CB Insights Fintech Report Q1 2024

State of
Fintech
Global | Q1 2024
Global data and analysis on dealmaking, funding,
and exits by private market fintech companies
State of Fintech
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2
State of Fintech
TLDR Your rundown on

fintech in Q1’24
-16% $11.1M 20% $1B 22%

QoQ decline in Average deal size in Mid- and late-stage Funding to banking QoQ increase in
funding. Lowest 2024 so far, down deal share YTD, up companies, up 2x Europe fintech
quarterly level since 18% from 2023. from 18% in 2023. QoQ. funding.
2017. A dearth of blockbuster So far this year, investors Banking funding doubled in Europe was the only major
Despite gains in the deals is driving the decline: are favoring later-stage Q1’24 to reach $1B across global region to see fintech
broader venture market, In Q1'24, there were just 12 companies to a greater 38 deals. funding increase in Q1’24,
quarterly funding in fintech mega-rounds (deals worth degree than the past 2 Five of the top 10 banking to $2.2B. The continent
fell in Q1’24 to $7.3B. $100M+) representing 26% years — especially in areas deals in the quarter were also led all regions with
of total funding — the like payments and lending. late-stage, and 2 were 37% of exits in the quarter.
That said, fintech deals lowest share since Q2’23.
increased by 15% quarter- In payments, mid- and late- mega-rounds of $100M+. Meanwhile, funding
over-quarter (QoQ). This Despite declines in deal stage deals make up 29% Besides the Series I deal declined 10% QoQ to $3.3B
indicates that investors size, UK-based challenger of deals YTD, vs. 21% in for Monzo, Germany-based in the US, which still led all
remain active in the market bank Monzo still raised a 2023. In digital lending, BaaS company Solaris regions in total fundraising.
but are focused on smaller $431M Series I round — mid- and late-stage deals raised a $104M Series F. See the data →
deals. the largest fintech deal of make up 40% of deals See the data →
the quarter. YTD, nearly double the
See the data → 2023 total.
See the data →
See the data → 3
State of Fintech
Contents
Global Trends 5 New York 109

Los Angeles 113
Investment Trends 6
Boston 117
Unicorns 29 Miami 121
Exit Trends 35 Philadelphia 125
Investors 39 Canada 129
Asia 135
Collection Spotlights 43 China 141
Payments 44 India 145
Banking 53 Singapore 149
Digital Lending 62 Europe 153
Wealth Tech 71 United Kingdom 159
Germany 163
Insurtech 80
LatAm 167
Capital Markets Tech 89
Brazil 173
Geographic Trends 98
US 99
Silicon Valley 105
4
Global Trends
5
Investment Trends
6
State of Fintech | Global Trends | Investment Trends
Annual equity funding & deals
6,392 6,302
$160.0B
6,000
$140.0B
5,000
$120.0B
4,173
3,973
$100.0B 4,000
$80.0B
3,000
$60.0B
2,000
$40.0B Deals
904
1,000
$20.0B Funding
$7.3B
$52.9B $144.0B $80.4B $40.4B
$0.0 B 0
2020 2021 2022 2023 2024
YTD
7
Quarterly equity funding & deals
$45.0B
2,500
$40.0B
2,026
$35.0B
2,000
$30.0B 1,656 1,680

1,540 1,583
1,516
1,452
$25.0B 1,500
1,241 1,271
1,203
$20.0B 1,073
1,021 Deals
1,001
896 895 904 1,000
$15.0B 786
Funding
$10.0B
$7.3B 500
$5.0 B
$12.0B $13.1B $13.8B $14.0B $29.9B $38.3B $36.8B $38.9B $32.9B $22.5B $13.9B $11.1B $16.0B $8.0B $7.8B $8.7B
$0.0 B 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2020 2021 2022 2023 2024
8
Funding & deals by global region in Q1’24
Canada
$0.1B
18 Deals
Asia
Europe $1.0B
$2.2B
210 Deals
US
203 Deals
$3.3B
393 Deals
Africa
$0.1B
14 Deals All Other Regions
$92M
LatAm 19 Deals
$0.4B
38 Deals
Oceania
$7M
9 Deals
9
Percent of quarterly deals by global region
6% 6% 5% 6% 6% 7% 6% 5% 6% 6% 6% 6% 6% All Other Regions, 3%

Canada, 2%
6% 5% 6% 5% 6% 6% 8% 6% 6%
7% 7%
8%
6% 8% 7% LatAm, 4%
Europe, 22%
24% 24% 23% 23% 22%
25% 23% 20% 21% 23% 22% 23%
21% 23% 26% 25%
20% Asia, 23%

22% 25% 19%
22% 24% 24% 23% 22% 25% 22% 23%
24% 22% 20% 21%
40% 40% 41% 39%

43% 44% US, 43%
39% 39% 38% 37% 36% 39% 39% 36% 38% 38%
2020 2021 2022 2023 2024
10
Percent of quarterly deals by investor group
5% 6% 5% 5% 6% 6% 6% Private Equity, 4%
5% 8% 7% 6% 8%
6%
10%
6%
10% 8% 11% 8% 6% Incubator/Accelerator, 7%
13% 10%
8%
8% 7% 8% 7% 8% 8% CVC, 9%
7% 8% 8% 8%
7% 8% 8% 7%
8% 12%
11% 11% 13% 13% 14% 12% Angel, 11%
11% 12% 12% 12%
11% 13% 12% 11%
9%
8% 9% 10% 12%
9%
10% 12% 12% 11% 10% 9% 10% Asset/Investment Management, 11%
7% 11% 11% 10%
9% 9%
8% 9% 10% 8% 10% 11%
8% 10%
10%
10% 9% 9% 10% Corp, 12%
9%
18% 17% 19%
18% 16% 14% 16% 16% 17% 19% 18%
16% 16% 16%
14% 14% Other, 18%
31% 34% 33% 33% 32% 32% 31% 31% 31% 31% 32% 31% 32%
30% 30% 30% VC, 28%
2020 2021 2022 2023 2024
11
Annual average & median deal size
Average Deal Size Median Deal Size
$28.7M
$16.9M $16.8M
$13.6M
$11.1M
$4.5M $3.9M $3.7M

$3.1M $3.2M
2020 2022 2024 2020 2022 2024

YTD YTD
12
Annual median deal size by global region
US Asia Europe LatAm Canada
$4.8M
$4.0M $4.2M
$4.0M
$3.9M
$3.6M
$3.5M
$3.2M $3.0M
$3.0M
$3.0M
$2.7M
$2.0M $2.0M
$1.3M
2020 2022 2024 2020 2022 2024 2020 2022 2024 2020 2022 2024 2020 2022 2024
YTD YTD YTD YTD YTD
13
Annual median deal size by investor group
Angel Asset/Investment CVC Corp Private Equity VC

Management
$22.5M
$17.0M
$15.7M
$13.6M $13.0M
$10.0M
$6.5M $7.9M
$6.5M $5.0M $8.0M $6.0M
$3.3M
$3.5M $6.0M $5.0M
$6.0M
$3.0M
2020 2022 2024 2020 2022 2024 2020 2022 2024 2020 2022 2024 2020 2022 2024 2020 2022 2024
YTD YTD YTD YTD YTD YTD
14
Quarterly funding & deals from mega-rounds (deals worth $100m+)
$25.0B 140
120
110
$20.0B
101 100
100
87
$15.0B 75 80
58
60
$10.0B
33 31 33 40
23 24
$5.0 B 19
16 16 Funding
13 14 20
$1.9B Deals
$6.2B $6.6B $7.4B $5.7B $19.1B $25.5B $23.2B $25.6B $18.7B $10.3B $4.6B $4.1B $9.2B $1.8B $2.7B $3.7B 12
$0.0 B 0
2020 2021 2022 2023 2024
15
Mega-round funding & deals by global region in Q1’24
Asia
Europe $0.1B
$0.9B
1 Deal
US
5 Deals
$0.8B
5 Deals
Africa
$0.1B
1 Deal
16
Quarterly mega-round deals by global region
Europe, 5
7 5 US, 5
5 7 4 Asia, 1
2 7
6 3 All Other Regions, 1
1 3 2 1
1 1 1
Canada, 0
2
LatAm, 0
2020 2021 2022 2023 2024
17
Quarterly mega-rounds as percent of funding
36% 33% 34%

37%
43% 42%
48% 46%
50%
54% 57%
59% 63%
67% 65%
77% Non-mega-rounds, 74%
64% 67% 66%

63%
57% 58%
52% 54%
50%
46% 43%
41%
37% 35%
33%
23% Mega-rounds, 26%
2020 2021 2022 2023 2024
18
Global: Top equity deals in Q1’24

Round % of Total
Company Round Amount Round Valuation Select Investors Country
Date Funding
Series I
1 Monzo $431M 2024-03-05
$5.1B CapitalG, Passion Capital, Tencent, Google Ventures, HongShan United Kingdom 5.9%
Convertible Note
2 Flexport $260M 2024-01-19
N/A Shopify United States 3.6%
Series C General Catalyst, Camber Creek, Left Lane Capital, Prosus Ventures,
3 Bilt Rewards $200M 2024-01-24
$3.1B
Eldridge Industries
United States 2.8%
Series D FTV Capital, Beedie Capital Partners, NextEquity, Nicola Wealth,

4 Kore.ai $150M 2024-01-30
N/A
Vistara Growth
United States 2.1%
Private Equity
5 Flagstone $139M 2024-03-11
N/A Estancia Capital Partners United Kingdom 1.9%
Series D Kinnevik, Goldman Sachs Asset Management, Notion Capital, Revaia,

6 Mews $110M 2024-03-04
$1.2B
LGVP Partners
Netherlands 1.5%
Series F
7 Solaris $104M 2024-03-19
N/A SBI Group Germany 1.4%
Series B
8 DataSnipper $100M 2024-02-01
$1.0B Index Ventures Netherlands 1.4%
Series C Euclidean Capital, Hamilton Lane, Key1 Capital, Blumberg Capital,

8 FundGuard $100M 2024-03-25
N/A
Team8
United States 1.4%
Series A
8 HashKey $100M 2024-01-16
$1.3B OKX Ventures Hong Kong 1.4%
Series B Uber, AfricInvest, Mubadala Investment Company, Palm Drive Capital,

8 Moove $100M 2024-03-19
$750M
thelatest.ventures
Nigeria 1.4%
Series C Greenoaks, Kleiner Perkins Caufield & Byers, Sequoia Capital,

8 Watershed $100M 2024-02-01
$1.8B
Galvanize Climate Solutions, Emerson Collective
United States 1.4%
19
Annual percent of deals by deal stage
7% 9%
11% 9% Other, 11%
11% 8% 8%
11% Late-stage, 8%
10% 10%
14% Mid-stage, 12%
13%
73% 73%
66% 69% Early-stage, 70%
2020 2021 2022 2023 2024

