Note from the Publisher: CB Insights and KPMG are reporting that fintech funding worldwide from the VC community has fallen 52% year over year against Q3 2015. While this number is no doubt accurate, it may also represent a shift toward internal funding of fintech ventures from banks such as Goldman Sachs, and Bank of America. Many of the larger financial institutions have set up internal incubators and accelerators for fintech, such as Goldman Sachs and Citi. In fact, we first reported this story last week, but this new piece has additional percentages and information, which we felt were of interest, so hence the "do-over".
"The top 20 deals, including Affirm, Mobikwik and One97, raked in 67 percent of the total funding to payments technology companies in the first three quarters, it added.
Venture Capital funding in the financial technologies sector fell 52 percent globally to USD 2.4 billion in the third quarter this year, says a report.
According to the quarterly state of fintech VC investment report by KPMG and CB Insights, VC-backed fintech companies raised USD 2.4 billion in the July-September period, down 52 percent over the same quarter last year.
The number of deals during the period under review fell 12 percent from the previous, April-June, quarter while funding was down 17 percent, the report said."
Source: Moneycontrol