India Unseats China as Asia’s Top Fintech Funding Source
By Rita Liao
China’s massive fintech industry took a beating in recent months as the government continued to wind down online lending nationwide, rattling investor confidence.
Funding for fintech startups shrank 87.6 percent year-over-year to $192.1 million during the first quarter of 2019, a new report from data provider CB Insights shows. India, which recorded $285.6 million raised for fintech startups in the period, overtook China to be Asia’s top fundraising hub for financial technology. Both countries clocked in 29 fintech deals, suggesting a cooling investor sentiment in China which saw its height of 76 deals just three quarters ago.
Photo courtesy of Meena Kadri.