YTD
20
Regional deal share by deal stage in Q1’24
US Asia Europe LatAm Canada All Other Regions
Early-stag e 42% 24% 22% 4%
Mid-stage 47% 22% 22% 5%
Late-stage 29% 31% 29% 6%
Other 61% 13% 21%
21
Annual median funding by deal stage
Early-stage Mid-stage Late-stage
$96.0M
$50.0M
$43.0M
$38.2M $36.1M
$31.8M
$26.7M
$21.6M $20.0M $20.0M
$2.0M $2.6M $2.5M $2.3M $3.0M
2020 2022 2024 2020 2022 2024 2020 2022 2024

YTD YTD YTD
22
Global: Top seed/angel deals in Q1’24

Round
Company Round Amount Select Investors Country
Date
Seed VC
1 Portal $34M 2024-01-30
Arrington Capital, Coinbase Ventures, Ceras Ventures, Gate.io, Newtribe Capital United States
Seed VC
2 Borderless AI $27M 2024-03-21
Aglae Ventures, Susquehanna International Group Canada
Angel
3 MetaStreet $25M 2024-02-15
Andrew Kang, DCF God, Dingaling, FreeLunchCapital, GMoney NFT United States
Seed VC
4 Moyasar $21M 2024-03-07
Jahez, Derayah Ventures Saudi Arabia
Seed VC Tusk Ventures, Alumni Ventures, Detroit Venture Partners, Dorm Room Fund,
5 Dub $17M 2024-02-22 Graph Ventures
United States
Seed VC
6 Ethena $14M 2024-02-16
Brevan Howard Digital, Dragonfly, Maelstorm Fund, Deribit, Gemini Portugal
Seed VC BlockTower, Tioga Capital, Coinbase Ventures, SALT Fund, Third Kind Venture
7 Architect $12M 2024-02-14 Capital
United States
Seed VC
7 Rainbow $12M 2024-01-10
8VC, Altai Ventures, Arch Capital Group, Buckley Ventures, Caffeinated Capital United States
Seed VC NFX, Wing Venture Capital, K5 Global Technology, Liquid 2 Ventures, Lyrik
7 Utila $12M 2024-03-05 Ventures
Israel
Seed VC Castle Island Ventures, Antalpha Ventures, Asymmetric, Bankless Ventures,

10 Build on Bitcoin $10M 2024-03-27 Bitcoin Frontier Fund
Cayman Islands
Seed VC
10 Meso Network $10M 2024-02-20
Ribbit Capital, Solana Ventures, 6th Man Ventures, Canonical Crypto, Archie Puri United States
Seed VC
10 Optimo Loan $10M 2024-03-20
Blume Ventures, Omnivore India
Seed VC Coinbase Ventures, Framework Ventures, Wintermute Ventures, Amber Group,

10 Reya Labs $10M 2024-03-26 Brevan Howard Digital
Virgin Islands (British)
23
Global: Top Series A deals in Q1’24

Round
Date
Series A
1 HashKey $100M 2024-01-16
OKX Ventures Hong Kong
Series A Faction, Jump Crypto, Pantera Capital, CMT Digital, Distributed

2 Figure Markets $60M 2024-03-18 Global
United States
Series A
3 Uzum $52M 2024-03-26
FinSight Ventures, Xanara Investment Management Uzbekistan
Series A Hack VC, Placeholder Capital, Apollo Global Management, Auros,

4 Eclipse $50M 2024-03-11 Bankless Ventures
United States
Series A AlixPartners, Mitsubishi UFJ Financial Group, The Cynosure Group,

5 Global Screening Services $47M 2024-03-25 Commonwealth Bank of Australia
United Kingdom
Series A Bond Capital, Alexandra Botez, Emma Grede, Jens Grede, Michael
6 Passes $40M 2024-02-28 Ovitz
United States
Series A Fidelity International Strategic Ventures, Portage, State Street,

7 ZILO $32M 2024-01-09 Citibank
United Kingdom
Sageview Capital, Monarch Global Strategies, TruMark Financial

Series A
8 Loanstar Technologies $28M 2024-01-30
Credit Union, Ben Franklin Technology Partners of Southeastern PA, United States
Launch Credit Union
Series A Federated Hermes, Altair Capital, Exacta Capital Partners, Embrace

9 Xcelerate $26M 2024-02-26 Glory, Hermes GPE
Singapore
Series A
10 Oobit $25M 2024-02-05
Tether, 468 Capital, CMCC Global, Anatoly Yakovenko Singapore
Series A Octopus Ventures, Counterpart Ventures, Mouro Capital, QED

10 Remofirst $25M 2024-03-06 Investors
United States
24
Global: Top Series B deals in Q1’24

Round
Date
Series B
Index Ventures Netherlands

1 Moove $100M 2024-03-19 thelatest.ventures
Nigeria
Series B
3 Hyperexponential $73M 2024-01-04
Battery Ventures, Andreessen Horowitz, Highland Europe United Kingdom
Series B Nasdaq, Citigroup, Goldman Sachs, Allen & Company of Florida, DRW Venture
4 Nasdaq Private Market $62M 2024-02-08 Capital
United States
Series B Goldman Sachs Asset Management, Cometa, FinTech Collective, Mercado

5 Simetrik $55M 2024-02-21 Libre Fund
Colombia
Series B
6 Finom $54M 2024-02-13
General Catalyst, Northzone, Cogito Capital Partners, Entree Capital, FJ Labs Netherlands
Series B
7 Flowdesk $50M 2024-01-18
Cathay Innovation, Eurazeo, ISAI, Speedinvest, Bpifrance France
Series B
8 Conta Simples $42M 2024-01-09
Base10 Partners, Big Bets, DOMO.VC, Jam Fund, Valor Capital Group Brazil
Series B
9 Pomelo $40M 2024-01-17
Kaszek Ventures, Index Ventures, Insight Partners, Alter Global, Monashees+ Argentina
Series B
10 Eye Security $39M 2024-03-10
J.P. Morgan Asset Management, Bessemer Venture Partners, TIIN Capital Netherlands
Series B
10 HiLabs $39M 2024-03-14
Denali Growth Partners, Eight Roads Ventures, F-Prime Capital United States
25
Global: Top Series C deals in Q1’24

Round
Date
Series C
1 Bilt Rewards $200M 2024-01-24
General Catalyst, Camber Creek, Left Lane Capital, Prosus Ventures, Eldridge Industries United States
Series C
2 FundGuard $100M 2024-03-25
Euclidean Capital, Hamilton Lane, Key1 Capital, Blumberg Capital, Team8 United States
Series C Greenoaks, Kleiner Perkins Caufield & Byers, Sequoia Capital, Galvanize Climate
2 Watershed $100M 2024-02-01 Solutions, Emerson Collective
United States
Series C
4 BillingPlatform $90M 2024-01-24
FTV Capital United States
Series C
5 ELEMENT $54M 2024-03-26
Mundi Ventures, Versorgungswerk der Zahnarztekammer Berlin Germany
Series C March Capital, General Catalyst, Insight Partners, American Dental Association, Crosslink
6 Overjet $53M 2024-03-05 Capital
United States
Series C
7 Bold $50M 2024-02-14
General Atlantic, Amador Holdings, InQlab, International Finance Corporation Colombia
Series C
8 Qoala $47M 2024-03-26
MassMutual Ventures, PayPal Ventures, Eurazeo, Flourish Ventures, Indogen Capital Indonesia
Series C
9 Pennylane $43M 2024-02-08
DST Global, Sequoia Capital France
Series C
10 b.well $40M 2024-02-26
Leavitt Equity Partners United States
26
Global: Top Series D deals in Q1’24

Round
Date
Series D FTV Capital, Beedie Capital Partners, NextEquity, Nicola Wealth, Vistara
1 Kore.ai $150M 2024-01-30
N/A
Growth
United States
Series D Kinnevik, Goldman Sachs Asset Management, Notion Capital, Revaia,

2 Mews $110M 2024-03-04
$1.2B
LGVP Partners
Netherlands
Series D
3 Perfios $80M 2024-03-13
$1.0B Teachers' Venture Growth India
Series D
4 DailyPay $75M 2024-01-18
$1.8B Carrick Capital Partners United States
Series D
5 10x Banking $50M 2024-01-13
N/A BlackRock, J.P. Morgan Chase United Kingdom
Series D Syngenta Group Ventures, Anterra Capital, Astanor Ventures, G2VP, Red
6 ProducePay $38M 2024-02-05
$473M
Bear Angels
United States
Series D
7 Addi $36M 2024-03-20
N/A Andreessen Horowitz, Union Square Ventures, GIC Colombia
Series D ETF Partners, Endeavor, European Bank for Reconstruction and

8 Hellas Direct $33M 2024-02-29
N/A
Development, International Finance Corporation, Jon Moulton
Greece
Series D
9 EasyKnock $28M 2024-02-28
N/A Northwestern Mutual Future Ventures United States
Series D
10 RentoMojo $25M 2024-02-21
N/A Nuvama Wealth Management, Chiratae Ventures, Rajeev Chitrabhanu India
27
Global: Top Series E+ deals in Q1’24
Round
Date
Series I
1 Monzo $431M 2024-03-05
$5.1B CapitalG, Passion Capital, Tencent, Google Ventures, HongShan United Kingdom
Series F
2 Solaris $104M 2024-03-19
N/A SBI Group Germany
Series E
3 BigID $60M 2024-02-23
$1.0B Riverwood Capital, Advent International, Silver Lake United States
Series E
4 Smart $45M 2024-03-07
N/A Chrysalis Investments, Fidelity International Strategic Ventures United Kingdom
Series F
5 Lunar $38M 2024-02-09
N/A Undisclosed Investors Denmark
Series F Alpha Wave Global, B Capital Group, DSG Consumer Partners, Epiq
6 Mswipe $20M 2024-02-27
N/A
Capital, Ola
India
Series E
7 Smart $3M 2024-01-01
N/A Chrysalis Investments United Kingdom
28
Unicorns
29
State of Fintech | Global Trends | Unicorns
Quarterly new & total unicorns (private companies valued at $1b+)
321
313 314 314 Total Unicorns, 326
3 3 8
2
New Unicorns, 6
2020 2021 2022 2023 2024
30
New & total unicorns by global region in Q1’24
Canada
7
0 New
Asia
Europe 56
3 New
65
US 2 New
169
1 New
Africa
4
0 New
LatAm
22
0 New
Oceania
3
0 New
31
Quarterly new unicorns by global region
Asia, 3
Europe, 2
4
US, 1
2 Canada, 0
1 2 2 1
LatAm, 0
1 1 1 1
All Other Regions, 0
2020 2021 2022 2023 2024
32
Global: Top unicorn births in Q1’24
Company Latest Valuation Country
1 HashKey $1.3B Hong Kong
2 Mews $1.2B Netherlands
2 Uzum $1.2B Uzbekistan
4 DataSnipper $1.0B Netherlands
4 Perfios $1.0B India
4 Polyhedra Network $1.0B United States
33
Global: Top unicorns by valuation in Q1’24

