Quarterly Funding

Finovate Alums Raised More Than $307 Million in Q4; $1.2 Billion in 2023

Finovate Alums Raised More Than $307 Million in Q4; $1.2 Billion in 2023
By David Penn Posted on
Categories: Alumni News, Daily news, Funding, Fundings, Quarterly Funding

Finovate alums raised more than $1.2 billion in equity funding in 2023. The total funding for the year reflects the continued slowdown in fintech funding that began in 2022.

Previous Annual Comparisons

In the fourth quarter of 2023, eleven Finovate alums raised more than $307 million in equity funding. Note, however, that this sum does not include the equity portion of the investment secured by SumUp, for example. The quarterly total also does not include the investment received by Icon Solutions, the amount of which was undisclosed.

Previous Quarterly Comparisons

  • Q4 2022: More than $380 million raised by 15 alums
  • Q4 2021: More than $1.2 billion raised by seven alums
  • Q4 2020: More than $472 million raised by 17 alums
  • Q4 2019: More than $876 million raised by 21 alums
  • Q4 2018: More than $800 million raised by 19 alums

Nevertheless, the fourth quarter alumni fundraising total approximates that of both last year’s Q4 and the final quarter of 2020.

Top Quarterly Equity Investments

  • Adlumin: $70 million
  • Paysend: $65 million
  • Scalable Capital: $64.7 million

Three investments in the fourth quarter of 2023 stood out among the others: Adlumin, Paysend, and Scalable Capital all announced fundraisings of more than $60 million in Q4. Also noteworthy was the $40 million raised by Stash in October.

Combined, the top three quarterly equity investments from our alums represent more than 65% of the total alum funding haul for Q4 2023.

Here is our detailed alum funding report for Q4 2023.

October 2023: $68 million raised by three alums

November 2023: $145 million raised by three alums

December 2023: More than $94 million raised by five alums

If you are a Finovate alum that raised money in the fourth quarter of 2023, 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.

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Eight Alums Raised More Than $293 Million in Q3 2023

Eight Alums Raised More Than $293 Million in Q3 2023
By David Penn Posted on
Categories: David's column, Funding, Fundings, Quarterly Funding

A few months ago we opined here on the Finovate blog that the funding woes that had plagued fintech in the first half of 2023 might abate in the second half.

If Q3 is any indication, then it will have to be the fourth quarter of the year when that happens.

Eight Finovate alums raised more than $293 million in Q3 of 2023. The number of alums raising funding was consistent with last year’s total. But the overall level of funding for Finovate alums was down from previous third quarters. In fact, the last time Q3 alum funding was less than $1 billion was in 2018, when 19 alums raised $400 million.

Admittedly, two of the eight alums to report funding in the third quarter of 2023 did not disclose funding amounts. This means that the total investment for Finovate alums in Q3 could be significantly higher than what is known today. And it was interesting to note how many fintechs that did secure investment over the summer months were headquartered in developing markets. But that aside, for markets in the U.S., the U.K., and Europe, in particular, the fintech funding drought continues to define the terrain.

Previous Quarterly Comparisons

  • Q3 2022: More than $1 billion raised by eight alums
  • Q3 2021: More than $1.1 billion raised by 14 alums
  • Q3 2020: More than $1.2 billion raised by 14 alums
  • Q3 2019: More than $1 billion raised by 21 alums

Top Equity Investments for Q3 2023

The top equity investment of the quarter among Finovate alums was clearly the $110 million raised by SpyCloud. The company, which won Best of Show in its Finovate debut at FinovateFall in 2017, specializes in helping businesses fight account takeover fraud, as well as other types of cybercrime.

Headquartered in Austin, Texas, and founded in 2016, SpyCloud gives organizations visibility into exposed credentials actively traded on the dark web. In response, SpyCloud’s platform not only uncovers these stolen credentials, but also leads to the capture of 40 million exposed assets every week. The company’s Q3 investment takes its total equity funding to more than $168 million.

Also noteworthy in the third quarter were the investments secured by Tradeshift ($70 million), ThetaRay ($57 million), and Splitit ($50 million).

