Even as a pandemic froze much of the economy, some fintechs were still successfully raising money according to data reported on Wednesday by Buy Shares, a London-based financial education hub.
According to Buy Shares, fintechs reported raising a total of $3.81 billion during the second quarter, a marked decline from another firm's Q1 fundraising estimates.
While Buy Shares has not made available an accounting of first quarter fintech fundraising, a similar report from Forrester calculated global fintech fundraising at about $5.8 billion in the first quarter a pronounced drop from $7.8 billion in the fourth quarter and $12.6 billion in the third quarter of 2019. Forrester has not yet released its analysis of second quarter fintech fundraising.
In Buy Shares’ analysis, Q2 fundraising was led by payment-processing platform Stripe, which raised $850 million, followed by commission-free investing app Robinhood at $439 million and digital privacy-oriented social media app Vero at $241 million. Health insurance firm Oscar raised $225 million and ownership and equity management platform Carta closed out the top five by raising $210 million
The top five fintech firms accounted for 51.34% of Buy Shares’ total raised amount.
But there were other fundraising successes noted by Buy Shares, including:
- Fundbox – $200 million
- AirWallex-- $160 million
- Brex – $150 miillion
- Checkout.com Marqeta – $150 million
- Aspiration – $135 million
- Starling Bank – $123 million
- Stash – $112 million
- N26 – $100 million
- Onfindo – $100 million
- Bought By Many – $95 million
Buy Shares claims to have culled its data from GP Bullhound, Pitchbook, Capital IQ and Mergemarket, while Forrester's reports are informed by Venture Scanner data.