FinTech start-ups are set to break funding records in 2017, as record as insurance, wealth management, lending and blockchain-related companies attract unprecedented investment.
According to a new report from technology industry research firm CB Insights, there have been 496 global FinTech deals thus far in 2017, raising $8 billion, with more than $5 billion of the sum raised in the second quarter alone. This just $6.1 billion shy of the annual record set in 2015. Despite political and economic concerns, in the past three months, five new start-ups with valuations over $1 billion were born: Clover Health, Robinhood Financial, Avidxchange, Symphony and Tuandaiwang, according to CB Insights.
Venture capital firms have been the most active investors in the past five quarters, but corporate participation hit a five-quarter high for FinTech in the second quarter, with these firms participating in more than 30% of deals globally. Blockchain and Bitcoin startups, which saw funding grow 100% on a quarterly basis, and insurance and wealth management related startups also made massive strides, seeing funding rise by more than 200%.
