals. Quarterly funding rose in Q2’24 to $8.9B. But if it weren’t for 2 late-stage deals for Stripe ($694M) and AlphaSense ($650M), funding would have remained flat QoQ. A 16% decline in deal volume also indicates fintech investors remain cautious.​
• Average deal size decreases to $12.8M, down 4% vs. 2023. The slight decline in average deal size YTD highlights broad stagnation in fintech deal sizes. Yet, when looking at the median, deal size has ticked up from $3.1M in 2023 to $4M this year. The 29% increase could signal strength in the long tail of smaller fintech deals.
• Mid- and late-stage deal share is at 20% YTD, up from 18% in 2023. In a more favorable operating environment, investors are showing greater confidence in later-stage companies than they did in the past 2 years — especially in areas like payments and lending. In payments, mid- and late-stage rounds make up 27% of deals YTD, vs. 21% in 2023. In digital lending, mid- and late-stage deals make up 35% of deals YTD, compared to 20% in 2023. 
• 30% of the biggest early-stage deals are for digital asset companies. Crypto and blockchain-focused fintechs are receiving renewed focus, as the crypto winter thaws. Digital asset companies accounted for nearly one-third of the top 10 seed/angel and top 10 Series A rounds. The two largest early-stage deals in the crypto space went to digital asset infrastructure platforms TradeDog ($75M seed) and Biton ($44M Series A).
• US-based funding increases by 45% QoQ to $4.8B. In addition to the funding increase, the US led the world across a few metrics in Q2’24, including share of equity deals (40%) and exits (36%). Mega-rounds led the way: Nine of the 10 biggest deals in the US were worth $100M or more, the most since Q2’22. LatAm was the only other major global region with a funding increase, up by 22% to $442M.

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To meet this demand, businesses across industries are embedding financial tools — from buy now, pay later (BNPL) to insurance distribution — into their platforms. Integrating these financial services can help not only improve customer engagement, but also drive new revenue streams and loyalty in the process. 

To help strategy teams prioritize embedded finance markets in their planning decisions, we plotted markets using CB Insights’ TECH framework, which scores markets across 2 dimensions:

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For one, describing and marketing financial products to customers is often an uphill battle, both because of the complex nature of these products and because of strict regulatory oversight. These same aspects can make internal operations difficult to streamline and automate.

Generative AI has the potential to address these challenges by sifting through, summarizing, and personalizing complex information at scale to improve customer experiences and employee productivity. It can also generate synthetic data to support mission-critical machine learning (ML) applications like fraud detection.

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The industry is built around encoding information in quantum entities called “qubits” — which have a probability of being either 1 or 0, as opposed to traditional bits that can only be one or the other — to open up new computational approaches and ways of handling data that are not possible on conventional devices.

For example, quantum computing could allow entirely new algorithms that are much more efficient at some key tasks — like complex optimization problems, sorting through large datasets, and running simulations. Though the tech is not yet mature, companies are already working to apply quantum computing to commercial applications like drug discovery, finance, materials discovery, and logistics. Investors are excited — startups in the space saw equity funding surge to $1.3B in 2023, a rare bright spot for venture last year. As quantum computers become more capable in the coming years, expect commercial interest to rise quickly.

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Salesforce CEO Marc Benioff called AI “the single most important moment in the history of the technology industry” in the company’s most recent earnings call. JPMorgan CEO Jamie Dimon said, in his April 2024 letter, “we are completely convinced the consequences [of AI] will be extraordinary.” 

Others are hyper-focused on AI’s potential to drive new efficiencies and product development. Big pharma companies are pushing ahead with AI-powered drug discovery collaborations, with the goal of accelerating drug development timelines. Payments giants, meanwhile, are leveraging AI to fight back against a wave of fraud.  

Much of the hype around recent advances has yet to translate to revenue. No AI-discovered drug has been approved yet for sale (though Insilico Medicine brought the first drug fully generated by AI into human trials in 2023), and Salesforce acknowledged its latest AI push would not have a material impact on its revenue this year. 