Here is our detailed alum funding report for Q3 2023.

July 2023: More than $4.5 million raised by three alums

August 2023: More than $232 million raised by four alums

September 2023: $57 million raised by one alum

If you are a Finovate alum that raised money in the third quarter of 2023 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.

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Ten Alums Raised More Than $209 Million in Q2 2023

Ten Alums Raised More Than $209 Million in Q2 2023
By David Penn Posted on
Categories: Alumni News, David's column, Funding, Fundings, Quarterly Funding

Do any of these headlines sound familiar?

“Global fintech funding nearly halves to $23B in H1 2023”

“North American Startup Funding Fell Across All Stages in Q2”

“Most Active Investors Pare Dealmaking in First Half of 2023”

These are some of the recent headlines from sources such as Crunchbase News and S&P Global Market Intelligence. While there was some real enthusiasm around Generative AI as the summer began, the reality is that technology investors remain cautious in the face of inflationary fears, higher interest rates, and a number of high-profile blowups in some of the more speculative areas of technology. This challenge has been especially acute in fintech. Not only have concerns over COVID-era overinvestment and “malinvestment” been loud in this space, but also fintech has more direct exposure to some of the economic discontents mentioned above.

The retrenchment in fintech funding was in evidence during Q2 2023 for our Finovate alums, as well. Over the quarter, ten alums raised more than $209 million. This makes Q2 2023 one of the lowest quarters in terms of equity capital raised by our alums in many years. Note that two of the nine alums that reported receiving investment dollars in April, May, and June – Agent IQ and EverC – did not disclose the amounts of their fundings. Nevertheless, this quarter’s total is a clear reflection of the relative tepid investment climate across technology writ large.

Previous quarterly comparisons

  • Q2 2022: More than $984 million raised by eight alums
  • Q2 2021: More than $2.8 billion raised by 14 alums
  • Q2 2020: More than $975 million raised by 15 alums
  • Q2 2019: More than $1.8 billion raised by 29 alums
  • Q2 2018: More than $1.5 billion raised by 26 alums

The biggest fundraising alum of the quarter was NYMBUS. The company enables financial institutions to digitally transform their operations through a variety of solutions including SmartCore, SmartPayments, and its standalone digital bank alternative, SmartLaunch. Founded in 2015 and headquartered in Jacksonville, Florida, NYBUS made its most recent Finovate appearance at FinovateFall 2019.

Top Equity Investments

  • NYMBUS: $70 million
  • PayNearMe: $45 million
  • BioCatch: $40 million

Other big alumni fundraisers in Q2 2023 were PayNearMe and BioCatch, which raised $45 million and $40 million, respectively. PayNearMe is a three-time Finovate Best of Show winner, making its Finovate debut back in 2010. The Santa Clara, California based fintech offers a cash payments platform that facilitates online purchases and billpay.

Headquartered in Tel Aviv, Israel, BioCatch demoed its technology at FinovateFall in 2014. Since then, the behavioral biometrics innovator has grown into a major player in the advanced fraud protection industry. The firm continuously protects more than five billion sessions per month and serves more than 250 million users around the world. In 2022, BioCatch prevented more than $2 billion in fraud losses.

Here is our detailed alum funding report for Q2 2023.

April: More than $35 million raised by three alums

  • EverC: undisclosed – post
  • Stratyfy: $10 million – post
  • Tyfone: $25 million – post

May: More than $127 million raised by five alums

  • Agent IQ: undisclosed – post
  • BioCatch: $40 million – post
  • Cable: $11 million – post
  • Kognitos: $6.75 million – post
  • NYMBUS: $70 million – post

June: More than $47 million raised by two alums

  • PayNearMe: $45 million – post
  • StockRepublic: $2.81 million – post

If you are a Finovate alum that raised money in the second quarter of 2023 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.

