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Chinese tech firms get more funding in Q1
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Funding in Chinese financial technology companies accounted for nearly half of the overall fintech funding across the globe in the first quarter, primarily as a result of funding rounds to JD Finance and Lu.com which both succeeded US$1 billion, a latest report says.
Global investment in private fintech companies totaled US$5.7 billion in the first three months of the year, according to a report released by KPMG International and CB Insights.
Following a drop in the fourth quarter last year, fintech investment in Asia picked up and hit a new high of US$2.6 billion, followed by North America with US$1.8 billion and Europe at just US$348 million.
VC-backed fintech deals rose to a new quarterly high of 218 globally after activity fell to the lowest level in the fourth quarter last year.
“Investors are putting money into fintech companies all over the world, ranging from traditional strongholds of China, the US and the UK to up and coming fintech hubs like Singapore, Australia and Ireland,” said Warren Mead, Global Co-Leader of Fintech, KPMG International.
“Global VC investment into the technology sector may be experiencing a bit of a pause, however fintech, propelled by some very large mega-rounds, has proven to be an exception to the rule,” he added.
Funding figures in the second quarter this year is also expected to stay at a high following the announcement of the US$4.5 billion funding round of Alibaba’s financial affiliate Ant Financial, which closed in April.
“While fintech startups continue to attract large investment both in the US and abroad, and investors gravitate to areas yet untouched by much tech innovation including insurance, recent events and public market performance suggest that growth-stage fintech fundraising will be harder to come by moving forward in 2016,” CB Insights CEO Anand Sanwal said.
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