A new report points to a record-breaking level of fund-raising by venture capital-backed fintech companies in 2018.
Venture-capital backed fintech firms raised USD$39.57 billion globally in 2018, for a YoY surge of 120% according to a report from data company CB Insights.
The total number of deals hit 1,707 in 2018, as compared to 1,480 the year previously.
According to CB Insights the more than doubling in 2018 fintech investment was primarily the result of 52 mega-rounds each worth over $100 million, and around $24.88 billion cumulatively.
Alibaba-affiliate Ant Financial accounted for over half the total value of these mega-rounds as well as 35% of total global fintech funding last year.
Asia accounted for a record-breaking $22.65 billion in funding, after a 38% leap in the number of deals it hosted compared to 2017.
The US saw $11.89 billion in fintech funding last year via 659 deals, while in Europe funding hit a record $3.53 billion despite a decline in deal numbers.
CB Insights expects fintech IPO activity to remain “lacklustre” in 2019 as a result of the 2018 funding bonanza that led to the emergence of five unicorns valued at over $1 billion in the sector during the final quarter.