By Onome Amuge
FinTech investments slipped globally in May 2023, with both investment and deal activity down considerably from last year’s levels, according to fintech investment statistics published by FinTech Global, the world’s leading provider of financial technology (Fintech) information services.
This is as the number of fintech deals across the globe amounted to 452, reflecting a significant 42 per cent drop compared to May 2022. In a similar trajectory, fintech deal activity dropped four per cent from April 2023. Overall, fintech companies collectively raised $3.2 billion, indicating a substantial 65 per cent year-on-year decrease.
The Fintech Global data also showed that the U.S was the most active fintech country in May 2023 with 189 deals announced, a 42 per cent share of all funding rounds. The UK was second with 31 deals, a 7 per cent share of deals , while India was third with 21 deals, a 5 per cent share.
During the period under review, bolttech, an international InsurTech, raised the largest deal in the month, raising $196 million in its latest Series B extension funding round, led by Tokio Marine,  a multinational insurance holding company headquartered in Tokyo, Japan. The fresh capital sets bolttech’s valuation at $1.6 billion.
bolttech stated that it will use the proceeds of Series B to further fuel its organic growth, including investments in proprietary technology, digital capabilities for business partners and end consumers as well as talent across bolttech’s 30+ markets. In addition,it said the funds will be used to explore inorganic opportunities to accelerate international growth.
Meanwhile, total transaction value for digital payments is projected to reach $9.5 trillion, globally in 2023, with China on track to have the highest cumulated transaction value at $3.6 trillion
Digital payments are also expected to reach a compound annual growth rate (CAGR) 2023-2027) of 11.8 per cent between 2023-2027, resulting in $14.8 trillion by 2027.
