Key Global WealthTech investment stats in 2024:
- Global WealthTech investments dropped by 69% YoY
- US companies secured half of the top 10 WealthTech deals as the country dominated the marketplace
- DMI Finance, a pioneering digital financial services provider in India, secured one of the biggest WealthTech deals in 2024 with a $333m funding round
Global WealthTech investments dropped by 69% YoY
In 2024, the global WealthTech sector recorded $20.1bn in total funding across 1,070 deals, marking a sharp decline of 69% from the $64.4bn raised in 2023 and a 66% drop in deal volume from 3,105 transactions in the previous year.
Compared to 2020, when the sector saw $65.7bn in funding across 3,947 deals, the contraction is even more pronounced, with total funding down by nearly 70% and the number of transactions dropping by 73%.
Despite this downturn, the average deal value in 2024 stood at $18.8m, significantly higher than the $20.8m recorded in 2023 and the $16.7m in 2020, suggesting that while the number of deals has drastically declined, investors are still backing select companies with substantial capital.
The funding slowdown is likely due to broader market headwinds, including rising interest rates and cautious investor sentiment, which have led to a shift towards prioritising later-stage, high-quality investments over early-stage funding rounds.
US companies secured half of the top 10 WealthTech deals as the country dominated the marketplace
The top 10 deals in 2024 also highlight a shift in the geographical distribution of WealthTech investment.
The US continued to lead, securing five of the largest deals, an increase from three in 2023.
The UK, India, and Singapore all retained a presence in the top 10, though the UK’s position weakened, dropping from two top deals in 2023 to just one in 2024.
Notably, Australia and the Philippines emerged as new entrants, replacing Canada and the United Arab Emirates, indicating a broadening of WealthTech investment into Asia-Pacific markets.
The absence of Canada and the UAE in the top 10 deals suggests a potential cooling in WealthTech investment in these regions, whereas the presence of the Philippines signals a growing interest in emerging markets within the sector.
This shift underscores the evolving dynamics of global WealthTech funding, as investors explore new regions with untapped potential while consolidating their focus on established players in dominant markets like the US.
DMI Finance, a pioneering digital financial services provider in India, secured one of the biggest WealthTech deals in 2024 with a $333m funding round
DMI’s innovative platform leverages advanced technology to deliver consumer finance through POS and cross-sell loans, reaching over 15.2m customers across India via strategic partnerships.
With MUFG‘s support, DMI has scaled its business, established a robust track record in consumer finance, and advanced collaborative efforts, including business synergies with MUFG’s ecosystem companies under the MUFG Openly-connected Digital Ecosystem (MODE) initiative.
This investment further strengthens DMI’s position in the digital lending landscape, accelerates its growth trajectory, and enhances its role in advancing financial inclusion within the region.
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