But the promise of future opportunities — and the perceived risk of inaction — is driving leaders to make moves now that could eventually reshape some of the world’s biggest industries. Our 70-slide report surveys the AI strategies of the following companies:

• Financial services & insurance: JPMorgan, Visa, Mastercard, UnitedHealth Group
• Enterprise tech: Oracle, Salesforce
• Pharma: Eli Lilly, Novo Nordisk, Johnson & Johnson
• Industrials: Toyota, Siemens

Using the CB Insights technology intelligence platform, we analyzed signals like investment & partnership activity, executive chatter in earnings transcripts, patents, and more to understand their efforts. Download the full report to see them all. 

Largest companies based on market cap (as of 4/15/2024). Our analysis excludes big tech, semiconductor developers, and state-owned companies.

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Fintech deal volume, on the other hand, increased for the first time since Q1’23.

Based on our deep dive below, here is the TL;DR on the state of fintech:

• Fintech funding falls 16% QoQ to its lowest quarterly level since 2017. Quarterly funding declined to $7.3B in Q1’24, counter to the 11% rebound in the broader venture market. That said, fintech deals increased by 15% QoQ as investors focus on writing smaller checks.
  
  
• Average deal size YTD in fintech is $11.1M, down 18% vs. $13.6M in full-year 2023. A dearth of blockbuster deals is driving the decline: In Q1’24, there were just 12 mega-rounds (deals worth $100M or more) representing 26% of total funding — the lowest share since Q2’23, when it hit 23%. Nevertheless, these rare deals can reach a massive scale: the biggest fintech round in the quarter was UK-based challenger bank Monzo‘s $431M Series I deal — worth 6% of the global funding total. 
• Mid- and late-stage deals make up 20% of deals YTD, up from 18% in full-year 2023, as investors look to startups with more established track records. So far this year, investors are favoring later-stage companies to a greater degree than the past 2 years. The shift is most pronounced within specific sectors. In payments, for instance, mid- and late-stage deals make up 29% of deals YTD, vs. 21% in 2023. In digital lending, mid- and late-stage deals make up 40% of deals YTD, nearly double the 2023 total.
• Banking startups have a billion-dollar quarter. Banking funding doubled in Q1’24 to reach $1B across 38 deals. Five of the top 10 banking deals in the quarter were late-stage, and 2 were mega-rounds of $100M+. Besides the Series I deal for Monzo, Germany-based banking-as-a-service company Solaris raised a $104M Series F round.
• Europe fintech funding increases 22% QoQ to $2.2B. Europe was the only major global region to see fintech funding increase in Q1’24. The continent also led all regions with 37% of exits in the quarter. Meanwhile, funding declined 11% QoQ to $3.3B in the US, which still led all regions in total fundraising.

The post State of Fintech Q1’24 Report appeared first on CB Insights Research.

Based on our deep dive below, here is the TLDR on the state of fintech:

• Global fintech funding nosedived to $39.2B in 2023 (down 50% YoY), while deal volume slipped 38% to 3,801 — the lowest levels since 2017. On a quarterly basis, Q4’23 saw the fewest fintech deals in 7 years.
• The US increased its dominance of fintech, drawing 41% of deals in 2023 — its highest share since 2016. Meanwhile, Asia’s deal share fell to a recent low of 20%. The uptick in US deal share came as investors shifted toward early-stage companies: early-stage deal share in the US climbed to its highest level in more than a decade.
• At 612 deals, annual M&A exit volume remains higher than it was any year prior to 2021. Quarterly M&A deals saw a modest gain in Q4’23, rising to 149. Europe saw 34% of these deals — more than any other global region — but the top 3 M&A exits in Q4’23 all went to US fintechs.
• Eight fintech unicorns were born in Q4’23 — a 6-quarter high, but far below 2021’s quarterly average. Asia contributed half of the new unicorns — 3 of which are based in Gulf States. This was the first time since 2019 that more fintech unicorns were born in Asia than in the US in a given quarter.
• Investment to banking startups has evaporated, with funding falling 72% in 2023 — the biggest YoY decrease across fintech sectors. Payments startups saw funding decline just 30% YoY — the least of any fintech sector — though the annual funding total was propped up by 2 massive rounds to Stripe ($6.5B) and Metropolis ($1B). Payments remains the most well-funded fintech sector by a wide margin.

