“FinTech funding drops by half in 2023, says Innovate Finance.”

Global fintech investment plunged by 48% in 2023, reaching $51.2 billion, according to data from Innovate Finance. The number of funding deals also dropped significantly, with a total of 3,973 deals compared to 6,397 in 2022. The US received the most fintech funding at $24 billion, followed by the UK at $5.1 billion and India at $2.5 billion. The UK’s funding decreased by 65% compared to the previous year. However, female-led fintech companies in the UK received $536 million across 59 deals, representing 10.5% of the total funding. Innovate Finance’s CEO, Janine Hirt, says that despite economic challenges, the UK fintech sector has demonstrated resilience and remains a global hub for investment.