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Global FinTech funding surges to $2.9 billion in May 2024

Global FinTech firms raised $2.9 billion in May 2024, with top deals totaling $2.1 billion.

Global FinTech funding surges to $2.9 billion in May 2024
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Global FinTech funding surges to $2.9 billion in May 2024

The financial technology (FinTech) sector continued its robust growth trajectory in May 2024, with global funding rounds amassing an impressive $2.9 billion. This surge underscores the increasing confidence investors have in the sector's potential to revolutionize financial services through innovation and technology.

In May 2024, the top 20 global FinTech deals totaled approximately USD 2.1 billion, marking a notable increase from previous months, as per data from 1Lattice. This compares to USD 1.82 billion in April, USD 1.3 billion in March, and USD 1.05 billion in February, indicating a steady rise in investment. Overall, the FinTech sector globally raised USD 2.55 billion in April, USD 1.96 billion in March, and USD 1.72 billion in February, showcasing consistent growth in funding.

Leading the funding surge in May, FinTech company Abound secured USD 862 million from GSR Ventures, followed by Monzo with a USD 190 million investment from CapitalG and GIC. Other significant raises included Altruist with USD 169 million, MAR Mining with USD 100 million, and Alpian with USD 83.5 million. This pattern of substantial investments highlights the confidence and interest in the sector's potential for innovation and expansion.

In India, Annapurna Finance topped the fundraising list in May with USD 71.8 million, followed by Spandana with USD 28.8 million from Siguler Guff. Propelld, Kinara Capital, and Lendingkart also raised significant amounts, underscoring India's strong presence in the global FinTech landscape. Despite a downward trend in FinTech funding globally and in India in 2023, India still ranked third globally for FinTech startup funding, demonstrating its vital role in the industry.

The $2.9 billion raised by global FinTech companies in May 2024 highlights the sector's dynamic growth and the increasing investor confidence in its potential to transform financial services. With continuous technological advancements and expanding digital economies worldwide, the FinTech sector is poised for sustained growth and innovation. Investors, consumers, and financial institutions alike stand to benefit from the ongoing evolution of FinTech.

Divya Shivaji
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