Below, we’ll explore these themes across 7 charts.

Globally, funding to fintech startups fell 50% YoY, slipping below $40B for the first time since 2017. Fintech fared worse than the broader venture market, which saw funding decline 42% YoY in 2023.

The average and median deal sizes in fintech continued to decrease from 2021’s highs, falling to $13.8M and $3.2M, respectively, in 2023.

Among global regions, LatAm and Europe saw the largest drops in fintech funding in 2023:

• LatAm funding slid 68% to $1.2B
• Europe funding fell 64% to $6.5B

Q4’23 was a particularly harsh quarter for fintech in terms of deal activity.

The quarter saw fintech startups secure just 740 deals — the fewest in a quarter since Q4’16, and the third straight quarter of declines. 

Among the top deals of the quarter, payments solutions for online and in-person shopping were prominent. These included SumUp ($307M Series F), as well as buy now, pay later players Tamara ($340M Series C) and Tabby ($200M Series D). Notably, payments leaders Checkout.com and PayPal invested in the deals to Tamara and Tabby, respectively.

Despite global declines in deal volume, the US picked up a greater share of deals in 2023 at 41%. The 4-percentage-point increase came at the expense of Asia, which lost 3 percentage points in share YoY. The US’ share was the highest for the country since 2016.

Fintech dealmaking in the US has shifted toward the early stages (seed/angel and Series A), which now claim 70% of all US deals — the highest annual share in more than a decade.

While down from a peak in Q1’22, M&A activity remains relatively steady for fintech startups. Financial services incumbents, larger fintech firms, and PE buyers continue to seek out undervalued assets. In Q4’23, global M&A volume ticked up to 149 deals.

While Europe led in M&A deal share in Q4’23 at 34%, the top 3 M&A deals that quarter all went to US-based firms:

• In capital markets, TMX Group acquired VettaFi for $1.1B
• In insurance, Travelers purchased Corvus Insurance for $435M
• In business payments, WEX acquired Payzer for $261M

Eight fintech companies reached unicorn status (valued at $1B+) in Q4’23. Among global regions, Asia led with 4 of these new unicorns, followed by the US with 2. LatAm and Oceania each accounted for 1.

This was the first time since 2019 that Asia outpaced the US in the number of new fintech unicorns in a single quarter.

Within Asia, the Gulf States saw especially strong representation. Two unicorns (Tabby and Tamara) came out of Saudi Arabia, while the United Arab Emirates contributed one (Andalusia Labs).

Within fintech, banking startups’ access to capital has been restricted substantially. In 2023, they raised $2.2B in equity funding, down 72% from $7.8B the year prior.

Wealth tech funding wasn’t far behind, with a decline of 61% YoY in 2023. 

Funding to payments startups, on the other hand, remains relatively strong, down just 30% in 2023. The top equity deal in Q4’23 went to parking management and payment platform Metropolis, which raised over $1B.

While fintech funding fell across every global region in 2023, Africa was the least affected by the downturn. Africa-based startups drew $0.8B in funding in 2023, down just 27% from 2022.

Meanwhile, the continent’s early-stage deal share declined to a recent low of 83% in 2023. While the vast majority of deals are still early-stage, this trend suggests a growing contingent of companies are maturing into later stages of funding.

Across the whole year, the top 2 deals in Africa went to North Africa-based startups: Egypt-based MNT Halan ($260M Series D) and Morocco-based Cash Plus ($60M round). The third-largest round went to Kenya’s M-Kopa ($55M round).

The post State of Fintech 2023 Report appeared first on CB Insights Research.

