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If recession is brewing, fintech didn’t get the message

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If economic doom is underway, the fintech market showed little-to-no signs of it at the Money 20/20 conference in Las Vegas last week.

Even as funding has dried up this year with a murky macroeconomic backdrop for capital markets making it harder to raise cash and close deals, startups in the financial technology space pressed on with new ideas and ambitious growth plans at this October’s popular industry confab — and very few attendees mentioned plans to abate activity.

Last year, the fintech sector raised a whopping $121.6 billion, a 153% year-over-year increase on the scale of global venture capital deal value, according to data from Pitchbook.

Although this year saw only a fraction of that figure — about $29.3 billion across 1,233 deals in the first quarter and $21.1 billion across 1,227 deals in the second quarter — the numbers remain historically high. In all of 2020, for instance, fintech companies raised $47.9 billion, roughly $2.5 billion less than the first-half total for 2022.

Money 20/20 conference attendees walk through The Venetian Expo Hall in Las Vegas, October 24, 2022 (Photo credit: Money 20/20)

Money 20/20 conference attendees walk through The Venetian Expo Hall in Las Vegas,…

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