Company Latest Valuation Country
1 Stripe $65.0B United States
2 Revolut $33.0B United Kingdom
3 Chime $25.0B United States
4 Ripple $15.0B United States
5 Devoted Health $12.9B United States
6 Plaid $12.7B United States
7 Brex $12.3B United States
8 Deel $12.0B United States
9 Rippling $11.3B United States
10 Bolt $11.0B United States
10 Checkout.com $11.0B United Kingdom
34
Exit Trends
35
State of Fintech | Global Trends | Exit Trends
Quarterly exits
180
153
146
139 M&A, 152
5 9 4
4 1 3 4 IPO, 5
SPAC, 1
2020 2021 2022 2023 2024
36
Percent of quarterly exits by global region
5% 6% 7% 6% All Other Regions, 7%

9%
5% 5%
7%
5% 10% 7% Canada, 2%
5% 8% 9% 6% 8% 8%
9%
9% 10% 8% 5% LatAm, 7%
8%
35% 34% 31% 31%

35% 34% 31% 31% 30%
31% 30% 35%
30% 39% Europe, 37%
35%
36%
8%
10% 9% 10% 15%
18% 10% 16% 18% 18%
15% 18%
12% 11% 16% Asia, 13%
10%
46%
42% 40% 42% 41% 39%
35% 35% 34% 36% 34% 33% 35% 36% 36% US, 33%
32%
2020 2021 2022 2023 2024
37
Global: Top M&A exits in Q1’24

Company Round Valuation Acquirer Country
1 Procare Solutions $1.9B Roper Technologies United States
2 Onfido $650M Entrust United Kingdom
3 Visible Alpha $500M S&P Global United States
4 MultiSafepay $200M Ant Group Netherlands
5 Voxel $123M Amadeus Spain
6 Argentea $114M Zucchetti Italy
7 SadaPay $50M Papara Pakistan
8 VM Tecnologia $22M Nayax Brazil
9 ifaDASH $3M Fintel United Kingdom
10 Petroleum RX $2M Green Planet Group United States
10 The Mint $2M Norwegian Block Exchange Norway
10 Trackinno $2M Admicom Finland
38
Investors
39
State of Fintech | Global Trends | Investors
Global: Top investors by company count in Q1’24

Investor Company Count Investor Group Country
1 OKX Ventures 21 CVC Virgin Islands (British)
2 Big Brain Holdings 9 Other United States
2 Cogitent Ventures 9 VC United Kingdom
2 Polychain Capital 9 Asset/investment management United States
5 Andreessen Horowitz 8 VC United States
5 Coinbase Ventures 8 CVC United States
5 Cypher Capital 8 VC United Arab Emirates
5 MH Ventures 8 VC United Kingdom
5 Waterdrip Capital 8 Asset/investment management China
5 dao5 8 VC Virgin Islands (British)
40
Global: Top VCs by company count in Q1’24
Investor Company Count Country
1 Cogitent Ventures 9 United Kingdom
2 Andreessen Horowitz 8 United States
2 Cypher Capital 8 United Arab Emirates
2 MH Ventures 8 United Kingdom
2 dao5 8 Virgin Islands (British)
6 Blockchain Founders Fund 7 Singapore
6 DWF Labs 7 Singapore
6 Hashed 7 South Korea
6 Selini Capital 7 United States
41
Global: Top corporate VCs (CVCs) by company count in Q1’24

Investor Company Count Country
1 OKX Ventures 21 Virgin Islands (British)
2 Coinbase Ventures 8 United States
3 PayPal Ventures 7 United States
4 LBank Labs 6 United States
5 Binance Labs 5 Malta
5 Matrixport Ventures 5 Singapore
5 Wintermute Ventures 5 United Kingdom
8 Bankless Ventures 4 United States
8 Citi Ventures 4 United States
8 KuCoin Ventures 4 China
42
Collection Spotlights
43
Payments
44
State of Fintech | Collection Spotlights | Payments
$14.0B 450
375 400
$12.0B
333 332 350

$10.0B
286
300
250
$8.0 B 237
250
206 212 213
193 189
182 200
$6.0 B 171
158
121
Deals
150
$4.0 B 140
81 100
Funding
$2.0 B
$1.2B 50
$0.0 B 0
2020 2021 2022 2023 2024
45
Canada
$26M
3 Deals
Asia
Europe $0.2B
US
$0.4B 31 Deals
38 Deals
$0.4B
50 Deals
Africa
$4M
4 Deals All Other Regions
$0.0M
LatAm 1 Deal
$0.1B
11 Deals
Oceania
$0.2M
2 Deals
46
Quarterly funding by global region
8% 6% 8% 5% 8% 5% 7% 9% 9% 9%
5%
9% 6% 7% All Other Regions, 4%
11% 6% Canada, 2%
5% 7% 10% 8%
6% 9% 7% 9% 8% LatAm, 8%
9% 11% 6% 12%
11% 12%
27% 19% 21% 15%
24% 22% 18% 18% Europe, 27%
27% 23% 26%
20% 15% 19%
22% 26%
22%
28% 22% 26% 24%
28% 29%
27%
27%
27% 26% 25% 16% 22% Asia, 22%
24%
19%
41% 41% 43%

38% 38% 37% US, 36%
33% 34% 32% 34% 32% 34% 34% 33% 35% 32%
2020 2021 2022 2023 2024
47
$40.9M
$31.6M
$25.8M
$23.8M
$10.9M
$6.6M
$4.5M $4.5M $4.5M
$3.0M
2020 2022 2024 2020 2022 2024

YTD YTD
48
8% 6% 8% 7% Other, 9%
14% 9% 9%
12% Late-stage, 13%
12%
13%
13%
18% Mid-stage, 16%
69% 72%
67%
63% Early-stage, 63%
2020 2021 2022 2023 2024

YTD
49
Payments: Top equity deals in Q1’24

Round % of Total
Date Funding
Series C General Catalyst, Camber Creek, Left Lane Capital, Prosus Ventures,
1 Bilt Rewards $200M 2024-01-24
$3.1B
Eldridge Industries
United States 17.3%
Series D Kinnevik, Goldman Sachs Asset Management, Notion Capital, Revaia, LGVP
2 Mews $110M 2024-03-04
$1.2B
Partners
Netherlands 9.5%
Series D
3 DailyPay $75M 2024-01-18
$1.8B Carrick Capital Partners United States 6.5%
Series B General Catalyst, Northzone, Cogito Capital Partners, Entree Capital, FJ

4 Finom $54M 2024-02-13
N/A
Labs
Netherlands 4.7%
Series C General Atlantic, Amador Holdings, InQlab, International Finance

5 Bold $50M 2024-02-14
N/A
Corporation
Colombia 4.3%
Series B
N/A Base10 Partners, Big Bets, DOMO.VC, Jam Fund, Valor Capital Group Brazil 3.6%
Series B Kaszek Ventures, Index Ventures, Insight Partners, Alter Global,

7 Pomelo $40M 2024-01-17
N/A
Monashees+
Argentina 3.5%
Series B Finnish Fund for Industrial Cooperation, MUFG Innovation Partners, Norfund,
8 AwanTunai $28M 2024-03-15
N/A
Insignia Ventures Partners, International Finance Corporation
Indonesia 2.4%
Series B
9 Tuum $27M 2024-02-06
N/A CommerzVentures, Speedinvest Estonia 2.3%
Series B
10 Coast $25M 2024-03-21
N/A Accel, Avid Ventures, Better Tomorrow Ventures, BoxGroup, Insight Partners United States 2.2%
Series A
10 Oobit $25M 2024-02-05
N/A Tether, 468 Capital, CMCC Global, Anatoly Yakovenko Singapore 2.2%
50
Quarterly new & total unicorns
96 95 95 97
Total Unicorns, 98
3
New Unicorns, 1
2020 2021 2022 2023 2024
51
Quarterly exits
14
12
11
8 M&A, 10
2
1 IPO, 1
SPAC, 0
2020 2021 2022 2023 2024
52
Banking
53
State of Fintech | Collection Spotlights | Banking
$7.0 B 140
$6.0 B 120
107 106 105
$5.0 B 100
84 84
81 80
$4.0 B 73 74 80
66 66
62
57
$3.0 B 60
39 39 39
Deals
$2.0 B 38 40
Funding
$1.0B
$1.0 B 20
$0.0 B 0
2020 2021 2022 2023 2024
54
Canada
$24M
2 Deals
Asia
Europe $73M
$0.7B
7 Deals
US 13 Deals
$0.1B
11 Deals
Africa
$2M
2 Deals
LatAm
$55M
3 Deals
55
9%
5% 7% 6%
9% 9% 9% 10% 9% 7% 8% 5% 5% All Other Regions, 5%
13% 10%
5% 8% Canada, 5%
14% 8% 7% 6%
14% 12%
8% 11% 14% LatAm, 8%
12% 8%
11% 13%
20%
34% 28%
38%
25% 32% 24%
29% 25%
30% 35%
30% 29%
25% Europe, 34%
27% 26%
23%
12% 12% 10% 15%

14% 16% 10%
12% 10% 15% 19%
15% 11% 15%
17% Asia, 18%
20%
44% 43% 44% 44%

38% 38% 37% 41%
36% 36% 35% 37%
32% 33%
30%
25%
US, 29%
2020 2021 2022 2023 2024
56
$60.0M
$35.9M
$32.7M
$33.7M
$16.1M $15.0M
$13.0M
$10.4M $11.0M
$5.0M
2020 2022 2024 2020 2022 2024

YTD YTD
57
8% 5% Other, 8%
11% 15%
13% 16% Late-stage, 13%

10% 5%
17%
22% 22% 21%
Mid-stage, 18%

58% 57% 57%
2020 2021 2022 2023 2024

YTD
58
Banking: Top equity deals in Q1’24

Round % of Total
Date Funding
Series I
1 Monzo $431M 2024-03-05
Series F
2 Solaris $104M 2024-03-19
Growth Equity
3 Digital Onboarding $58M 2024-01-18
$105M Volition Capital United States 5.7%
Series A
4 Uzum $52M 2024-03-26
$1.2B FinSight Ventures, Xanara Investment Management Uzbekistan 5.1%
Series D
5 10x Banking $50M 2024-01-13
N/A BlackRock, J.P. Morgan Chase United Kingdom 4.9%
Series B
N/A Base10 Partners, Big Bets, DOMO.VC, Jam Fund, Valor Capital Group Brazil 4.1%
Series F
7 Lunar $38M 2024-02-09
N/A Undisclosed Investors Denmark 3.7%
Series B
8 Tuum $27M 2024-02-06
N/A CommerzVentures, Speedinvest Estonia 2.7%
Series C
9 Mission Lane $25M 2024-02-15
N/A Nigel Morris, Invus Group, QED Investors United States 2.5%
Series A Breega Capital, MassMutual Ventures, NordicNinja, EQT Ventures,

