State of Fintech Q3’24 Report

Global | Q3 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 “Steal” our data. Download the underlying data in this report. If you createany analysis or visualizations with this data, send it ourway and you could be featured in the CBI newsletter.@ us on social–LinkedIn X (Twitter)Instagram TLDRState ofFintech Your rundown onfintechin Q3’24 $12.7M $7.3B 52%Oftop early-stagedeals are in less-crowded geos. -16% 67% Increase in fundingfor wealthtech. Dropin total fintechdeal volume to arecent low. Global fintechfunding. Down 25%QoQ. Average deal sizethis year. Wealth tech fundingincreased the most of anyfintech sector, from $0.6Bin Q2 to $1B in Q3.Thiswas fueled by2 substantialdeals:a$242M Series F forturnkey retirement planprovider Human Interest;and a $200M Series B forEarned Wealth, a digitalwealth manager targetingmedical professionals. Despite deal volumedeclining, average dealsize has remained roughlyflat YTD, at $12.7M,compared to $13.2M forfull-year 2023. Just over half of the topearly-stage (seed & SeriesA) deals occurredinfinancial services marketsoutside the US and UK—incountries like France, India,Italy, and Kenya. Total deals forfintechscontinued to decline,falling 16% from 892 in Q2to 753 in Q3. This marksthe lowest quarterly levelsince 2017. While funding tumbledquarter-over-quarter (QoQ),the drop wasn’t as severeas it looks. The prior quarter’s levelwas propped up by $1.3Bworth of funding to StripeandAlphaSense. Excludingthese rounds, the declinefrom Q2’24 to Q3’24 wouldhave been 13%. This suggests dealmakershave narrowed their focusto fewer, higher-dollarbets. For comparison, fintechdeal volume clocked in atnearly 1,500 two years ago,in Q3’22—roughly doublewhere it stands now. Less-crowdedmarkets likethese offer more room forearly-stagefintechsto findniches and grow theirclient bases. See the data→ See the data→ See the data→ See the data→ See the data→ ContentsState of Fintech Asia116India122Singapore126Japan130Europe134United Kingdom140France144LatAm148Brazil154Africa158Oceania164 Global Trends Investment Trends7Unicorns30Exit Trends36Investors42 Collection Spotlights46 Payments47Banking56Digital Lending65Wealth Tech74Insurtech83Capital Markets Tech92 101102108112 Geographic Trends USSilicon ValleyNew York 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 Q3’24 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 Q3’24 State of Fintech|Global Trends|Investment Trends Annual median funding by deal stage Global: Top Series B deals in Q3’24 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 Q3’24 State of Fintech|Global Trends|Unicorns Global: Top unicorns by valuation in Q3’24 Exit Trends Quarterly exits State of Fintech|Global Trends|Exit Trends Percent of quarterly exits by global region Global: Top M&A exits in Q3’24 State of Fintech|Global Trends|Exit Trends Global: Top IPOs in Q3’24 State of Fintech|Global Trends|Exit Trends Global: Top SPACs in Q3’24 Investors State of Fintech|Global Trends|Investors State of Fintech|Global Trends|Investors Global: Top VCs by company count in Q3’24 State of Fintech|Global Trends|Investors Collection Spotlights Payments State of Fintech|Collection Spotlights|P