Global fintech investment rises 18% to $27.4bn in 2017
According to new research from global data and analytics firm CB Insights, global venture capital (VC) investment in fintech reached $27.4bn in 2017, a rise of 18% compared to 2016.
This reflected increasing levels of fintech levels across a number of countries, particularly in the UK and India. Whilst the US saw a 31% increase to $11.3bn, deal values jumped almost four-fold in the UK and five-fold in India.
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“Much of the growth, particularly in the U.S. and UK, has been driven by big new investment flows from China, Russia, the Middle East and other emerging economies,” said Julian Skan, senior managing director in Accenture’s Financial Services practice. “India’s boom was driven by strong demand for cashless services following the country’s ‘demonetization’ events.”
The total number of deals also sharply rose throughout 2017 to 2,700, up from the 1,800 recorded a year earlier.
“This volume of investment reflects the soaring demand within financial services for new digital innovations, as these technologies prove their value and applicability in the market,” added Richard Lumb, Group Chief Executive—Financial Services at Accenture. “That will continue to position fintechs for a vital role in helping reshape the financial services landscape.”