The e-commerce giant has long had far-reaching financial ambitions, including introducing its own financial tools (e.g., credit cards, checking accounts, and lending) — not to mention its cashierless checkout tech for physical stores.

However, it has narrowed its focus in the past couple years, driven by a heightened need to find profitable and defensible pathways to growth.

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Although financial services players have been slower to move — largely due to concerns around compliance and data quality — they are increasingly taking steps to integrate LLMs into their offerings.

However, how they do this varies from one company to the next. Incumbents are taking several different approaches to deploying LLMs, including:

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Fintech deal activity also continued to trend down in Q3’23. Deal count slid back to 2017 levels, falling by 18% QoQ to hit 754.

Using CB Insights data, we highlight key takeaways from our State of Fintech Q3’23 Report, including:

1. Global fintech funding falls 3% QoQ to hit $7.4B.
2. US fintech funding experiences a 5% drop in Q3’23.
3. Unicorn births remain at 3 in Q3’23.
4. Fintech mega-round funding climbs 50% QoQ.
5. Digital lending funding jumps 70% while deals fall 56% QoQ.

Let’s dive in.

Global fintech dollars dipped 3% QoQ to hit $7.4B in Q3’23, leveling off after seeing sharp declines in most quarters since the end of 2021. Meanwhile, deal count fell by 18% QoQ.

This fintech funding stabilization was supported by $100M+ mega-rounds, which accounted for 33% of total fintech funding ($2.4B) in Q3’23.

The top 3 deals of the quarter went to:

• Hong Kong-based microfinance platform Micro Connect ($458M Series C)
• US-based spend management company Ramp ($300M Series D)
• India-based digital lending solution Perfios ($229M Series D)

While US-based fintechs saw a 5% drop in funding QoQ, they continued to drive a significant chunk of global fintech funding. The US accounted for almost half (47%) of all quarterly fintech funding in Q3’23 — the highest share among global regions.

Asia, on the other hand, secured a smaller share of the funding total but saw funding rise substantially. Companies in the region experienced an 82% increase in funding QoQ.

This jump was supported by deal-making activity among digital lending companies — 6 of Asia’s top 10 deals in Q3’23 went to companies in this category.

Unicorn births also showed signs of stabilizing in Q3’23. Like the previous quarter, 3 unicorns (private companies valued at $1B+) were born in Q3’23, bringing the total unicorn count to 312.

Viewing unicorn births through an annual lens shows just how pronounced the unicorn slowdown is in the fintech arena. Just 8 unicorns have been born in 2023 so far, down from 163 in 2021 and 73 in 2022.

The US accounted for 2 new unicorns in Q3’23: crypto custody platform BitGo ($1.8B valuation) and insurtech Kin ($1B). The only other unicorn born in Q3’23 was Hong Kong-based microfinance platform Micro Connect ($1.7B).

Fintech mega-round funding rose 50% QoQ to hit $2.4B across 14 deals in Q3’23. Despite the upward trajectory, this marked fintech’s second lowest quarter for mega-round funding since 2016.

Asia surpassed the US in mega-round funding, securing $1.1B across 5 deals. The US raised $1B across 7 mega-rounds.

Despite a drop in deals, digital lending secured the most funding among fintech sectors in Q3’23 — funding to the space rose by 70% QoQ to hit $1.7B.

Digital lending’s funding boost was driven in part by mega-rounds, which brought in more than half of the sector’s quarterly funding.

Payments and insurtech tied for second in total fintech funding, raising $1.1B each. While this marked a 22% increase for insurtech QoQ, it represented a 39% drop for payments.

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For instance, AI-powered solutions are helping build and rebalance portfolios with minimal human intervention, as well as deliver personalized insights around financial goals and market conditions at scale. 

On the relationship management side, vendors are using AI to aggregate client data at scale and automate client reporting and outreach. A 2022 Accenture survey found that over 90% of financial advisors believe implementing AI in their workflows could increase business by 20%+.

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Three-quarters of this year’s winners are B2B fintechs, including business spend management platforms, cross-border and real-time payment providers, and core banking and infrastructure platforms.