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More Than $453 Million Raised by Thirteen Alums in Q1 2023

More Than $453 Million Raised by Thirteen Alums in Q1 2023
By David Penn Posted on
Categories: Alumni News, Funding, Fundings, Quarterly Funding

Thirteen Finovate alums raised more than $453 million in funding in the first quarter of 2023. Q1 of this year topped last year’s first quarter total but fell short of the massive amount of capital raised by a sizable number of Finovate alums in the first quarter of 2021.

Previous quarterly comparisons

  • Q1 2022: $365 million raised by 11 alums
  • 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

The biggest fundraising of the first three months of the year was the $250 million raised by long-time Finovate alum eToro. Also noteworthy was the $92 million secured by Zopa in February.

Top Equity Investments from Q1 2023

  • eToro: $250 million
  • Zopa: $92 million
  • SESAMm: $37 million
  • LeapXpert: $22 million
  • Hawk AI: $17 million
  • Stratyfy: $10 million
  • DirectID: $9.5 million
  • NYMBUS: $9 million
  • Connect Earth: $5.6 million
  • QuantConnect: $1.5 million

Our top equity investments for Q1 2023 reveal a major range in funding from eToro’s $250 million to the $1.5 million raised by QuantConnect. Given the number of alums receiving funding in the first quarter, it is no surprise that the top 10 equity investments in Q1 make up the vast majority of all alum funding for the quarter. Also worth noting was the fact that eToro’s $250 million represents more than 50% of the top 10 equity investment total.

Here is our detailed alum funding report for Q1 2023.

January: More than $18 million raised by three alums

February: More than $101 million raised by two alums

March: More than $333 million raised by eight alums

If you are a Finovate alum that raised money in the first quarter of 2023 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.

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Finovate Alums Raised More Than $380 Million in Q4; $2.7 Billion in 2022

Finovate Alums Raised More Than $380 Million in Q4; $2.7 Billion in 2022
By David Penn Posted on
Categories: Alumni News, Funding, Fundings, Quarterly Funding

Finovate alums raised more than $2.7 billion in equity funding in 2022. The sum makes the $8.4 billion raised in 2021 seem all the more an outlier as our alumni funding levels return to those common in 2020 and before.

Previous Annual Comparisons

The fourth quarter of 2022 saw Finovate alums secure more than $380 million in funding. This amount recalls the relatively modest fundraising haul from Q4 2020, with a comparable number of alums raising capital.

Previous Quarterly Comparisons

  • Q4 2021: More than $1.2 billion raised by seven alums
  • Q4 2020: More than $472 million raised by 17 alums
  • Q4 2019: More than $876 million raised by 21 alums
  • Q4 2018: More than $800 million raised by 19 alums
  • Q4 2017: More than $730 million raised by 23 alums

Outsystems’ $228.4 million fundraising was easily the quarter’s standout investment. Also raising sizable amounts in the final three months of 2022 were Moneyhub, which raised more than $61 million over the course of the quarter, and Banyan, which secured $28 million in funding.

Top Quarterly Equity Investments

  • Outsystems: $228.4 million
  • Moneyhub: $61.6 million
  • Banyan: $28 million
  • Cinchy: $14.5 million
  • Buckzy: $14.5 million

Here is our detailed alum funding report for Q4 2022.

October 2022: More than $316 million raised by eight alums

November 2022: $13 million raised by two alums

December 2022: More than $52 million raised by five alums

If you are a Finovate alum that raised money in the fourth 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.

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Eight Alums Raise More Than $1 Billion in Q3 of 2022

Eight Alums Raise More Than $1 Billion in Q3 of 2022
By David Penn Posted on
Categories: Funding, Fundings, Quarterly Funding

2022 marks the fourth year in a row in which Finovate alums have raised $1 billion or more in equity funding in the third quarter. The number of alums reporting investments in Q3 this year was lower than in previous years, and much of the quarter’s lofty fundraising total comes from a single, sizable investment of $800 million in Klarna.

Also continuing a trend we’ve seen for the past few years is the relatively strong performance of August compared to other months in the third quarter. While more capital was invested our alums in July (again, credit to Klarna), August featured more alums receiving funding than any other month in Q3 this year.

