Funding & Business
State of Fintech Q2’22 Report
Fintech sees its slowdown accelerate in Q2’22 as quarterly funding plummets toward 2020 levels.
Global fintech funding fell 33% quarter-over-quarter (QoQ) to hit $20.4B — its lowest level since Q4’20. Deals also hit a 6-quarter low, dropping 17% QoQ to reach 1,225.
In line with this trend, $100M+ mega-rounds also accounted for a smaller percentage of total deals (4%) and funding (47%) than they did at any quarterly point last year.
Below, check out a handful of highlights from our 197-page, data-driven State of Fintech Q2’22 Report. For deeper insights, all the record figures, and a ton of private market data, download the full report.
Here are some of the fintech highlights from Q2’22:
- Mega-round funding came in at $9.7B, a 45% drop QoQ.
- Just 20 fintech unicorns were born, marking the first time this figure has fallen below 30 since Q4’20. New entrants to the unicorn club include KuCoin ($10B), Coda Payments ($2.5B), and Newfront Insurance ($2.2B).
- M&A deals took a 30% QoQ hit, dropping to 181 deals from 257 in Q1’22. In contrast, wealth tech saw a 24% jump in M&A deals QoQ.
- While Europe fintech funding sank across most fintech sectors, wealth tech startups in the region saw funding increase. European banking startups, on the other hand, saw funding drop by more than 50% QoQ.
- Foreshadowed by the previous 2 points, wealth tech was the only sector that saw deals increase QoQ. Startups in the space secured 188 deals, a 36% increase QoQ.
- Tiger Global Management lost its top investor crown to Global Founders Capital in Q2’22, investing in 22 fintechs vs. the latter’s 24. On the whole, the top 10 investors funded 27% fewer companies in comparison to the previous quarter.
Download our Q2’22 State of Fintech Report to dive into all these trends and more.
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MaintainX, which operates an equipment maintenance and asset management platform, has raised $150 million in Series D funding, the company announced on Wednesday.
The financing boosts the San Francisco-based startup’s valuation to $2.5 billion, and brings its total raised since its 2018 inception to $254 million. The valuation is more than double the $1 billion MaintainX was valued at when it raised a $50 million Series C in December 2023.
Existing backers Bessemer Venture Partners, Bain Capital Ventures, Amity Ventures and others, including D.E. Shaw Ventures, participated in the latest round. It’s not clear if any one firm led the raise.
MaintainX works with over 11,000 companies globally, managing over 11 million assets across manufacturing, facilities management, food and beverage, distribution centers, and more.
CEO and co-founder Chris Turlica said his company is able to help its customers do things like cut back on unplanned asset downtime as well as parts and labor costs with artificial intelligence. The company says its approach “centers on amplifying human capability [with AI] rather than replacing it.”
The round is another example of the appetite investors have for AI-related companies. Per Crunchbase data, the recently ended second quarter was another blockbuster for AI funding. About $40 billion — or around 45% of global funding — went to the sector, with more than a third invested in Scale AI alone.
All in all, the past three quarters saw record funding to the AI sector.
And over the past year, nearly half of U.S. venture funding went to AI-related enterprises, Crunchbase data shows. Later stage had the largest share, with roughly 61% of venture deals related to AI.
Related Crunchbase queries:
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US President Donald Trump unveiled a new round of tariff demand letters on Wednesday with levies set to hit in August on imported goods from partners who fail to reach agreements with the US.
Trump said he would levy a 30% rate on Algeria, Libya, Iraq and Sri Lanka, with 25% duties on products from Brunei and Moldova and a 20% rate on goods from the Philippines. The levies were largely in line with rates Trump had initially announced in April, though Iraq’s duties are down from 39% and Sri Lanka’s reduced from 44%.
Trump began notifying trading partners of new rates on Monday ahead of a deadline this week for countries to wrap up negotiations with his administration and posted to social media that he planned to release “a minimum of 7” letters on Wednesday morning, with additional rates to be posted in the afternoon. Brett Bruen, President and CEO of Global Situation Room joins to discuss. (Source: Bloomberg)
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John Wobensmith, CEO of Genco, joins Open Interest to discuss the impact of tariffs, front loading demands, and attacks on the Red Sea. (Source: Bloomberg)
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