Investment in fintech hits record
GLOBAL investment in financial technology ventures reached another all-time high in 2017, buoyed by a surge in funding for startups in the United States, United Kingdom and India, according to a report from Accenture.
Financial technology financing throughout the world rose 18 percent to US$27.4 billion in the past year, with the value of deals in the US jumping 31 percent to US$11.3 billion. Deal values almost quadrupled in the UK to top US$3.4 billion and soared nearly fivefold in India to US$2.4 billion.
The number of fintech deals soared from just over 1,800 in 2016 to nearly 2,700 in 2017, as investors continued to scour the globe for innovation in insurance, banking and capital markets startups, according to Accenture’s analysis of data from CB Insights, a global venture-finance data and analytics firm.
“Much of the growth, particularly in the US and UK, has been driven by big new investment flows from China, Russia, the Middle East and other emerging economies,” said Julian Skan, senior managing director in Accenture’s financial services practice.
The rapid rise of ‘insurtech’ ventures was another contributor to the growth as traditional carriers see new opportunities for business, the report said.
The past year saw more deals in China but fewer megadeals in the fintech space, as investors pulled back after pouring billions of dollars into giant-sized transactions, it found.
Fintech funding in China fell 72 percent in 2017 to US$2.8 billion from a record high of US$10 billion in 2016, when several companies, including Ant Financial Service Group, had multi-billion-dollar financing rounds.
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