10 Griffin $24M 2024-03-11
N/A
Notion Capital
United Kingdom 2.4%
Series B
10 Relay $24M 2024-02-21
N/A Bain Capital Ventures Canada 2.4%
59
45
44 44 44 Total Unicorns, 46
1 1
New Unicorns, 1
2020 2021 2022 2023 2024
60
Quarterly exits
M&A, 5
4
SPAC, 0
IPO, 0
2020 2021 2022 2023 2024
61
Digital Lending
62
State of Fintech | Collection Spotlights | Digital Lending
$9.0 B
248
250
$8.0 B 228
221
215
$7.0 B 201
200
173
$6.0 B 166
145 141 145

$5.0 B 134 150
121
$4.0 B 111 111
Deals 100
$3.0 B
72 67
63
$2.0 B
Funding 50
$1.0 B $0.8B
$0.0 B 0
2020 2021 2022 2023 2024
63
Canada
$16M
2 Deals
Asia
Europe
$0.2B
$68M 16 Deals
10 Deals
US
$0.3B
32 Deals
Africa
$0.1B
1 Deal All Other Regions
$6M
LatAm 1 Deal
$61M
5 Deals
64
7% 5% 7% 9% 9% 8% 6% 6% All Other Regions, 1%

11% 13%
8% 8% 6% Canada, 3%
8%
7% 10% 9%
9%
7% 10% LatAm, 7%
11% 13% 18% 6%
19%
13% Europe, 15%
20% 23%
17% 19% 14%
26% 19% 21% 22% 21% 19%
21% 18% 16%
16%
Asia, 24%
22%
25%
25% 27% 24%
36% 21% 22%
21% 21% 20% 23%
22% 25%
25% 35%
46% US, 48%

42% 40% 41% 39% 39% 41%
38% 38% 38% 37%
33% 35% 32% 34%
27%
2020 2021 2022 2023 2024
65
$37.4M
$23.2M
$21.2M
$18.3M
$14.0M
$7.0M
$6.0M $6.0M
$5.0M $4.5M
2020 2022 2024 2020 2022 2024

YTD YTD
66
8% 7%
11% 13% Other, 12%
12% 14% 8%
9% Late-stage, 12%
13%
15% 12%
20%
Mid-stage, 28%
65% 68% 66%

60%
Early-stage, 48%
2020 2021 2022 2023 2024

YTD
67
Digital Lending: Top equity deals in Q1’24

Round % of Total
Date Funding

1 Moove $100M 2024-03-19
$750M
thelatest.ventures
Nigeria 13.0%
Series D
2 Perfios $80M 2024-03-13
$1.0B Teachers' Venture Growth India 10.4%
Series D
3 DailyPay $75M 2024-01-18
Series D Syngenta Group Ventures, Anterra Capital, Astanor Ventures, G2VP, Red
4 ProducePay $38M 2024-02-05
$473M
Bear Angels
United States 4.9%
Series D
5 Addi $36M 2024-03-20
N/A Andreessen Horowitz, Union Square Ventures, GIC Colombia 4.7%
Series B Finnish Fund for Industrial Cooperation, MUFG Innovation Partners,

6 AwanTunai $28M 2024-03-15
N/A
Norfund, Insignia Ventures Partners, International Finance Corporation
Indonesia 3.6%
Series D
6 EasyKnock $28M 2024-02-28
N/A Northwestern Mutual Future Ventures United States 3.6%
Series B
8 Kashable $26M 2024-01-18
N/A Moneta Ventures, Revolution Ventures, EJF Capital, Krillion Ventures United States 3.3%
Series C
9 Mission Lane $25M 2024-02-15
N/A Nigel Morris, Invus Group, QED Investors United States 3.2%
Series A InMotion Ventures, QED Investors, VentureFriends, AlleyCorp,

10 Carmoola $20M 2024-01-16
N/A
u.ventures
United Kingdom 2.6%
Series B Astella Investimentos, Banco do Brasil, Vox Capital, BASF Venture

10 Traive $20M 2024-02-02
N/A
Capital
Brazil 2.6%
Series B
10 Wisetack $20M 2024-03-20
N/A Greylock Partners United States 2.6%
68
54 53 53
52 Total Unicorns, 54
1 2
New Unicorns, 1
2020 2021 2022 2023 2024
69
Quarterly exits
22
17
8
6
M&A, 5
1 SPAC, 0
IPO, 0
2020 2021 2022 2023 2024
70
Wealth Tech
71
State of Fintech | Collection Spotlights | Wealth Tech
$6.0 B 198
189 200
174 177
172 173
$5.0 B 163
146
141 150
$4.0 B 127
114
102
$3.0 B 92 100
85
69
$2.0 B Deals
46
39 50
$1.0 B
Funding
$0.5B
$0.0 B 0
2020 2021 2022 2023 2024
72
Asia
Europe $0.1B
US
$0.2B 9 Deals
11 Deals
$0.2B
26 Deals
73
All Other Regions, 0%

6% 8% 5% 6% 7% 6% 8% 6% Canada, 0%
5%
6% 5% LatAm, 0%
6% Europe, 24%
25% 21%
28% 25% 25%
25% 24% 28% 22% 26%
26% 29%
32% 23% 34%
27%
15%
Asia, 20%
20% 23% 31%

19%
21% 25% 24% 29% 26% 16% 26%
26% 14%
18%
23%
56% US, 57%

44% 45% 43% 43%
41% 39% 39% 38% 40% 41%
38% 37% 35% 38%
33%
2020 2021 2022 2023 2024
74
$26.9M
$18.7M
$16.5M $15.9M
$13.6M
$4.0M $3.8M
$4.4M
$3.2M
$2.3M
2020 2022 2024 2020 2022 2024

YTD YTD
75
7%
10% 12% 12% Other, 11%
10%
9%
10% 10%
Late-stage, 17%
13%
16% 10% 10%
Mid-stage, 24%
70% 69% 68%

65%
Early-stage, 48%
2020 2021 2022 2023 2024

YTD
76
Wealth Tech: Top equity deals in Q1’24

Round % of Total
Date Funding
Private Equity
1 Flagstone $139M 2024-03-11
Series C Euclidean Capital, Hamilton Lane, Key1 Capital,

2 FundGuard $100M 2024-03-25
N/A
Blumberg Capital, Team8
United States 18.6%
Series D
3 Perfios $80M 2024-03-13
Series E Chrysalis Investments, Fidelity International

4 Smart $45M 2024-03-07
N/A
Strategic Ventures
United Kingdom 8.3%
Series B
5 BrightPlan $22M 2024-02-21
$84M Andra Capital United States 4.2%
Series A Fin Capital, Lightspeed Venture Partners, Diagram

6 Synctera $19M 2024-03-04
N/A
Ventures, NAventures, Mana Ventures
United States 3.5%
Series A Three Fish Capital, Jackson Square Ventures, Marc

7 Harness Wealth $17M 2024-03-06
N/A
Benioff, Ori Allon, Paul Edgerley
United States 3.2%
Series B
8 Fiduciary Exchange $12M 2024-03-18
N/A Undisclosed Investors United States 2.2%
Series A MM Catalyst Fund, Astia, Fiserv, Reseda Group,

9 Goalsetter $10M 2024-03-25
N/A
Seae Ventures
United States 1.8%
Series D
9 TIFIN $10M 2024-02-01
N/A SEI Investments, Sopris Venture Capital United States 1.9%
77
32
31 31
30 Total Unicorns, 32
1 1 1
New Unicorns, 1
2020 2021 2022 2023 2024
78
Quarterly exits
12 12
11
M&A, 5
1 SPAC, 0
IPO, 0
2020 2021 2022 2023 2024
79
Insurtech
80
State of Fintech | Collection Spotlights | Insurtech
$6.0 B 300
$5.0 B 250
202 205 202

194
$4.0 B 182 186 200
172
165
148
141 137
$3.0 B 131 150
130 129
116
104 Deals
$2.0 B 107100
Funding
$1.0 B
$0.9B 50
$0.0 B 0
2020 2021 2022 2023 2024
81
Canada
$10M
1 Deal
Asia
Europe $0.1B
$0.3B
13 Deals
US
28 Deals
$0.5B
55 Deals
Africa
$11M
2 Deals
LatAm
$41M
8 Deals
82

7% 8% 6% 8% 7% 6% 7% Canada, 1%
5% 5% 6% 5% LatAm, 8%
6% 5%
18% 24% 20%

28% 20% 28% 23%
19%
19% 25% 25% 30%
20% 24% Europe, 26%
24% 24%
12%
14%
17%
16% 18% 19% 20% 15% 11% 16% Asia, 12%
17% 11%
20% 20% 14% 11%
60% 57%
48% 48% 48%
52%
48% 48% 46%
50% 50% 50% 50% US, 51%
42% 42% 46%
2020 2021 2022 2023 2024
83
$26.9M
$17.9M
$15.8M
$11.8M
$9.8M
$6.0M
$4.5M $4.5M
$5.0M
$4.2M
2020 2022 2024 2020 2022 2024

YTD YTD
84
8% 6% 7% 10%
Other, 13%
8% 11% 8%
9%
Late-stage, 7%
14%
18%
20% 18% Mid-stage, 19%
70%
66% 64% 63% Early-stage, 62%
2020 2021 2022 2023 2024

YTD
85
Insurtech: Top equity deals in Q1’24

Round % of Total
Date Funding
Series B
N/A Battery Ventures, Andreessen Horowitz, Highland Europe United Kingdom 8.2%
Series C
2 ELEMENT $54M 2024-03-26
N/A Mundi Ventures, Versorgungswerk der Zahnarztekammer Berlin Germany 6.1%
Series C March Capital, General Catalyst, Insight Partners, American Dental

3 Overjet $53M 2024-03-05
$550M
Association, Crosslink Capital
United States 5.9%
Series C MassMutual Ventures, PayPal Ventures, Eurazeo, Flourish

4 Qoala $47M 2024-03-26
N/A
Ventures, Indogen Capital
Indonesia 5.3%
Series C
5 b.well $40M 2024-02-26
N/A Leavitt Equity Partners United States 4.5%
Series B J.P. Morgan Asset Management, Bessemer Venture Partners, TIIN

6 Eye Security $39M 2024-03-10
N/A
Capital
Netherlands 4.4%
Series B
6 HiLabs $39M 2024-03-14
N/A Denali Growth Partners, Eight Roads Ventures, F-Prime Capital United States 4.4%
Series D ETF Partners, Endeavor, European Bank for Reconstruction and

8 Hellas Direct $33M 2024-02-29
N/A
Development, International Finance Corporation, Jon Moulton
Greece 3.6%
Series B Hiscox, Intact Ventures, RPM Ventures, Weatherford Capital

