In May 2018, FinTech startups across the globe raised $1.75 billion worth of VC investments across 113 deals. In terms of MoM growth, in May 2018, global FinTech funding witnessed a decline of 19.8% from the $2.18 billion raised in April 2018. The US continued to dominate the funding charts with $101 billion raised across 45 deals, contributing to 58% of the global FinTech funding (by value) in May. India was the distant second with a 14% ($249.8 million raised across 20 deals) contribution, with China, the UK, and Israel contributing 10% ($173.3 million), 8% ($134.4 million), and 2% ($33 million) respectively.
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Among the segments, InsurTech led the funding race in May 2018 with $422.6 million in funding across only 22 deals. There was a 98% MoM growth in the funding in this space from April 2018. India-based aggregator PolicyBazaar raised the largest funding ($200 million) in this segment, followed by US-based Datavant ($40.5 million) and Germany-based SimpleSurance ($24 million).
The segment that held the second place in the funding race was B2B FinTech with $275 million raised across five funding deals. The US-based business commerce and supply chain marketplace company Tradeshift raised $250 million in a series E funding round led by incumbents such as HSBC, American Express, and Goldman Sachs. With this funding round, TradeShift became the latest FinTech unicorn.
Blockchain was third in the list of segments with highest FinTech funding in May as the startups in this space raised $256 million across 13 deals. Blockchain-based remittance provider Circle raised the highest funding ($110 million) in this segment. Other Blockchain startups which raised a good amount of funding were Paxos ($65 million) and Figure ($50 million) – both US-based players.
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