Global FinTech Funding Sees Uptick in March 2024

Recent data from 1Lattice has revealed that global FinTechs experienced an uptick in funding during March 2024. The top 20 FinTechs globally raised approximately USD 1.3 billion in March, marking a notable increase compared to USD 1.05 billion in February and 0.87 billion in January of the same year.

The surge in funding extends to previous months as well. In February 2024, global FinTechs raised a total of USD 1.72 billion, followed by USD 1.38 billion in January 2024. This trend continues from December 2023, where FinTechs raised USD 1.71 billion, USD 2.5 billion in November 2023, and USD 2 billion in October 2023.

ANEXT Bank emerged as a leader in global FinTech funding for February, securing USD 148 million from Ant Group. Flagstone followed closely with a USD 136 million raise from Estancia Capital Partners. Solaris and Moove also secured significant funding, raising USD 104 million and USD 100 million respectively from notable investors.

In India, Svatantra Microfinance led the funding charts for March with approximately USD 230 million raised from Advent International and Multiples. Avanse and other FinTechs such as Perfios, mPokket, and IDfy also secured substantial funding amounts ranging from USD 27 million to USD 120 million.

Despite the positive trend, the FinTech sector, like many others, has experienced a decline in funding. In 2023, global FinTech funding decreased by 63% compared to previous years, with a similar downward trend observed in India.

Tracxn’s latest report highlights India’s significant role in global FinTech funding, ranking the country 3rd globally in 2023. The report underscores India’s growing prominence in the global FinTech landscape, despite ongoing challenges in funding across the sector.