FinTech funding has witnessed a slight decline in the month of August, recording about USD 130 million from 12 deals, compared to USD 164 million from 10 deals in the previous month. The highest raised in the month was by Credgenics and Vistaar Financial Services, with USD 50 million each. Credgenics raised USD 50 million from Westbridge Capital, Accel, Tanglin Ventures and Beams Fintech Fund while Vistaar Financial Services raised the same amount in value from U.S. International Development Finance Corporation (DFC).
The list was followed by Zaggle which raised about USD 11.8 million from ValueQuest Scale Fund, revealed latest data by 1Lattice (Prev PGA Labs).
Following Credgenics, Vistaar Financial Services and Zaggle’s fundraise in August, FinTechs like Credright, GradRight and Stable Money raised the most, with Gradright raising USD 6.1 million and Stable Money raising USD 5 million. Credright fundraise value was not disclosed, the data further added.
A total of USD 7475 was raised by the FinTech sector in 2021, USD 4041 million in the previous calendar year, from January, 2022 to December, 2022 and about USD 2392 has been raised till now, from January to August, 2023.
In CY23, the highest was raised by payments giant PhonePe. The company raised USD 350 million in January, USD 100 million in February, USD 200 million March, USD 100 million in April and another USD 100 million in May. A total of USD 850 million was raised since January till May, 2023.
FinTech Funding has seen an uptrend in this calendar year, and so recently in a panel discussion, industry stalwarts said that the funding winter has neared its end, and it is spring now. They believe that even though there will be some repercussions due to the global events, the Indian fintech sector is set for better times.
To give an overview, here are the top funding rounds in the FinTech sector, totalling to about USD 130 million for the month of August, as per data collated by 1Lattice.
| FinTech companies | Amount raised (In $ mln) | Investors |
| Credgenics | 50 | Westbridge Capital, Accel, Tanglin Ventures, Beams Fintech Fund |
| Vistaar Financial Services | 50 | U.S. International Development Finance Corporation (DFC) |
| Zaggle | 11.8 | ValueQuest Scale Fund |
| Credright | Undisclosed | YourNest, Spearhead Capital, 9Unicorns and Accion Venture Lab |
| GradRight | 6.1 | IvyCap Ventures |
| Stable Money | 5 | Lightspeed Venture Partners, Mars Shot Ventures, Matrix Partners India, Titan Capital |
| Emtech | 4 | Matrix Partners India,BTN, VestedWorld, Equity Alliance and Lofty Inc. |
| VegaPay | 1.1 | Arun Venkatachalam, Capri Global Capital, Climber Capital, Dsp Hmk Holdings, Eximius Ventures, MGA Ventures, Pratekk Agarwaal, Upsparks |
| Square Insurance Brokers | 1 | Recur Club |
| Cheq | 0.5 | Y Combinator |
| Switch My Loan | Undisclosed | O2 Angels Network |
| BizPay | Undisclosed | Inflection Point Ventures |
