Banking Technology Magazine May 2023 issue out now
Cover story: EVERYTHING, EVERYWHERE… but is all at once the answer?
Welcome to the May edition of the Banking Technology magazine, coming to you at the height of the fintech conference season.
From FinovateEurope in the UK to Money20/20 in Europe, FinovateSpring and FinTech Nexus in the US, to name just a few – there are myriad events all over the world. Check out the events calendar on our website – you’ll be spoilt for choice!
You can also find editorial reports and videos from the key fintech conferences on the website as our journalists bring you breaking news, juicy stories and highlights from these events. And if you have a story to share or would like to meet our team, please get in touch!
The industry seems to be in an events frenzy like never before. And considering the economic outlook, it probably won’t be like this again for some time (see p28 for the latest valuation troubles of challenger banks).
According to the market intelligence platform CB Insights, while global fintech funding increased 55% Q/Q in Q1 2023, the bulk of it – more than 40% – came from Stripe’s mammoth $6.5 billion round. Even so, Stripe saw its valuation nearly halve to $50 billion. Taking Stripe out of the equation, funding actually fell 12% to $8.5 billion over the same period.
Deal count also dropped, while the number of new unicorns fell to one for the first time since 2016, an 86% drop Q/Q. Banking funding and deals also hit their lowest level since Q2 2017.
Stock up on resilience and optimism – we’re all going to need it!