- PayTech companies shone in May accounting for three of the top ten deals. Overall the sector accounted for 15% of total deals, second only to the Blockchain & Crypto sector which represented 22% of all FinTech deals in May. Naetion, which is building the world’s largest on-chain career network, was the largest Blockchain & Crypto deal in May and raised $150m from GEM Digital. Naetion allows users to build a resume linked to a crypto wallet which verifies your past jobs and experiences on the blockchain.
- Velocity Global, which offers a global employment solution to onboard, manage, and pay talent, was the largest FinTech deal in May raising a huge $400m in their latest Series B funding round led by Eldridge, Friedman Fleischer & Lowe (FFL) and Norwest Venture Partners. Velocity Global’s new funding results in a multi-billion dollar valuation and an eye watering seven-fold increase in one year, the company will use the new funding to enhance the customer experience for both businesses and talent.
- Overall deal sizes in May fall short of the mega deals over $1bn that were seen in February 2022. For comparison Velocity Global’s $400m deal would come in 8th in February indicating that capital may be tightening in the sector. A reason for this is a revaluation of companies’ market cap as huge valuation declines in the public sector mean venture capital firms can’t justify large transactions anymore.
The data for this research was taken from the FinTech Global database. More in-depth data and analytics on investments and companies across all FinTech sectors and regions around the world are available to subscribers of FinTech Global. ©2022 FinTech Global