9 Coterie Insurance $27M 2024-03-18
N/A
Management
United States 3.0%
Private Equity
10 AVLA $25M 2024-01-25
N/A Creation Investments Capital Management Chile 2.8%
Series B
10 Spark Advisors $25M 2024-01-23
$173M Viewpoint, American Family Ventures, Primary Venture Partners United States 2.8%
Series C
10 Vouch $25M 2024-03-11
N/A Ribbit Capital United States 2.8%
86
38 38 38 38
Total Unicorns, 38
1
New Unicorns, 0
2020 2021 2022 2023 2024
87
Quarterly exits
17
15
13
12
M&A, 5
2
1 SPAC, 0
IPO, 0
2020 2021 2022 2023 2024
88
Capital Markets
Tech
89
State of Fintech | Collection Spotlights | Capital Markets Tech
$2.5 B 90
80
70
$2.0 B
70
60
57 57 60
52 52
$1.5 B 49 48
46 45 50
41 41
38
40
$1.0 B
28
25 30
23 Deals
23
$0.5 B Funding 20
$0.3B
10
$0.0 B 0
2020 2021 2022 2023 2024
90
Asia
$24M
Europe 6 Deals
$7M
4 Deals
US
$0.2B
12 Deals
LatAm
$20M
1 Deal
91

5% 7% 8% 5% 5% 8% 7% Canada, 0%
10%
7%
7% 7% 9% LatAm, 4%
18%
Europe, 17%
27% 30% 27%
26% 25%
21% 29% 31% 12%
30% 20%
28% 30%
38%
21% 12% Asia, 26%
17% 15% 37%
15% 21%
24% 24% 22%
15% 15%
31% 14%
22%
13%
12%
60%
51% 54% 52% US, 52%
45% 48% 44% 46%
42% 43% 43% 42%
34% 36% 35%
29%
2020 2021 2022 2023 2024
92
$32.8M
$26.0M
$18.5M $18.9M
$16.5M
$7.9M
$6.6M
$5.6M $6.0M
$4.3M
2020 2022 2024 2020 2022 2024

YTD YTD
93
7% 10%
13%
18% Other, 17%
11%
12%
11%
16%
Late-stage, 13%
13% 21%
21%
19%
Mid-stage, 30%
63% 61%
57%
48%
Early-stage, 39%
2020 2021 2022 2023 2024

YTD
94
Capital Markets Tech: Top equity deals in Q1’24

Round % of Total
Date Funding

1 FundGuard $100M 2024-03-25
N/A
United States 37.8%
Series B Nasdaq, Citigroup, Goldman Sachs, Allen & Company of

2 Nasdaq Private Market $62M 2024-02-08
N/A
Florida, DRW Venture Capital
United States 23.6%
Growth Equity
3 Integral $30M 2024-01-25
N/A Vistara Growth United States 11.3%
Series B Astella Investimentos, Banco do Brasil, Vox Capital,

4 Traive $20M 2024-02-02
N/A
BASF Venture Capital
Brazil 7.6%
Series A Cercano Management, East Ventures, MassMutual

5 Qapita $17M 2024-02-27
N/A
Ventures, Alto Partners, Citi Ventures
Singapore 6.5%
Series B
6 Setpoint Technologies $15M 2024-03-15
N/A Andreessen Horowitz, 645 Ventures United States 5.8%
Seed VC TLV Partners, Fenwick & West, Jibe Ventures, Wilson

7 Slice $7M 2024-02-28
N/A
Sonsini Goodrich & Rosati, R-Squared Ventures
Israel 2.6%
Series A
8 FYNXT $5M 2024-01-08
N/A Undisclosed Investors Singapore 1.9%
Seed VC
9 LODAS Markets $3M 2024-03-12
N/A Firebrand Ventures United States 1.1%
Brite Energy Partners, DSN Investment, Hanwha

Seed VC
10 CnerG $2M 2024-02-16
N/A Investment & Securities, QUANTUM Ventures Korea, South Korea 0.9%
SGC Partners
95
15
14 14 14
Total Unicorns, 14
New Unicorns, 0
2020 2021 2022 2023 2024
96
Quarterly exits
12
6
5 M&A, 6
SPAC, 0
IPO, 0
2020 2021 2022 2023 2024
97
Geographic Trends
98
US Trends
99
State of Fintech | Geographic Trends | US Trends
Quarterly funding & deals
900
$20.0B
800
731
648 700
610 614 619 614
$15.0B 571 600
549
456 451 500

431
391 391 394
$10.0B Deals
400
345
393
299
300
$5.0 B
Funding
200
$3.3B
100
$0.0 B 0
2020 2021 2022 2023 2024
100
10% 13% 12%

14% Other, 15%
10% 7% 8%
10% Late-stage, 5%
11% 10% Mid-stage, 13%
15%
14%

62% 64%
2020 2021 2022 2023 2024

YTD
101
US: Top equity deals in Q1’24

Round % of Total
Date Funding
Convertible Note
1 Flexport $260M 2024-01-19
N/A Shopify United States 7.8%
Series C General Catalyst, Camber Creek, Left Lane

2 Bilt Rewards $200M 2024-01-24
$3.1B
Capital, Prosus Ventures, Eldridge Industries
United States 6.0%
Series D FTV Capital, Beedie Capital Partners,

3 Kore.ai $150M 2024-01-30
N/A
NextEquity, Nicola Wealth, Vistara Growth
United States 4.5%

4 FundGuard $100M 2024-03-25
N/A
United States 3.0%
Greenoaks, Kleiner Perkins Caufield & Byers,

Series C
4 Watershed $100M 2024-02-01
$1.8B Sequoia Capital, Galvanize Climate Solutions, United States 3.0%
Emerson Collective
Series C
6 BillingPlatform $90M 2024-01-24
$227M FTV Capital United States 2.7%
Series D
7 DailyPay $75M 2024-01-18
Undisclosed
8 Edward Jones Investments $64M 2024-01-11
N/A Undisclosed Investors United States 1.9%
Series B Nasdaq, Citigroup, Goldman Sachs, Allen &

N/A
Company of Florida, DRW Venture Capital
United States 1.9%
Series E Riverwood Capital, Advent International, Silver

10 BigID $60M 2024-02-23
$1.0B
Lake
United States 1.8%
Series A Faction, Jump Crypto, Pantera Capital, CMT

10 Figure Markets $60M 2024-03-18
N/A
Digital, Distributed Global
United States 1.8%
102
Quarterly exits
66
59
50 49
M&A, 52
2
1 2 IPO, 2
SPAC, 0
2020 2021 2022 2023 2024
103
US: Top investors by company count in Q1’24

1 Polychain Capital 9 Asset/investment management United States
2 Andreessen Horowitz 8 VC United States
2 Coinbase Ventures 8 CVC United States
4 PayPal Ventures 7 CVC United States
4 Selini Capital 7 VC United States
6 FJ Labs 6 VC United States
6 Framework Ventures 6 VC United States
6 Hack VC 6 VC United States
6 LBank Labs 6 CVC United States
6 QED Investors 6 VC United States
6 Reseda Group 6 Corp United States
6 Sequoia Capital 6 VC United States
6 UTXO Management 6 Asset/investment management United States
104
Silicon Valley
105
State of Fintech | Geographic Trends | Silicon Valley
$9.0 B
200
$8.0 B
179
170
$7.0 B
150 150
146
$6.0 B 150
133
122 123 121
$5.0 B
103 101
$4.0 B 87
92 Deals 100
85
77
71
$3.0 B
$2.0 B 39 50
Funding
$1.0B
$1.0 B
$0.0 B 0
2020 2021 2022 2023 2024
106
7% 8% 6% Other, 5%
12% 6% 7% Late-stage, 3%
11%
Mid-stage, 16%
13%
17%
16% 21%

70%
66% 64%
2020 2021 2022 2023 2024

YTD
107
Silicon Valley: Top equity deals in Q1’24
Round
Company Round Amount Round Valuation Select Investors % of Total Funding
Date
Convertible Note
1 Flexport $260M 2024-01-19
N/A Shopify 25.7%
Series C Greenoaks, Kleiner Perkins Caufield & Byers, Sequoia Capital,

2 Watershed $100M 2024-02-01
$1.8B
Galvanize Climate Solutions, Emerson Collective
9.9%
Series A Faction, Jump Crypto, Pantera Capital, CMT Digital,

3 Figure Markets $60M 2024-03-18
N/A
Distributed Global
5.9%
Series A Hack VC, Placeholder Capital, Apollo Global Management,

4 Eclipse $50M 2024-03-11
N/A
Auros, Bankless Ventures
4.9%
Venture Capital
4 MAP Protocol $50M 2024-01-12
N/A Bitrise Capital 4.9%
108
New York
109
State of Fintech | Geographic Trends | New York
$7.0 B
200
$6.0 B 179
$5.0 B 144 143

138 141 150
129 127
$4.0 B 113
98
93 94
89 88 100
$3.0 B
Deals
66 65 68
80
$2.0 B
Funding 50
$0.9B
$1.0 B
$0.0 B 0
2020 2021 2022 2023 2024
110
9% 8% 8% 10%
Other, 18%
10% 7%
10% 7%
11%
Late-stage, 4%
10%
16% 16%
Mid-stage, 19%
73% 72%
65% 66%
Early-stage, 60%
2020 2021 2022 2023 2024

YTD
111
New York: Top equity deals in Q1’24
Round % of Total
Company Round Amount Round Valuation Select Investors
Date Funding
Series C General Catalyst, Camber Creek, Left Lane Capital, Prosus

1 Bilt Rewards $200M 2024-01-24
$3.1B
Ventures, Eldridge Industries
21.4%
Series C Euclidean Capital, Hamilton Lane, Key1 Capital, Blumberg

2 FundGuard $100M 2024-03-25
N/A
Capital, Team8
10.7%
Series D
3 DailyPay $75M 2024-01-18
$1.8B Carrick Capital Partners 8.0%
Series B Nasdaq, Citigroup, Goldman Sachs, Allen & Company of

N/A
Florida, DRW Venture Capital
6.7%
Series E
5 BigID $60M 2024-02-23
$1.0B Riverwood Capital, Advent International, Silver Lake 6.4%
112
Los Angeles
113
State of Fintech | Geographic Trends | Los Angeles
$1.4 B 70
$1.2 B 60
48 49
$1.0 B 50
41 41 41 40
$0.8 B 40
35
31
$0.6 B 27 26 30
20 20 21 20
19 Deals
$0.4 B 20
14 20
$0.2 B Funding 10
$0.1B
$0.0 B 0
2020 2021 2022 2023 2024
114
10% 12% 12%

16%
Other, 20%
9%
13% 11%
7%
12% Late-stage, 5%
7% 11% Mid-stage, 0%
19%
Early-stage, 75%
69% 69% 65%
58%
2020 2021 2022 2023 2024

YTD
115
Los Angeles: Top equity deals in Q1’24
Round
Date
Series D Syngenta Group Ventures, Anterra Capital, Astanor