Previous Quarterly Comparisons

  • Q3 2021: More than $1.1 billion raised by 14 alums
  • Q3 2020: More than $1.2 billion raised by 14 alums
  • Q3 2019: More than $1 billion raised by 21 alums
  • Q3 2018: More than $400 million raised by 19 alums
  • Q3 2017: More than $1 billion raised by 31 alums

Top Equity Investments for Q3 2022

The top equity investment of the quarter for Finovate alums this year was Klarna’s $800 million fundraising in July. In fact, at nearly 80% of the quarter’s total alum funding haul, Klarna’s investment was significantly larger than combined amount of the other six known alum investments in Q3.

While impressive in this context, the capital infusion did come with a reduction in Klarna’s valuation. According to Reuters, the Swedish e-commerce and payments innovator was valued at $6.7 billion in its July transaction, an 85% drop from its 2021 valuation of $46 billion.

Here is our detailed alum funding report for Q3 2022.

July 2022: $839 million raised by three alums

August 2022: More than $118 million raised by four alums

September 2022: $52 million raised by one alum

If you are a Finovate alum that raised money in the third 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.

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Eight Alums Raised More Than $984 Million in Q2 2022

Eight Alums Raised More Than $984 Million in Q2 2022
By David Penn Posted on
Categories: Allied Payment Network, Altro, Autobooks, Backbase, Chekk, Crowdz, David's column, Funding, Fundings, Quarterly Funding, SumUp, Thought Machine

We may have missed an alum or two. But with the second quarter of 2022 in the books, here’s a look at our Finovate alumni funding for April, May, and June of this year.

As of our current count, eight Finovate alums have raised more than $984 million in Q2 of 2022. Of the eight alums that received funding in the quarter just ended, two – Allied Payment Network and Chekk – did not disclose the total amount of their investments.

Two of the quarter’s biggest investments were received in June, giving that month the lion’s share of capital raised by Finovate alums in the second quarter of the year.

Previous quarterly comparisons

  • Q2 2021: More than $2.8 billion raised by 14 alums
  • Q2 2020: More than $975 million raised by 15 alums
  • Q2 2019: More than $1.8 billion raised by 29 alums
  • Q2 2018: More than $1.5 billion raised by 25 alums
  • Q2 2017: More than $726 million raised by 25 alums

As we noted last year around this time, it is not unusual for second quarters to produce more moderate funding numbers compared to other quarters. And, as with last year, April proved to be an especially “cruel” month for fintech funding – at least as measured by our alums – with only FinovateEurope alum and relative newcomer Crowdz reporting funding that month.

That said, this year’s Q2 haul surpassed that of two of the previous five second quarters – and with significantly fewer alums participating.

Top Equity Investments

  • SumUp: $624 million
  • ThoughtMachine: $160 million
  • Backbase: $122 million

The top equity investment for the quarter was far and away the $624 million raised by London-based e-commerce innovator SumUp. In fact, all three of the top equity investments in Q2 of 2022 were greater than the largest investment in the previous quarter. SumUp’s massive capital infusion rivals all Finovate alum investments since NuBank raised $750 million in the second quarter of 2021.

Backbase’s fundraising of $122 million was notable because it was the first time the company had sought outside capital in its nearly 20 years of existence.

Here is our detailed alum funding report for Q2 2022.

April: $10 million raised by one alum

May: More than $178 million raised by three alums

June: More than $796 million raised by four alums

If you are a Finovate alum that raised money in the second 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.

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More Than $365 Million Raised by 11 Alums in Q1 of 2022

More Than $365 Million Raised by 11 Alums in Q1 of 2022
By David Penn Posted on
Categories: Alumni News, Funding, Fundings, Quarterly Funding

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

February: $55 million raised by three alums

March: More than $155 million raised by six alums

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.

