Europe experienced a 50% fall in fintech investments in the first half of 2023.
In the midst of the global fintech market downturn, the crypto and blockchain sector managed to become a leader in investments in a number of major European markets.
According to the “State of European FinTech” report released by Amsterdam-based fintech venture fund Finch Capital, the Europe, Middle East and Africa (EMEA) region experienced a 50% drop in fintech investments in the first half of 2023. The total amount of funding fell from $27.3 billion in H1 2022 to $11.2 billion in H1 2023.
However, crypto businesses stand out in the overall picture, gaining a leading position in investments attracted across several large markets. In the United Kingdom, the blockchain and crypto sector grabbed a 28% share of all the deals struck in fintech in H1 2023. This number was even higher in the Netherlands — 35% of all deals. In Germany and France, crypto’s share constituted 27% and 29%, respectively.
Related: Venture capital exec says ‘lack of innovation’ drives funding away from crypto
The main competitor of crypto is the lending sector, which appeared to be the leader in market share in Ireland and overall across the region in terms of deal volume.
Despite the bearish tendencies in fintech as a whole, the interest of investors in the digital economy appears solid. According to another recent report, 24% of asset management firms have adopted a digital assets strategy, with an extra 13% planning to do so in the next two years.
Moreover, some crypto companies still report significant gains. For example, European digital asset manager CoinShares revealed a total revenue of 20.3 million pounds ($25.9 million) in Q2 2023, a 33% increase compared with the prior year’s quarter.
Collect this article as an NFT to preserve this moment in history and show your support for independent journalism in the crypto space.
Magazine: 6 Questions for Kei Oda. From Goldman Sachs to cryptocurrency
You can get bonuses upto $100 FREE BONUS when you:
💰 Install these recommended apps:
💲 SocialGood - 100% Crypto Back on Everyday Shopping
💲 xPortal - The DeFi For The Next Billion
💲 CryptoTab Browser - Lightweight, fast, and ready to mine!
💰 Register on these recommended exchanges:
🟡 Binance🟡 Bitfinex🟡 Bitmart🟡 Bittrex🟡 Bitget
🟡 CoinEx🟡 Crypto.com🟡 Gate.io🟡 Huobi🟡 Kucoin.
Comments