Global investment in fintech fell significantly in 2020 as the Covid-19 pandemic hit but picked up significantly in the second half of the year, according to KPMG, which expects a strong 2021 for the sector.
In its most recent Pulse of Fintech report, KPMG claims worldwide investment across M&A, PE, and VC was $105 billion over 2861 prices in 2020down to the $165 billion listed in 2019.
With the exclusion of M&A – that saw bargain worth fall over 50 percent – the general fintech market was resilient despite doubts like the Covid-19 pandemic as well as the US presidential election.
There was a coronavirus-driven fall off at the first half of this year but fintech investment slipped back in the next half – more than doubling from $33.4 billion to $71.9 billion.
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Both the Americas ($23 billion) and Emea ($9.2 billion) regions saw record highs of annual fintech-focused VC investment. US-based wealth tech Robinhood raised the most VC funding in H2 – $1.3 billion across two rounds. Several digital banks also had big rounds – Klarna ($650 million), Revolut ($580 million), and Chime ($533 million).
The US accounted for over 70 percent of international fintech financing, with $76 billion in investment. By comparison, Asia-Pacific fell from $16.8 billion in 2019 to $11.6 billion in 2020 – a six-year low.
In terms of the long run, KPMG claims that the growth in demand for electronic payments, contactless payments and e-commerce platforms signifies that fintech investment is forecast to remain strong well into 2021.
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Anton Ruddenklau, international fintech co-leader, KPMG, says: “Covid-19 is a catalyst for several fintech industry models – a true proving ground granted the rapid demand for digital offerings coming from customers and companies alike.
“Payments and e-commerce platforms were particularly hot areas of investment, in addition to cybersecurity, given the increasing use of digital platforms.”
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