India’s fintech funding in Q1’20 surpasses China

Latest findings from CB Insights indicated that India overtook China in fintech funding in the first quarter of 2020 for the first time in five quarters. China recorded its worst performance in fintech with 29 deals totalling US$175 million; while India’s fintech industry’s deals amounted to $421 million.

In total, there was a 69% dip in Asia’s quarter-over-quarter funding to US$883 million. Globally too, the spread of covid-19 took a toll on the Q1’20 funding, with there being just 13 mega-rounds worth $2.6 billion. The report predicts that the future seems a bit grim for VC investments, owing to the lack of an antidote for coronavirus.