State of Fintech Q1’24 Report

State ofFintech Global | Q1 2024 Global data and analysis on dealmaking, funding,and exits by private market fintech companies Makesmartertech decisions. Our platform will help youdiscover, understand, andmanageyour response to emerging tech. Make confidenttech decisions that drive growth, improve operations, andbeat the competition with CB Insights. ▮▮▮▮IIIITry our platform–free!Sign up for a free trial TLDRState of Fintech Your rundown onfintechin Q1’24 $1B $11.1M Funding to bankingcompanies, up 2xQoQ. 20% -16% 22% QoQdecline infunding. Lowestquarterly level since2017. QoQincrease inEurope fintechfunding. Mid-and late-stagedeal share YTD, upfrom 18% in 2023. Average deal size in2024 so far, down18% from 2023. So far this year, investorsare favoring later-stagecompanies to a greaterdegree than the past 2years—especially in areaslike payments and lending.In payments, mid-and late-stage deals make up 29%of deals YTD, vs. 21% in2023. In digital lending,mid-and late-stage dealsmake up 40% of dealsYTD, nearly double the2023 total. A dearth of blockbusterdeals is driving the decline:In Q1'24, there were just 12mega-rounds (deals worth$100M+) representing 26%of total funding—thelowest share since Q2’23. Banking funding doubled inQ1’24 to reach $1Bacross38 deals. Europe was the only majorglobal region to see fintechfunding increase in Q1’24,to $2.2B.The continentalso led all regions with37% of exits in the quarter. Despite gains in thebroader venture market,quarterly funding in fintechfell in Q1’24 to $7.3B. Five of the top 10 bankingdeals in the quarter werelate-stage, and 2 weremega-rounds of $100M+.Besides the Series I dealforMonzo, Germany-basedBaaS company Solarisraised a $104M Series F. That said, fintech dealsincreased by 15% quarter-over-quarter (QoQ). Thisindicates that investorsremain active in the marketbut are focused on smallerdeals. Meanwhile, fundingdeclined 10%QoQto $3.3Bin the US, which still led allregions in total fundraising. See the data→ Despite declines in dealsize,UK-based challengerbankMonzostill raised a$431M Series I round—the largest fintech deal ofthe quarter. See the data→ See the data→ See the data→ See the data→ ContentsState of Fintech New York109Los Angeles113Boston117Miami121Philadelphia125Canada129Asia135China141India145Singapore149Europe153United Kingdom159Germany163LatAm167Brazil173 Investment Trends6Unicorns29Exit Trends35Investors39 Collection Spotlights43 PaymentsBankingDigital LendingWealth TechInsurtechCapital Markets Tech Geographic Trends98 US99Silicon Valley105 Global Trends Investment Trends State of Fintech|Global Trends|Investment Trends Annual equity funding & deals State of Fintech|Global Trends|Investment Trends Quarterly equity funding & deals State of Fintech|Global Trends|Investment Trends Funding & deals by global region in Q1’24 State of Fintech|Global Trends|Investment Trends Percent of quarterly deals by global region State of Fintech|Global Trends|Investment Trends Percent of quarterly deals by investor group State of Fintech|Global Trends|Investment Trends Annual average & median deal size State of Fintech|Global Trends|Investment Trends Annual median deal size by global region State of Fintech|Global Trends|Investment Trends Annual median deal size by investor group State of Fintech|Global Trends|Investment Trends Quarterly funding & deals from mega-rounds (deals worth $100m+) State of Fintech|Global Trends|Investment Trends State of Fintech|Global Trends|Investment Trends Quarterly mega-round deals by global region State of Fintech|Global Trends|Investment Trends Quarterly mega-rounds as percent of funding State of Fintech|Global Trends|Investment Trends Annual percent of deals by deal stage State of Fintech|Global Trends|Investment Trends Regional deal share by deal stage in Q1’24 State of Fintech|Global Trends|Investment Trends Annual median funding by deal stage Global: Top Series A deals in Q1’24 Unicorns State of Fintech|Global Trends|Unicorns Quarterly new & total unicorns (private companies valued at $1b+) State of Fintech|Global Trends|Unicorns State of Fintech|Global Trends|Unicorns Quarterly new unicorns by global region State of Fintech|Global Trends|Unicorns Global: Top unicorn births in Q1’24 State of Fintech|Global Trends|Unicorns Global: Top unicorns by valuation in Q1’24 Exit Trends Quarterly exits State of Fintech|Global Trends|Exit Trends Percent of quarterly exits by global region Investors State of Fintech|Global Trends|Investors State of Fintech|Global Trends|Investors Global: Top VCs by company count in Q1’24 State of Fintech|Global Trends|Investors Collection Spotlights Payments State of Fintech|Collection Spotlights|Payments Quarterly equity funding & deals Funding & deals by global region in Q1’24 State of Fintech|Collection Spotlights|Payments Quarterly funding by global region State of Fintech|Collection Spotlights|Payments Annua