1 ProducePay $38M 2024-02-05
$473M
Ventures, G2VP, Red Bear Angels
46.0%
Seed VC Blumberg Capital, 14Peaks Capital, Cooley, Differential

2 FlowFi $9M 2024-02-13
N/A
Ventures, Parade Ventures
10.9%
Seed VC BlockTower, FJ Labs, Aglae Ventures, Aptos Labs, FBG

3 Sonarverse $7M 2024-03-07
N/A
Capital
8.5%
Seed VC Polychain Capital, Alumni Ventures, Canonical Crypto, Coho

4 Sahara $6M 2024-03-05
N/A
Deeptech, Dispersion Capital
7.3%
Angel Chris Paul, Marshawn Lynch, Quavious Keyate Marshall,

5 Altro $4M 2024-03-06
N/A
Tinashe Jorgensen Kachingwe
4.8%
Venture Capital
5 Spotter $4M 2024-03-08
N/A Third Wave Digital, Watertower Ventures 5.0%
116
Boston
117
State of Fintech | Geographic Trends | Boston
$1.0 B
39
40
$0.9 B
35
$0.8 B
29
$0.7 B 28 30
25
$0.6 B 23 23 25
22
21 20 20
$0.5 B
18 18 20
17
16
$0.4 B 15
14 Deals
15
15
$0.3 B
Funding
$0.2 B $177M 10
5
$0.1 B $49M $43M
$667M $169M $81M $505M $550M $943M $921M $510M $371M $845M $208M $200M $189M $66M
$0.0 B 0
2020 2021 2022 2023 2024
118
8% 11%
Other, 7%
12%
11%
12% 7% 11% Late-stage, 20%
21% 13% 8%
18% Mid-stage, 7%

62% 65%
2020 2021 2022 2023 2024

YTD
119
Boston: Top equity deals in Q1’24
Round % of Total
Date Funding
Growth Equity
1 Digital Onboarding $58M 2024-01-18
$105M Volition Capital 32.8%
Series C March Capital, General Catalyst, Insight Partners, American Dental

2 Overjet $53M 2024-03-05
$550M
Association, Crosslink Capital
30.1%
Angel
3 MetaStreet $25M 2024-02-15
N/A Andrew Kang, DCF God, Dingaling, FreeLunchCapital, GMoney NFT 14.1%
Series A
4 Panoptic $12M 2024-01-29
N/A gumi Cryptos 6.5%
Series A
5 PredictAP $8M 2024-01-17
N/A RET Ventures, WISE Ventures 4.5%
120
Miami
121
State of Fintech | Geographic Trends | Miami
$600M 44
45
40
$500M
33 35
30
$400M 28 30
23 25
$300M 21
20
19
Deals 20
15 15
14
$200M 13 15
11
10
9 Funding
10
7 $93M
$100M 5
5
$28M $33M
$150M $48M $131M $525M $342M $325M $257M $538M $245M $141M $141M $55M $96M $40M
$0M 0
2020 2021 2022 2023 2024
122
9% 11% 11%
17%
8% 6% 7% Other, 27%
9% 8% Mid-stage, 0%
9%
9% Late-stage, 0%
80%
66%
2020 2021 2022 2023 2024

YTD
123
Miami: Top equity deals in Q1’24
Round % of Total
Date Funding
Series A Bond Capital, Alexandra Botez, Emma Grede, Jens Grede,

1 Passes $40M 2024-02-28
N/A
Michael Ovitz
42.9%
Series A IDC Ventures, Arcadia Funds, Florida Funders, Kayyak

2 Marco $12M 2024-03-19
N/A
Ventures, Barn Investimentos
12.9%
Series A
3 Finally $10M 2024-02-06
N/A PeakSpan Capital, Active Capital 10.7%
Seed VC F-Prime Capital, CoFound Partners, Fika Ventures, Flyover

4 Dispatch $8M 2024-01-11
$28M
Capital, Great Oaks Venture Capital
8.6%
Seed VC
5 Capstack Technologies $6M 2024-03-06
$21M Citi Ventures 6.4%
Series A AlphaLab Capital, Bankless Ventures, Blockchain,

5 Omega $6M 2024-02-06
N/A
Blockchain Founders Fund, Borderless Capital
6.4%
124
Philadelphia
125
State of Fintech | Geographic Trends | Philadelphia
40
$600M
33 35
$500M
29
30
25 25
$400M 25
20 20 Deals
19
$300M 17
21 20
15
14 14
15
12
$200M 11
8 Funding 10
6 $95M
$100M
3 5
$24M $26M
$7M $103M $92M $51M $106M $598M $364M $66M $70M $36M $65M $72M $135M $101M
$0M 0
2020 2021 2022 2023 2024
126
8% 9%
14% 16% Other, 19%
11% Late-stage, 0%
Mid-stage, 5%
7%
86% 86%
68%
2020 2021 2022 2023 2024

YTD
127
Philadelphia: Top equity deals in Q1’24
Round % of Total
Date Funding
Sageview Capital, Monarch Global Strategies, TruMark

Series A
1 Loanstar Technologies $28M 2024-01-30
N/A Financial Credit Union, Ben Franklin Technology Partners 29.5%
of Southeastern PA, Launch Credit Union
Series A Portage, Brewer Lane Ventures, Digitalis Ventures,

2 Ansel Health $20M 2024-01-22
$43M
Morgan Creek Capital Management, Operator Partners
21.1%
Series B
3 Fiduciary Exchange $12M 2024-03-18
N/A Undisclosed Investors 12.7%
Undisclosed
4 Assurified $5M 2024-03-06
Seed VC
4 Clarity $5M 2024-02-06
$41M First Round Capital 5.3%
Seed VC
4 Hedge $5M 2024-03-26
N/A MS&AD Ventures 4.9%
128
Canada Trends
129
State of Fintech | Geographic Trends | Canada Trends
$1,200M 66 70
60
$1,000M
46 47 50
$800M 44
41
38
36 40
32 33
$600M
27 30
24 25 25
23 Deals
$400M 20 21
18
20
Funding
$200M
$123M 10
$49M $49M
$70M $64M $743M $1,042M $1,105M $473M $647M $347M $150M $290M $290M $168M $119M $273M
$0M 0
2020 2021 2022 2023 2024
130
Other, 0%
11% 11% 9% Late-stage, 11%
22%
11%
7% 14% Mid-stage, 17%
7%
11%
77%
67% 67%
2020 2021 2022 2023 2024

YTD
131
Canada: Top equity deals in Q1’24

Round
Date
Seed VC
1 Borderless AI $27M 2024-03-21
N/A Aglae Ventures, Susquehanna International Group 22.0%
Series B
2 Relay $24M 2024-02-21
N/A Bain Capital Ventures 19.5%
Series B Headline, Aquiline Capital Partners, Information Venture Partners, Clocktower

3 Helcim $20M 2024-02-26
N/A
Technology Ventures, SilverCircle
16.3%
Series B Viola FinTech, Export Development Canada, Framework Venture Partners,

4 ZayZoon $15M 2024-03-26
N/A
Intuit
12.2%
Series A Information Venture Partners, ManchesterStory Group, Thomson Reuters

5 Wisedocs $10M 2024-01-30
N/A
Ventures
7.7%
Series A
6 Zum $8M 2024-02-22
N/A Arthur Ventures 6.3%
Seed VC
7 PayShepherd $5M 2024-02-01
N/A Inovia Capital, Nashville Capital Network, Thin Air Labs, Yaletown Partners 4.2%
Seed VC Staircase Ventures, Burst Capital, MaRS Investment Accelerator Fund, The
7 Sibli $5M 2024-02-13
N/A
Group Ventures
3.7%
Angel
9 Octav $4M 2024-02-29
N/A Undisclosed Angel Investors 3.3%
Pre-Seed CoinFund, Borderless Capital, Breed VC, Graph Paper Capital, Maven 11
10 Bagel $3M 2024-01-23
N/A
Capital
2.5%
132
Quarterly exits
M&A, 4
3
1
SPAC, 0
IPO, 0
2020 2021 2022 2023 2024
133
Canada: Top investors by company count in Q1’24

Investor Company Count Investor Group
1 Portage 5 VC
2 Manifold 4 Corp
3 Asteroid Capital 2 VC
3 Axelar 2 Corp
3 Conflux 2 Corp
3 Information Venture Partners 2 VC
3 Intact Ventures 2 CVC
3 Public Works 2 Corp
3 Thomson Reuters Ventures 2 CVC
3 Vistara Growth 2 VC
134
Asia Trends
135
State of Fintech | Geographic Trends | Asia Trends
$10.0B 600
$9.0 B
482
500
$8.0 B
406 414
$7.0 B
400
339 339 345
$6.0 B 335
$5.0 B 279 277 300

233 238 236
$4.0 B 217
205 Deals
179
$3.0 B
162 210200
$2.0 B Funding
100
$1.0B
$1.0 B
$0.0 B 0
2020 2021 2022 2023 2024
136
7% 5% 7% Other, 6%
12%
12%
10% 9% Late-stage, 10%
15% 12% 11% Mid-stage, 11%

16%
69% 73% 73% Early-stage, 73%

65%
2020 2021 2022 2023 2024

YTD
137
Asia: Top equity deals in Q1’24

Round % of Total
Date Funding
Series A
1 HashKey $100M 2024-01-16
$1.3B OKX Ventures Hong Kong 9.7%
Series D
2 Perfios $80M 2024-03-13
Series A
3 Uzum $52M 2024-03-26
$1.2B FinSight Ventures, Xanara Investment Management Uzbekistan 5.0%
Series C MassMutual Ventures, PayPal Ventures, Eurazeo,

4 Qoala $47M 2024-03-26
N/A
Flourish Ventures, Indogen Capital
Indonesia 4.6%
Corporate Minority
5 Annapurna Finance $36M 2024-01-24
$347M Piramal Alternatives India 3.5%
Finnish Fund for Industrial Cooperation, MUFG

Series B
6 AwanTunai $28M 2024-03-15
N/A Innovation Partners, Norfund, Insignia Ventures Indonesia 2.7%
Partners, International Finance Corporation
Series A Federated Hermes, Altair Capital, Exacta Capital

7 Xcelerate $26M 2024-02-26
N/A
Partners, Embrace Glory, Hermes GPE
Singapore 2.5%
Series A
8 Oobit $25M 2024-02-05
N/A Tether, 468 Capital, CMCC Global, Anatoly Yakovenko Singapore 2.4%
Series D Nuvama Wealth Management, Chiratae Ventures,

8 RentoMojo $25M 2024-02-21
N/A
Rajeev Chitrabhanu
India 2.5%
Venture Capital KOLON INVESTMENT, Hyundai Investment Partners,

