Save time by listening to our audio articles as you multitaskThe tone, however, was out of sync with the mood outside the room. . Many listed fintechs have seen their market capitalisation crash by more than 75% since July 2021; private firms are being forced into “down rounds” that value them at less than their previous worth.
The woes are in stark contrast to the exuberance of 2021, which was fuelled by the surge in digital finance and investors’ hunt for returns. Last year financial startups raised $132bn, more than twice their haul in 2020; fully 150 of them reached a valuation of $1bn or more. Now backers are wary—especially “non-traditional” venture capitalists, such as sovereign-wealth and pension funds, that piled in late in the cycle. SomeFor many insiders, the downturn serves to clear froth from the market.
The tide is turning in other ways. Some firms had sought to exploit loopholes that helped them avoid some of the regulatory burdens faced by banks; many of these are now being closed up. Others have seen their products commoditised as rivals have swarmed in.service in America.
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