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Finovate Alums Raised $1.2 Billion in Q4; $8.4 Billion for the Year

Finovate Alums Raised $1.2 Billion in Q4; $8.4 Billion for the Year
By David Penn Posted on
Categories: Alumni News, Funding, Fundings, Quarterly Funding

Finovate alums notched their biggest fourth quarter fundraising since 2014, securing $1.2 billion in equity investment. The strong Q4 gives Finovate alums a 2021 fundraising total of $8.4 billion, more than double the capital raised in any previous year.

Previous Annual Comparisons

2021’s fundraising strength comes courtesy of $3.3 billion raised in Q1, $2.8 billion raised in Q2, and $1.1 billion raised in Q3. Fundraising in this year’s fourth quarter is also significantly higher than that raised in previous Q4s, and by a significant margin. The fact that Q4’s sizable fundraising totals came as a result of investments in only six alumni makes the current quarter’s accomplishment all the more remarkable.

Previous Quarterly Comparisons

  • Q4 2020: More than $472 million raised by 17 alums
  • Q4 2019: More than $876 million raised by 21 alums
  • Q4 2018: More than $800 million raised by 19 alums
  • Q4 2017: More than $730 million raised by 23 alums
  • Q4 2016: More than $700 million raised by 26 alums

Four of this quarter’s fundings were at or above the $200 million mark. This marks a first for Finovate alums. The biggest investment received in Q4 of 2021 was the $450 million secured by Socure, a fundraising total that has never been met by a Finovate alum in the final quarter of the year.

Top Quarterly Equity Investments

  • Socure: $450 million
  • Zopa: $304 million
  • Mambu: $266 million
  • Thought Machine: $200 million

Here is our detailed alum funding report for Q4 2021.

October 2021: More than $329 million raised by two alums

November 2021: More than $650 million raised by two alums

December 2021: More than $266 million raised by two alums

If you are a Finovate alum that raised money in the fourth quarter of 2021, 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.

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More Than $1.1 Billion Raised by 14 Alums Q3 2021

More Than $1.1 Billion Raised by 14 Alums Q3 2021
By David Penn Posted on
Categories: Alumni News, David's column, Funding, Fundings, Quarterly Funding

For the third Q3 in a row, Finovate alums have raised at least $1 billion in equity funding. This year’s third quarter is consistent with both the amounts raised ($1.1 billion) and the number of alums securing investment (14) from the same quarter last year.

Interestingly, August continues to be a strong month for alum funding during the third quarter; for a third consecutive year, August investment has exceeded that of both July and September for our Finovate alums.

Previous Quarterly Comparisons

  • Q3 2020: More than $1.2 billion raised by 14 alums
  • Q3 2019: More than $1 billion raised by 21 alums
  • Q3 2018: More than $400 million raised by 19 alums
  • Q3 2017: More than $1 billion raised by 31 alums
  • Q3 2016: More than $500 million raised by 30 alums

The third quarter of 2021 also saw one company, DriveWealth, become far and away the biggest recipient of investment dollars, topping the second biggest fundraiser by 3x. Three companies, M1 Finance, Alloy, and AuthenticID, secured triple-digit investments of at least $100 million.

The top ten equity investments, in a quarter with fourteen total alum fundraisings, represented the lion’s share of Q3’s investment total. Approximately 90% of the quarter’s total funding was represented by Q3’s top ten investments.

Top Ten Equity Investments for Q3 2021

  • DriveWealth: $450 million
  • M1 Finance: $150 million
  • Alloy: $100 million
  • AuthenticID: $100 million
  • Ocrolus: $80 million
  • Paystand: $50 million
  • Sezzle: $30 million
  • Dwolla: $21 million
  • Moneyhub: $18 million
  • Capitalise.com: $13.8 million

Here is our detailed alum funding report for Q3 2021.

July 2021: More than $469 million raised by seven alums

August 2021: More than $476 million raised by five alums

September 2021: More than $180 million raised by two alums

If you are a Finovate alum that raised money in the third quarter of 2021, 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.

