Global fintech funding clocked in at $28.8B in Q1/22, down 18% quarter-over-quarter — the largest percentage drop in quarterly funding since 2018 – according to the latest data from CBInsights.
Europe bucked the trend, with funding for the fintech sector rising by 39% to $7.9 million, despite a dip in deal volumes.
The US and Asia fared less well. In Asia, funding slid by 44% to $4.8 billion, while deals hit a record high of 388. The US also scored a 27% drop in funding, hitting $13.3 billion on 489 deals.
Acorss the northern border of the US, Canada recorded a massive 80% increase in funding, bringing in $615 million on 39 deals.
By industry sector, insurtech, banking, payments and wealth tech all recorded declines in funding. Spending on capital markets startups was the only sector to witness a healthy increase at 16%.