Financial services remained the leading sector for venture investment in 2022 despite an overall pullback in venture funding and shockwaves in the crypto industry. And fintech is expected to remain strong in 2023, with areas from payments to accounting management likely to lead the way.
Payments could remain the most-funded sector within fintech, especially startups focused on B2B payments. On the other side, cryptocurrency and blockchain, which experienced a large increase in funding in recent years, will most likely face a pullback in the wake of FTX’s collapse.
Venture investment into fintech companies in 2022 reached $81 billion as of Dec. 14 — down 41% so far from the peak of 2021 at $137 billion. Still, that $81 billion figure still exceeds 2020 amounts by more than $30 billion.
All told, the sector has grown more than 10 times in the last decade from $7 billion in 2013.