Additionally, 24 companies in this year’s cohort are B2C, including challenger banks, mobile wallets, and retail investing platforms. 

Using the CB Insights platform, our research team picked these 100 private market companies from a pool of over 19K companies, including applicants and nominees. They were chosen based on CB Insights datasets — including equity funding, investor profiles, business relationships, R&D activity, news sentiment analysis, competitive landscape, proprietary Mosaic scores, and Yardstiq transcripts — and criteria such as tech novelty and market potential. The research team also reviewed thousands of Analyst Briefings submitted by applicants.

CB Insights clients can access the entire Fintech 100 list and interactive Expert Collection here.

If you are not already a CB Insights client, sign up for a free trial to analyze each winner’s funding and valuation history, headcount growth, key competitors, and more.

Want to be considered for future rankings? Fill out this initial application form (it’ll take no more than a few minutes). If selected, you’ll be asked to complete our Analyst Briefing Survey so that our analysts can better understand your products, customers, and market traction.

Companies are categorized by their primary focus area and client base. Categories in the market map are not mutually exclusive.

Please click to enlarge.

TOP FINTECH COMPANIES 2023: FINTECH 100 COHORT HIGHLIGHTS

Overall funding and valuation trends: The Fintech 100 includes a mix of companies at different stages of maturity, product development, and funding. The cohort has raised nearly $22B in equity funding across 381 deals since 2019 (as of 9/22/23). This year’s list includes 31 unicorns (private companies with a $1B+ valuation).

Early-stage innovation: Twenty companies in this year’s winning cohort are in early fundraising stages (seed/angel or Series A). Solutions from early innovators are being developed across categories, including B2B BNPL (Mondu and Two), account-to-account (A2A) payments (Banked and kevin.), and mobile wallets and remittances (DANA and LemFi).

Most represented categories: The cohort is broken down into 20 categories. “Spend management” and “insurance” are tied for the largest portion of this year’s winners (9 companies each).

The spend management category is led by later-stage market leaders Brex and Ramp, which both launched generative AI product features this year. The category also includes two new winners in non-US markets: Singapore-based Aspire and Mexico-based Clara.

Insurance is one of the biggest categories for the second straight year. Eight out of the 9 insurtechs are B2B, including two insurance distribution platforms: repeat winner bolttech and new winner Cover Genius. 

Global reach: This year’s winners represent 24 different countries across the globe. Forty-three percent of the selected companies are headquartered in the US — down from 53% last year. The UK comes in second with 12 winners, followed by Singapore with 7.

Additionally, some emerging markets stand out with multiple winners this year. For example, India has 3 winners, while Indonesia and Egypt each have 2.

Novel applications: Two of this year’s winners are developing large language models purpose-built for financial services: conversational AI provider and returning winner Kasisto and financial document processing platform Cognaize.

Two winners in the wealth and asset management category, AlphaSense and SESAMm, have integrated generative AI into their market intelligence platforms for document summarization and extraction. 

Finally, within core banking and infrastructure, embedded finance platforms — like repeat winner Unit and an early-stage new winner Synctera — are growing quickly in the United States.

THE FINTECH 250 CLASS OF 2022: WHERE ARE THEY NOW?

The Fintech 250 2022 cohort has posted some notable accomplishments since October 4, 2022. Collectively, this cohort has seen:

• $10B in equity funding across 64 deals — including Stripe’s $6.5B round in March 2023.
• 14 mega-rounds (deals worth $100M+).
• 2 acquisitions: Uplift was acquired by another Fintech 250 winner, Upgrade, for $100M, and PolicyGenius was acquired by Zinnia.
• 4 new entrants to the unicorn club: eToro, Kin, Liquidity, and Quantexa all hit $1B+ valuations for the first time.

The post Fintech 100: The most promising fintech startups of 2023 appeared first on CB Insights Research.

