Finovate alums raised more than $1.2 billion in equity funding in 2023. The total funding for the year reflects the continued slowdown in fintech funding that began in 2022.
Previous Annual Comparisons
In the fourth quarter of 2023, eleven Finovate alums raised more than $307 million in equity funding. Note, however, that this sum does not include the equity portion of the investment secured by SumUp, for example. The quarterly total also does not include the investment received by Icon Solutions, the amount of which was undisclosed.
Previous Quarterly Comparisons
- Q4 2022: More than $380 million raised by 15 alums
- Q4 2021: More than $1.2 billion raised by seven alums
- Q4 2020: More than $472 million raised by 17 alums
- Q4 2019: More than $876 million raised by 21 alums
- Q4 2018: More than $800 million raised by 19 alums
Nevertheless, the fourth quarter alumni fundraising total approximates that of both last year’s Q4 and the final quarter of 2020.
Top Quarterly Equity Investments
- Adlumin: $70 million
- Paysend: $65 million
- Scalable Capital: $64.7 million
Three investments in the fourth quarter of 2023 stood out among the others: Adlumin, Paysend, and Scalable Capital all announced fundraisings of more than $60 million in Q4. Also noteworthy was the $40 million raised by Stash in October.
Combined, the top three quarterly equity investments from our alums represent more than 65% of the total alum funding haul for Q4 2023.
Here is our detailed alum funding report for Q4 2023.
October 2023: $68 million raised by three alums
November 2023: $145 million raised by three alums
December 2023: More than $94 million raised by five alums
- Icon Solutions: undisclosed – post
- Meniga: $16.5 million – post
- Refine Intelligence: $13 million – post
- Scalable Capital: $64.7 million – post
- SumUp: undisclosed – post
If you are a Finovate alum that raised money in the fourth quarter of 2023, and do not see your company listed, please drop us a note at research@finovate.com. We would love to share the good news! Funding received prior to becoming an alum not included.