FinTech Surges Forward With $1.3 Billion in One Week
With 1.3 billion dollars raised across 36 transactions this week, the success of FinTech startups has continued apace. According to an investigation, the value was unchanged from the previous week, but the deal count grew from last week’s total of 23. Nevertheless, the size of agreements was more fairly distributed, with the top 10 deals raising $1 billion and the rest 26 deals generating $300 million. In contrast, the prior week’s top ten agreements brought in $1.32 billion, while the remaining thirteen deals brought in only $60 million.
The United States remained the leader in Fintech funding agreements, with 16. This was followed by the United Kingdom with 4 and France with 3. India, Colombia, Australia, Singapore, Switzerland, Israel, Brazil, and Sweden were also involved in the deals. Bound, a marketplace lender in the United Kingdom, and Mintifi, a supply chain financing provider based in India, closed the two largest agreements. Companies from the United States landed five of the top ten deals, with competition from France, Australia, and the United Kingdom.
FinTech Global stated that despite the success among some cryptocurrency enterprises and few investments & exits, crypto trading platforms were the leading cause of FinTech failures in 2022. The collapse of FTX was its most publicized bankruptcy, and its effects were felt throughout the whole cryptocurrency market. Lastly, FinTech Global interviewed several key figures in the CyberTech industry about generative AI, a rapidly growing field that might be exploited by criminals leading to fraud. Generative AI offers the potential for beneficial uses in the FinTech business, despite the concerns regarding its misuse.
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