10 Mainline $21M 2024-01-04
N/A
InterVest
South Korea 2.0%
Seed VC
10 Moyasar $21M 2024-03-07
N/A Jahez, Derayah Ventures Saudi Arabia 2.0%
138
Quarterly exits
30
23
20
18
M&A, 16
6
4
3 2
1 1 1 IPO, 3
SPAC, 1
2020 2021 2022 2023 2024
139
Asia: Top investors by company count in Q1’24
1 Cypher Capital 8 VC United Arab Emirates
1 Waterdrip Capital 8 Asset/investment management China
3 Blockchain Founders Fund 7 VC Singapore
3 DWF Labs 7 VC Singapore
3 Hashed 7 VC South Korea
6 Amber Group 6 Corp Singapore
6 CMCC Global 6 VC Hong Kong
6 NGC Ventures 6 VC Singapore
6 gumi Cryptos 6 VC Japan
140
China
141
State of Fintech | Geographic Trends | China
$1.6 B
86 90
$1.4 B
80
71
$1.2 B 70
64 63 63
$1.0 B 54 60
50 49 50
50
$0.8 B
38
40
$0.6 B
28 27 30
Deals
20
$0.4 B 19
17 18
20
11
$0.2 B
Funding 10
$53M
$244M $579M $827M $743M $1,275M $1,448M $1,399M $465M $463M $206M $134M $178M $87M $91M
$39M $18M
$0.0 B 0
2020 2021 2022 2023 2024
142
Other, 0%
5%
10% Late-stage, 11%
15% 14% 9%
14%
21% 20% Mid-stage, 28%
21% 33%
65%
55%
49%
2020 2021 2022 2023 2024

YTD
143
China: Top equity deals in Q1’24
Round
Date
Seed
1 Nuanjie Technology $7M 2024-03-05
Seed
2 BIKA Global $5M 2024-01-03
$25M Undisclosed Investors 27.6%
Seed VC
2 Wanruntong $5M 2024-02-20
N/A HongShan, Animoca Brands, OSL 27.6%
Seed
4 Shujing Cloud $1M 2024-02-29
Seed
5 Huirong Technology N/A 2024-01-15
N/A Shangkun Investment Group 2.3%
144
India
145
State of Fintech | Geographic Trends | India
$3.5 B 160
131 140
$3.0 B
118
120
$2.5 B 108
92 94 100
$2.0 B 84
80
71 80
69
$1.5 B 63
50
Deals 60
48
46 46 44
$1.0 B 37
34 40
Funding
$0.5 B $0.3B 20
$0.0 B 0
2020 2021 2022 2023 2024
146
6%
Other, 2%
7%
12% 11%
Late-stage, 11%
10% 10%
14% 13% 9%
16% Mid-stage, 20%
72% 72% 73%

2020 2021 2022 2023 2024

YTD
147
India: Top equity deals in Q1’24
Round % of Total
Date Funding
Series D
1 Perfios $80M 2024-03-13
$1.0B Teachers' Venture Growth 23.5%
Corporate Minority
2 Annapurna Finance $36M 2024-01-24
$347M Piramal Alternatives 10.6%
Series D Nuvama Wealth Management, Chiratae Ventures, Rajeev

3 RentoMojo $25M 2024-02-21
N/A
Chitrabhanu
7.4%
Series F Alpha Wave Global, B Capital Group, DSG Consumer

4 Mswipe $20M 2024-02-27
N/A
Partners, Epiq Capital, Ola
5.9%
Series C Artal Asia, Heron Rock, Reaction Fund, Vii Ventures,

5 Jumbotail $18M 2024-03-18
N/A
Arkam Ventures
5.4%
148
Singapore
149
State of Fintech | Geographic Trends | Singapore
$1.6 B 90
$1.4 B 80
70
70
$1.2 B 63
55 60
$1.0 B 53
50 49
46 47
45 Deals
50
$0.8 B
38
47
35 40
33 32
31 31 30
$0.6 B
30
$0.4 B
Funding 20
$0.2B
$0.2 B 10
$0.0 B 0
2020 2021 2022 2023 2024
150
5% 5% Other, 4%
11%
7% 7% 8% Late-stage, 4%
5%
9% Mid-stage, 2%
11% 9%
11%
Early-stage, 89%
80% 77% 78%
73%
2020 2021 2022 2023 2024

YTD
151
Singapore: Top equity deals in Q1’24
Round
Date
Series A Federated Hermes, Altair Capital, Exacta Capital Partners, Embrace

1 Xcelerate $26M 2024-02-26
N/A
Glory, Hermes GPE
12.6%
Series A
2 Oobit $25M 2024-02-05
N/A Tether, 468 Capital, CMCC Global, Anatoly Yakovenko 12.3%
Series A Cercano Management, East Ventures, MassMutual Ventures, Alto

3 Qapita $17M 2024-02-27
N/A
Partners, Citi Ventures
8.4%
Series A Borderless Capital, Generative Ventures, Fundamental Labs, Moonrock

4 peaq $15M 2024-03-27
N/A
Capital, Agnostic Capital
7.4%
Series A
5 AltLayer $14M 2024-02-19
N/A Hack VC, Polychain Capital 7.1%
152
Europe Trends
153
State of Fintech | Geographic Trends | Europe Trends
$10.0B 500
$9.0 B 424 450
$8.0 B 369 400

361 360
345
$7.0 B 324 322 350
295 288 290
$6.0 B 300
258 263
$5.0 B 230 250

214
199 197 Deals
$4.0 B 200
203
$3.0 B Funding 150
$2.2B
$2.0 B 100
$1.0 B 50
$0.0 B 0
2020 2021 2022 2023 2024
154
7% 6% 7%
9% Other, 10%
11% 10% 9%
12% Late-stage, 10%
9% 9%
11%
11% Mid-stage, 11%
75% 75%
68%
2020 2021 2022 2023 2024

YTD
155
Europe: Top equity deals in Q1’24

Round % of Total
Date Funding
Series I
1 Monzo $431M 2024-03-05
Private Equity
2 Flagstone $139M 2024-03-11
Series D Kinnevik, Goldman Sachs Asset Management, Notion Capital,

3 Mews $110M 2024-03-04
$1.2B
Revaia, LGVP Partners
Netherlands 5.0%
Series F
4 Solaris $104M 2024-03-19
Series B
$1.0B Index Ventures Netherlands 4.6%
Private Equity Citi Ventures, Eurazeo, HPE Growth, J.P. Morgan Chase, PayPal
6 PPRO $93M 2024-03-13
N/A
Ventures
United Kingdom 4.2%
Series B
N/A Battery Ventures, Andreessen Horowitz, Highland Europe United Kingdom 3.3%
Series C
8 ELEMENT $54M 2024-03-26
N/A Mundi Ventures, Versorgungswerk der Zahnarztekammer Berlin Germany 2.5%
Series B General Catalyst, Northzone, Cogito Capital Partners, Entree

8 Finom $54M 2024-02-13
N/A
Capital, FJ Labs
Netherlands 2.5%
Series D
10 10x Banking $50M 2024-01-13
N/A BlackRock, J.P. Morgan Chase United Kingdom 2.3%
Series B
10 Flowdesk $50M 2024-01-18
$250M Cathay Innovation, Eurazeo, ISAI, Speedinvest, Bpifrance France 2.3%
156
Quarterly exits
54 54
M&A, 57
48
44
1
1 2 1 SPAC, 0
IPO, 0
2020 2021 2022 2023 2024
157
Europe: Top investors by company count in Q1’24

1 Cogitent Ventures 9 VC United Kingdom
2 MH Ventures 8 VC United Kingdom
3 Binance Labs 5 CVC Malta
3 Flow Traders 5 Asset/investment management Netherlands
3 Notion Capital 5 VC United Kingdom
3 Vanagon Ventures 5 VC Germany
3 Wintermute Ventures 5 CVC United Kingdom
8 HV Capital 4 VC Germany
8 Maven 11 Capital 4 VC Netherlands
8 No Limit Holdings 4 VC Malta
8 NxGen 4 Asset/investment management United Kingdom
8 TRGC 4 Asset/investment management Netherlands
158
United Kingdom
159
State of Fintech | Geographic Trends | United Kingdom
$4.0 B 155
160
$3.5 B 139
140
127
122
$3.0 B 116 118 116
120
104
99
$2.5 B 95
100
86 87
81 Deals
$2.0 B 74 75
72 80
65
$1.5 B
Funding
60
$1.2B
$1.0 B 40
$0.5 B 20
$0.0 B 0
2020 2021 2022 2023 2024
160
11%
5% 7% 9% Other, 7%
13% 11% Late-stage, 13%
11%
11%
12% 10% Mid-stage, 6%

10%
12%
72% 70%
Early-stage, 75%
70%
66%
2020 2021 2022 2023 2024

YTD
161
United Kingdom: Top equity deals in Q1’24
Round
Date
Series I CapitalG, Passion Capital, Tencent, Google Ventures,

1 Monzo $431M 2024-03-05
$5.1B
HongShan
36.4%
Private Equity
2 Flagstone $139M 2024-03-11
N/A Estancia Capital Partners 11.7%
Private Equity Citi Ventures, Eurazeo, HPE Growth, J.P. Morgan

3 PPRO $93M 2024-03-13
N/A
Chase, PayPal Ventures
7.8%
Series B Battery Ventures, Andreessen Horowitz, Highland

N/A
Europe
6.2%
Series D
5 10x Banking $50M 2024-01-13
N/A BlackRock, J.P. Morgan Chase 4.2%
162
Germany
163
State of Fintech | Geographic Trends | Germany
$2.5 B 50
45
40
$2.0 B 40
34
33 35
32
31
29
$1.5 B 30
26 26 26
24
25 Deals
23
26 25
20
$1.0 B 18 20
17
14
15
$0.5 B Funding 10
$0.3B
5
$0.1B $0.1B
$0.1B
$0.4B $0.3B $0.3B $0.4B $2.4B $0.7B $1.4B $0.5B $0.8B $0.6B $0.2B $0.2B $0.2B
$0.0 B 0
2020 2021 2022 2023 2024
164
8%
Other, 4%
9% Late-stage, 8%
18% 13%
20% 13%
6% Mid-stage, 15%
18%
19%

61%
54%
2020 2021 2022 2023 2024

YTD
165
Germany: Top equity deals in Q1’24
Round
Date
Series F
1 Solaris $104M 2024-03-19
N/A SBI Group 41.4%
Series C
2 ELEMENT $54M 2024-03-26
N/A Mundi Ventures, Versorgungswerk der Zahnarztekammer Berlin 21.5%
Series B
3 Bezahl.de $24M 2024-03-20
N/A PayPal Ventures, Motive Ventures, Seaya Ventures, Walter Ventures 9.5%
Series A
4 Heyflow $16M 2024-02-27
N/A Singular 6.4%
Series B
5 ecoligo $12M 2024-02-28
N/A EIT InnoEnergy, Energy Entrepreneurs Growth Fund, Capital Croissance 4.7%
166
LatAm Trends
167
State of Fintech | Geographic Trends | LatAm Trends
157
160
$6.0 B
140
$5.0 B 124
119
110 120
100 102 102

