Key Global FinTech investment stats in Q3 2024:
- Global FinTech investments dropped by 55% YoY
- US companies continue to dominate the global FinTech space completing 60% of the top 10 deals for the quarter
- Alan, the French insurance unicorn known for its streamlined health insurance and digital health secured a $193m Series F funding round to be the only European company to be featured in the top 10 deals
In Q3 2024, the global FinTech sector recorded 981 transactions, reflecting a 57% decrease from the 2,275 deals completed in Q3 2023, but a slight 7% increase from the 916 funding rounds recorded in Q2 2024.
Total FinTech funding in Q3 2024 amounted to $16.4bn, a substantial 55% decrease from the $36.7bn raised in Q3 2023, and a 10% decline from the $18.3bn raised in Q2 2024.
These numbers highlight a sustained reduction in funding and activity across the sector, despite a small increase in transaction volume from Q2 to Q3 of 2024, suggesting some regained momentum in deal-making, resulting in significantly lower valuations and total funding levels.
The top 10 deals in Q3 2024 were distributed across six countries, with the United States maintaining its strong lead with six top deals, consistent with its dominance in Q3 2023.
Unlike Q3 2023, where Singapore and Israel collectively secured four of the top deals, the latest period saw broader representation, with countries like Egypt, France, India, and the Philippines contributing one top deal each.
This shift indicates a diversification in the global FinTech landscape, with emerging markets outside of the US gaining traction in high-value transactions.
The entry of Egypt and the Philippines into the top 10 reflects a potential expansion of FinTech growth in less traditionally dominant regions, signalling evolving global interest and investment across more geographically varied markets.
Alan, the French insurance unicorn known for its streamlined health insurance and digital health services, has solidified its market expansion with a $193m Series F funding round led by Belgium’s Belfius Bank, positioning Alan as the only European company in the top 10 FinTech deals globally for the quarter.
Initially established to complement France’s national healthcare with a user-friendly, automated claims experience, Alan has since broadened its offerings to include doctor consultations, mental health resources, and more through its mobile app.
The Belfius partnership will not only provide fresh capital but also bring Alan’s health insurance products to Belfius’ extensive corporate client base in Belgium, driving Alan’s user growth beyond its existing half-million insured members.
Keep up with all the latest FinTech research here
Copyright © 2024 FinTech Global