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More Than $2.8 Billion Raised by 14 Alums in Q2 2021

More Than $2.8 Billion Raised by 14 Alums in Q2 2021
By David Penn Posted on
Categories: Funding, Fundings, Quarterly Funding

Finovate alums enjoyed their biggest Q2 fundraising to date. A total of 14 alums from both our Finovate and FinDEVr conferences raised in excess of $2.8 billion in equity funding over the course of April, May, and June of this year.

For those who wondered if the second quarter of 2021 would represent a continuation of the strong performance Finovate alums recorded in Q1 of 2021, the answer is an unqualified “yes.” In fact, Q2 2021 funding not only exceeded all previous second quarter tallies; the sum also rivaled all previous first quarter alumni funding totals, as well.

Previous quarterly comparisons

  • Q2 2020: More than $975 million raised by 15 alums
  • Q2 2019: More than $1.8 billion raised by 29 alums
  • Q2 2018: More than $1.5 billion raised by 25 alums
  • Q2 2017: More than $726 million raised by 25 alums
  • Q2 2016: More than $510 million raised by 23 alums

Most of the funding in the second quarter came in the month of June, both in terms of the amounts raised and the number of alums involved. Modest second quarters are no surprise, and this year’s slow April – with only a pair of alums announcing funding – is reminiscent of last year’s slow May in which only three alums announced funding.

Top Equity Investments for Q2 2021

  • NuBank: $750 million
  • Plaid: $425 million
  • Trulioo: $394 million
  • Klarna: $369 million
  • Scalable Capital: $180 million
  • Paysend: $125 million
  • SmartAsset: $110 million
  • TipRanks: $77 million
  • Arkose Labs: $70 million
  • Credit Sesame: $51 million

Four big fundraisings dominated the second quarter for Finovate alums. NuBank’s $750 million was the clear standout, but impressive sums were raised by three other alums – Klarna, Plaid, and Trulioo – in Q2 also. Altogether, the top ten equity investments for Finovate alums in the second quarter represented $2.55 billion or more than 91% of the total raised by alums in Q2 2021.

Here is our detailed alum funding report for Q2 2021.

April: More than $440 million raised by two alums

May: More than $303 million raised by four alums

June: More than $2.1 billion raised by eight alums

If you are a Finovate alum that raised money in the second quarter of 2021 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.

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More Than $3.3 Billion Raised by 26 Alums in Q1 of 2021

More Than $3.3 Billion Raised by 26 Alums in Q1 of 2021
By David Penn Posted on
Categories: Alumni News, Funding, Fundings, Quarterly Funding

When it comes to the competition for investment dollars, Finovate alums are off to their best start to date. Having raised more than $3.3 billion in funding in the first three months of 2021, companies that have demoed their innovations on the Finovate stage are attracting VC capital at the fastest rate in years.

In fact, Finovate alums in Q1 of 2021 raised more money than in the previous four first quarters combined.

Previous quarterly comparisons

  • 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

This year’s powerful first quarter came courtesy of nearly a dozen, nine-plus figure investments. Global breadth was wide. Among the countries represented by the quarter’s top ten equity investments are Sweden, Brazil, Germany, and the U.K. And within the U.S., innovators from familiar locations in Silicon Valley share our top ten list with fintechs from Boston, New York, and Lehi, Utah.

Top Equity Investments

  • Klarna: $1 billion
  • Nubank: $400 million
  • Blend: $300 million
  • MX: $300 million
  • Feedzai: $200 million
  • Jumio: $150 million
  • OutSystems: $150 million
  • Mambu: $135 million
  • Stash: $125 million
  • Blockchain.com: $120 million

The top ten equity investments of the quarter represented $2.88 billion or 87% of the quarterly total. As large as these investments were, they represented a smaller share of the quarter’s overall total than we’ve seen in the past few years. In 2020, the top ten investments made up more than 99% of the Q1 total. In 2019, the top ten represented more than 91% of the total raised by Finovate alums for the first quarter.

Here is our detailed alum funding report for Q1 2021.

January: More than $1.3 billion raised by 10 alums

February: More than $533 million raised by eight alums

March: More than $1.5 billion raised by eight alums

If you are a Finovate alum that raised money in the first quarter of 2021 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.

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