Using CB Insights data, we dig into key takeaways from our State of Fintech Q2’23 Report, including:

1. Global fintech funding falls by nearly half to $7.8B, its lowest level since 2017.
2. Funding from $100M+ mega-rounds totals $2B — a 6-year low.
3. Payments funding falls 75% QoQ, the biggest decrease across all fintech sectors.
4. LatAm & the Caribbean funding more than doubles, making it the only region to see funding grow QoQ.
5. All 5 of the quarter’s IPO exits come from fintechs based outside of the US.

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Beyond this deal, UBS has also turned to technology to strengthen its leadership position. In fact, it spent roughly $4B on tech in 2022 alone.

Its commitment to technology can be broken down into 2 main objectives. The first is the digitization and expansion of its existing services to enhance the client experience. The second is diversifying its investment and trading products through the use of novel technologies like blockchain, cloud, and alternative investment platforms.

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There are mixed reports on ESG demand and performance. However, several prominent data providers still suggest a relatively healthy market and appetite for ESG among investors. 

For example, despite negative returns for Morningstar’s US Sustainability Index in 2022, it still outperformed the overall market. And according to Refinitiv Lipper, ESG equity funds saw net inflows in Q1’23, while non-ESG equity funds suffered more withdrawals than inflows. 

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Business-to-business (B2B) fintechs were central to its strategy — in fact, 85% of the fintechs accepted in W23 cater to businesses.

While 77% of the fintech companies in the W23 cohort are based in the United States, Y Combinator also turned to emerging markets. The accelerator invested in 5 emerging-market fintechs, most of which cater to businesses. A couple of examples include Colombia-based treasury automation platform Milio and account-to-account (A2A) payments solution Palomma.

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1. Net losses are compounding 
2. Active users are at a fraction of previous peaks
3. Transaction-based revenues are up and down from one quarter to the next but aren’t growing over time

This is old news to the public markets, as Robinhood’s market capitalization is down 77% compared to its exit valuation at IPO in July 2021. 

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ESG in investing is the general approach of putting money into companies, funds, and projects that adopt environmental, social, and governance (ESG) principles. It’s a framework for investors to identify opportunities and mitigate financial risks, with the ultimate goal of generating higher returns.

Asset and investment managers now feel mounting pressures concerning the accuracy, biases, performance, and even political motivations of ESG. The dramatic rise and fall of corporate interest in ESG can be seen in recent company earnings call mentions of the term.

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Using CB Insights data, we highlight some of the key takeaways from our Q1’23 State of Fintech report, including:

1. Global fintech funding grows 55% QoQ in Q1’23; $6.5B is raised by Stripe alone. 
2. Early-stage deal share reaches 72%, a new high.
3. Unicorn births fall to 1 for the first time since 2016. 
4. Fintech M&A exits rebound, increasing 15% QoQ. 
5. Banking funding and deals hit lowest levels since Q2’17. 

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The post The State of Fintech in 5 charts: Funding rebounds due to Stripe, while deals continue to fall in Q1’23 appeared first on CB Insights Research.

Get up to speed with our explainer video — and read on for the full report.

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In an effort to boost growth, Santander has acquired, partnered with, and invested in fintech companies that enable better customer experiences, make it easier to access credit, and help businesses manage their finances. It has also launched new tech-forward payments and banking products (such as PagoNxt) and stepped into digital asset trading.

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Crypto asset management companies provide passive crypto investment strategies to institutional clients. Examples include single- and multi-asset crypto index funds, trusts, exchange-traded funds (ETFs), and separately managed accounts.

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Institutional staking companies in this market offer yield generation for institutional investors through staking, where crypto assets are allocated to process transactions and secure protocols (e.g., Ethereum) in exchange for rewards.

Staking providers run nodes (a requirement to stake) as a service for clients, eliminating the technical overhead that institutional investors face when setting up and managing their own nodes.

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The retirement investment market includes companies that aim to improve advisors’ retirement offerings by providing payroll integrations and other retirement-focused portfolio-building solutions within the same platform. Most of the solutions focus on end-to-end retirement planning and cater to financial advisors and employers that want to integrate streamlined retirement offerings with their human resources systems.

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