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Global Fintech VC Funding Declines to $30 Billion in 2023 from 2021 Peak of $92 Billion, WEF Report Reveals

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Global Fintech VC Funding Declines to $30 Billion in 2023 from 2021 Peak of $92 Billion, WEF Report Reveals

The World Economic Forum’s September 2024 report, titled “Fuelling Innovation: Closing Fintech Funding Gaps,” highlights a significant decline in venture capital (VC) funding for the fintech sector.

According to the report, VC funding dropped to $55 billion in 2022 and further to $30 billion in 2023, marking a sharp 67% decrease from the 2021 peak of $92 billion.

Despite this decline, fintech has seen substantial growth over the years, with over $350 billion in VC funding since 2015, resulting in the industry generating more than $150 billion in global net revenue as of 2023.

The sector is expected to continue expanding, with projections estimating revenues will reach $400 billion by 2028.

The report also underscores regional disparities in fintech funding. Sub-Saharan Africa (SSA), Latin America and the Caribbean (LAC), and the Middle East and North Africa (MENA) collectively received just 10% of global fintech funding between 2020 and 2023.

Yet, these regions are projected to contribute 15% of global fintech revenue by 2028.

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Contrary to the global downturn, some regions have exhibited remarkable growth. LAC achieved the highest funding compound annual growth rate (CAGR) over the past decade at 37%, even though it experienced an 81% decline since the 2021 peak.

Similarly, MENA saw fintech VC investments grow at a 33% CAGR, with the total volume of funding more than tripling from $600 million in 2020 to $1.9 billion in 2023.

The report’s findings emphasize the need to address the uneven distribution of fintech funding, particularly in regions with significant growth potential that are currently underfunded.

Tags: Global Fintech VC FundingGlobal Fintech VC Funding Declines to $30 Billion in 2023 from 2021 Peak of $92 Billionventure capitalWEF Report RevealsWorld Economic Forum

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