$4.0 B 94 100
78
$3.0 B 80
64 65 65
62
56
60
47
$2.0 B
36 Deals
40
38
$1.0 B Funding
$0.3B $0.3B $0.3B
$0.4B 20
$0.5B $0.9B $1.3B $1.4B $1.3B $6.0B $3.5B $1.9B $1.3B $1.2B $0.6B $0.6B $0.4B
$0.0 B 0
2020 2021 2022 2023 2024
168
7%
Other, 3%
8%
6% Late-stage, 11%
9% 7%
10% 6%
7%
7% 12% Mid-stage, 13%
85%
80%
2020 2021 2022 2023 2024

YTD
169
LatAm: Top equity deals in Q1’24

Round % of Total
Date Funding
Series B Goldman Sachs Asset Management, Cometa, FinTech

1 Simetrik $55M 2024-02-21
N/A
Collective, Mercado Libre Fund
Colombia 15.2%
Series C General Atlantic, Amador Holdings, InQlab, International

2 Bold $50M 2024-02-14
N/A
Finance Corporation
Colombia 13.8%
Series B Base10 Partners, Big Bets, DOMO.VC, Jam Fund, Valor Capital
N/A
Group
Brazil 11.5%
Series B Kaszek Ventures, Index Ventures, Insight Partners, Alter

4 Pomelo $40M 2024-01-17
N/A
Global, Monashees+
Argentina 11.1%
Series D
5 Addi $36M 2024-03-20
N/A Andreessen Horowitz, Union Square Ventures, GIC Colombia 9.9%
Private Equity
6 Amigo Tech $33M 2024-01-26
N/A Riverwood Capital Brazil 9.1%
Private Equity
7 AVLA $25M 2024-01-25
N/A Creation Investments Capital Management Chile 6.9%
Series B Astella Investimentos, Banco do Brasil, Vox Capital, BASF

8 Traive $20M 2024-02-02
N/A
Venture Capital
Brazil 5.5%
Series A Antler Elevate, Magma Partners, Cometa, DN Capital, PayPal

9 Prometeo $13M 2024-01-12
N/A
Ventures
Uruguay 3.6%
Seed
10 Loovi $9M 2024-02-24
N/A Marcal Participacoes, Oliveira Participacoes Brazil 2.5%
170
Quarterly exits
18
13
12
11 M&A, 12
IPO, 0
2020 2021 2022 2023 2024
171
LatAm: Top investors by company count in Q1’24
1 Magma Partners 3 VC Chile
1 Spicy Capital 3 VC Panama
3 Bossa Invest 2 VC Brazil
3 Citrino Ventures 2 VC Brazil
3 Cometa 2 VC Mexico
3 DOMO.VC 2 VC Brazil
3 Deribit 2 Corp Panama
3 LambdaClass 2 Asset/investment management Argentina
172
Brazil
173
State of Fintech | Geographic Trends | Brazil
$4.5 B 71
70
$4.0 B
61
56 60
$3.5 B 54
51 51
$3.0 B 47 50
41
$2.5 B 39
37 40
35
31 30
$2.0 B
30
25
$1.5 B 21 22
20
$1.0 B Deals
16
$0.5 B Funding 10
$0.2B
$0.1B $0.1B $0.2B $0.1B
$0.3B $0.7B $0.7B $0.8B $1.2B $4.1B $1.4B $1.0B $0.9B $0.4B $0.3B $0.2B
$0.0 B 0
2020 2021 2022 2023 2024
174
6% 6% 8% Other, 6%
8%
10% Late-stage, 13%
14% 10%
7%
6% 13% 7%
Mid-stage, 13%
81%
74% 75%
2020 2021 2022 2023 2024

YTD
175
Brazil: Top equity deals in Q1’24
Round
Date
Series B Base10 Partners, Big Bets, DOMO.VC, Jam Fund, Valor Capital
N/A
Group
35.5%
Private Equity
2 Amigo Tech $33M 2024-01-26
N/A Riverwood Capital 28.2%
Series B Astella Investimentos, Banco do Brasil, Vox Capital, BASF Venture

3 Traive $20M 2024-02-02
N/A
Capital
17.1%
Seed
4 Loovi $9M 2024-02-24
N/A Marcal Participacoes, Oliveira Participacoes 7.7%
Seed VC
5 Turn2C $5M 2024-03-12
N/A Headline 4.3%
176
State of Fintech
Report Methodology Geography notes: Israel funding figures are classified in Europe;
funding to Oceania and Africa is included in global figures but
equity firms and are tracked by CB Insights. However, they are
excluded for the purposes of this report.
You can download the underlying data found in this report here: not spotlighted in this report. No private placements. These investments, also known as PIPEs
https://www.cbinsights.com/reports/CB-Insights_Fintech- Rounds to private companies that may be majority- or minority- (Private Investment in Public Equities), are not included even if
Report-Q1-2024.xlsx. owned subsidiaries of other private companies. made by a venture capital firm.
If you have questions about the definitions or methodological Valuation data includes estimates to calibrate median and No debt/loans of any kind (except convertible notes). Venture
principles used, or if you feel that your firm has been average valuations based on current and previous quarter debt or any kind of debt/loan issued to emerging, startup
underrepresented, please reach out to info@cbinsights.com. disclosed valuations gathered from the aforementioned four companies, even if included as an additional part of an equity
sources. The estimating method will control for the over- financing, is not included. If a company receives $3M with $2M
sampling of large rounds that are reported quickly versus a from venture investors and $1M in debt, only the $2M is included
What is included: comparative lag in valuations obtained from other sources. in these statistics.
Equity financings into private companies only. Funding rounds Valuation data reflects post-money valuations. No non-equity government funding. Grants or loans by the
raised by public companies of any kind on any exchange Exits include IPOs, SPACs, publicly announced M&A deals, and federal government, state agencies, or public-private
(including Pink Sheets) are excluded from our numbers, even if other liquidity events; only first exits are counted. partnerships to emerging, startup companies are not included.
they received investment from a venture firm. Headquarters are determined by publicly available sources No fundings to subsidiaries of a larger parent corporation unless
Only includes the investment made in the quarter for tranched including company-owned websites and profiles, legal filings, that subsidiary is a private entity and meets other criteria for
investments. If a company does a second closing of its Series B and press releases. inclusion.
round for $5M and previously had closed $2M in a prior quarter, All figures in the report are in USD. Accelerators, incubators, business-plan competitions, economic-
only the $5M is reflected. development entities are excluded from rankings of most active
US financing trends follow the combined statistical area (CSA)
Round numbers reflect what has closed, not what is intended. If methodology. Silicon Valley refers to the San Jose-San investors, even if making equity financings.
a company indicates the closing of $5M out of a desired raise of Francisco-Oakland CSA. Rankings for top investors are calculated according to “company
$15M, our numbers reflect only the amount which has closed. count,” or the number of unique companies an investor funds in
Only verifiable fundings are included. Fundings are verified via a quarter, and so excludes follow-on deals.
(1) various federal and state regulatory filings; (2) direct What is excluded:
confirmation with firm or investor; (3) press release; or (4)
No contingent funding. If a company receives a commitment for
credible media sources.
$20M subject to hitting certain milestones but first gets $8M,
Equity fundings to joint ventures and spinoffs/spinouts are only the $8M is included in our data.
included.
No business development/R&D arrangements, whether
Unicorn data includes private companies valued at $1B or more transferable into equity now, later, or never. If a company signs a
in the private markets globally, per the same 4 sources listed $300M R&D partnership with a larger corporation, this is not
above and relied on for funding events, which include valuations equity financing nor is it from venture capital firms. As a result, it
disclosed in credible media sources. The list is maintained is not included.
publicly and updated in real time at
No buyouts, consolidations, or recapitalizations. All three of
https://www.cbinsights.com/research-unicorn-companies. these transaction types are commonly employed by private
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State of

TLDR Your rundown on

-16% $11.1M 20% $1B 22%

Global Trends 5 New York 109

Annual equity funding & deals

Quarterly equity funding & deals

$30.0B 1,656 1,680

Funding & deals by global region in Q1’24

Percent of quarterly deals by global region

6% 6% 5% 6% 6% 7% 6% 5% 6% 6% 6% 6% 6% All Other Regions, 3%

20% Asia, 23%

40% 40% 41% 39%

Percent of quarterly deals by investor group

Annual average & median deal size

Average Deal Size Median Deal Size

$4.5M $3.9M $3.7M

2020 2022 2024 2020 2022 2024

Annual median deal size by global region

US Asia Europe LatAm Canada

Annual median deal size by investor group

Angel Asset/Investment CVC Corp Private Equity VC

Quarterly funding & deals from mega-rounds (deals worth $100m+)

Mega-round funding & deals by global region in Q1’24

Quarterly mega-round deals by global region

Quarterly mega-rounds as percent of funding

36% 33% 34%

64% 67% 66%

Global: Top equity deals in Q1’24

Series D FTV Capital, Beedie Capital Partners, NextEquity, Nicola Wealth,

Series D Kinnevik, Goldman Sachs Asset Management, Notion Capital, Revaia,

Series C Euclidean Capital, Hamilton Lane, Key1 Capital, Blumberg Capital,

Series B Uber, AfricInvest, Mubadala Investment Company, Palm Drive Capital,

Series C Greenoaks, Kleiner Perkins Caufield & Byers, Sequoia Capital,

Annual percent of deals by deal stage

2020 2021 2022 2023 2024

Regional deal share by deal stage in Q1’24

US Asia Europe LatAm Canada All Other Regions

Early-stag e 42% 24% 22% 4%

Mid-stage 47% 22% 22% 5%

Late-stage 29% 31% 29% 6%

Other 61% 13% 21%

Annual median funding by deal stage

Early-stage Mid-stage Late-stage

$2.0M $2.6M $2.5M $2.3M $3.0M

2020 2022 2024 2020 2022 2024 2020 2022 2024

Global: Top seed/angel deals in Q1’24

Seed VC Castle Island Ventures, Antalpha Ventures, Asymmetric, Bankless Ventures,

Seed VC Coinbase Ventures, Framework Ventures, Wintermute Ventures, Amber Group,

Global: Top Series A deals in Q1’24

Series A Faction, Jump Crypto, Pantera Capital, CMT Digital, Distributed

Series A Hack VC, Placeholder Capital, Apollo Global Management, Auros,

Series A AlixPartners, Mitsubishi UFJ Financial Group, The Cynosure Group,

Series A Fidelity International Strategic Ventures, Portage, State Street,

Sageview Capital, Monarch Global Strategies, TruMark Financial

Series A Federated Hermes, Altair Capital, Exacta Capital Partners, Embrace

Series A Octopus Ventures, Counterpart Ventures, Mouro Capital, QED

Global: Top Series B deals in Q1’24

Series B Uber, AfricInvest, Mubadala Investment Company, Palm Drive Capital,

Series B Goldman Sachs Asset Management, Cometa, FinTech Collective, Mercado

Global: Top Series C deals in Q1’24