According to CB Insights' Q1 2024 State of Venture Report, fintech investment fell by 16% over the first three months of the year.

The numbers present a concerning difference from the first two years' equivalent quarters. $16 billion in investment was provided to 1,271 fintech businesses in 2023. In Q12022, 2,026 fintech companies received investments totaling $32.9 billion.

Moreover, the $7.3 billion that companies raised in the first quarter of 2024 was the lowest amount since early 2017.

Monzo's $430 million fundraising effort was the biggest of the quarter, and that was closely followed by the $260 million agreement for Flexport, a trade financing and freight insurance provider.

US-based businesses received the majority of investment, with $3.3 billion raised in 393 agreements, surpassing the $2.2 billion raised in 203 deals by European businesses.

Although there were 904 deals in Q1, the average deal size decreased, despite the data indicating a 15% increase in equity deal making over that period.

In the meantime, there were 19 new unicorns this quarter, distributed between the US, Asia, and Europe—a small decrease from the 23 from the previous quarter.