Asia Pacific fintech fundraising falls to six-year low on pandemic

Financial technology firms in Asia Pacific struggled to raise funding from venture capital and private equity investors last year in the midst of the coronavirus pandemic, with deals falling to a six-year low of US$11.6 billion, according to KPMG. That was a 31% decline from $16.8 billion in 2019. Globally, fintech fundraising fell over 36% to $105 billion. Market volatility caused by the pandemic "drove a large amount of investment away from emerging markets like Southeast Asia, particularly in the second half of the year", KPMG says in a statement on February 27. In Singapore, for instance, fintech fundraising plummeted…