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Quarterly funding for Finovate alums topped $365 million in the first three months of 2022. The amount is lower than last year’s Q1 tally, and is more reminiscent of the sums raised by Finovate alums in the first quarters of 2019, 2017, and 2016. The number of alums receiving funding in Q1 of 2022 was also lower than in recent years.
That said, overall fintech investment is as strong as ever. According to research from CB Insights, while overall fintech investment in Q1 of 2022 was lower than in three out of four quarters in 2021, the sum – more than $28 billion – tops Q1 2021 and stands as the largest first quarter for fintech investment on record.
Previous quarterly comparisons
- Q1 2021: $3.3 billion raised by 26 alums
- Q1 2020: $1.3 billion raised by 14 alums
- Q1 2019: $468 million raised by 20 alums
- Q1 2018: $1.3 billion raised by 26 alums
- Q1 2017: $230 million raised by 20 alums
- Q1 2016: $656 million raised by 32 alums
Top Equity Investments
- Personetics: $85 million
- iProov: $70 million
- Glia: $45 million
- Atomic: $40 million
- OCR Labs: $30 million
- Zeta: $30 million
- Vymo: $22 million
- TickSmith: $20 million
- doxo: $18.5 million
- Plinqit: $5 million
The biggest fundraising of the quarter was the $85 million secured by Personetics in January. Close behind was the $70 million that iProov raised – also in the first month of the year. Given that there were only 11 alums reporting funding in Q1 of 2022, it is understandable that the top ten equity investments for the quarter represent virtually all of the known funds raised by Finovate alums in the first three months of the year.
Here is our detailed alum funding report for Q1 2022.
January: $155 million raised by two alums
- iProov: $70 million – post
- Personetics: $85 million – post
February: $55 million raised by three alums
March: More than $155 million raised by six alums
- Atomic: $40 million – news
- Blockchain.com: undisclosed – post
- doxo: $18.5 million – post
- Glia: $45 million – post
- Vymo: $22 million – post
- Zeta: $30 million – post
If you are a Finovate alum that raised money in the first quarter of 2022 and do not see your company listed, please drop us a note at research@finovate.com. We would love to share the good news! Funding received prior to becoming an alum not included.