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Early-stage fintech startups just got a new funding source

Variety

24-04-2023 | 04:47

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Early-stage fintech startups just got a new funding source

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First things first, funding for the quarter totaled $15 billion, which is up 55 percent from the fourth quarter, but clearly showing a market correction due to the staggering amounts fintech companies raised in both 2021 and 2022.

And, it’s important to note that of that $15 billion, $6.5 billion was Stripe’s raise. Without that deal, CB Insights said funding would have amounted to $8.5 billion, or a 12 percent drop in funding from the fourth quarter of 2022.

Meanwhile, 2022 was flush with fintech companies reaching unicorn status, with 72 unicorns minted that year, and 38 in the first quarter alone. That was likely aided by the plethora of available capital flowing into the sector, however; in the first quarter of 2023, just one fintech company was minted a unicorn: Egypt-based MNT-Halan, which in early February raised $260 million in equity financing at a $1 billion valuation. According to the CB Insights’ latest State of Fintech report, this is the first time that has happened since the end of 2016.

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