Funding for Venture Capital-Backed Fintech Startups Is Poised to Hit a Record in 2016
Some good news for private companies.
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China and millennials to the rescue: Bucking wider conditions in Silicon Valley and the market for initial public offerings, funding for venture capital-backed fintech startups is on track to hit new highs in 2016.
The sector will exceed last year’s total by 36 percent if companies continue to raise money at the same rate as in the first quarter, according to a new report from KPMG International and CB Insights. China-based Lu.com and JD Finance both inked deals worth $1 billion or above, while Oscar Health Insurance's $400 million and robo-advisor Betterment LLC's $100 million funding round helped push the tally higher following what proved to be a tough end to 2015.