- July 17, 2020
-- After 2016, 2020 Q1 phase of FinTech was the worst time for FinTech funding. In 2016, the percentage drop in major amounts was as large as 69%. The totally uncertain situations that rouse after the corona outbreak had a given a very tough phase for FinTech and every industry globally. The economic crunches have badly hit every sector and recently, it could be seen that the tough phase is changing. FinTech sector has been recently showing positive response towards the 'new normal' and is figuring out the pulse of the Covid-19 hit global market.
How could FinTech sense the areas where they could balance the shortcomings?
The dependency of the public as well as the industries was the first hint that helped them find a solution to the subjugated phase. During the times of the pandemic, digital companies experienced a positive hike- there was large amount of transactions made through digital gateways and financial operations getting done.
Let's break the ice through facts and figures! The online payment processing company Stripe managed to raise $850 million, which is nearly double the amount raised by the company in the second place Robinhood which could manage to raise $430 million.
PayPal could raise $204.6 billion in Q2, followed by Adyen, Square, Varo, Oscar, Carta and FunBox.