GlobalStateof

Fintech2024

Foreword3

GlobalStateofFinTech2024:

KeyInsights4

ExecutiveSummary5

GlobalFinTechFundingOverview6

GlobalandRegionalFunding

5YearsAnalysis8

South-EastAsiaHighlight11

2024FinTechFundingbyGlobal

Regions13

CountrySpotlight:Singapore14

GlobalFinTechUnicorns

Distribution19

FinTechUnicornandDecacorn

Spotlight20

FinTechInitialPublicOfferings23

SelectedGlobalDebtFinancing

Highlights24

MostActiveFinTechInvestors24

FinTechCompanieswiththe

HighestFundraising25

DeepDive:In-depthCountry

FinTechLandscapeCaseStudies

byGlobalRegion26

Germany27

Switzerland31

Australia34

Brazil36

Rwanda37

Conclusion41

Appendix42

Acknowledgements43

Contributors44

Foreword

Aswestandatthecuspofanewerainfinancialwearecommittedtoaddressingcriticalgapsintalent,

technology,Iampleasedtopresentthiscomprehensiveinfrastructure,capital,andpolicyintheGlobalSouth.

reportontheGlobalStateofFinTech.Thelandscapeof

financialserviceshasundergonearemarkableThisreportservesasbothareflectiononhowfarwehave

transformationsinceIfirststeppedintotheroleofChiefcomeandaroadmapforwhatliesahead.ItismyhopethatFintechOfficerattheMonetaryAuthorityofSingaporeaitwillinspirestakeholdersacrosstheFinTechecosystemto

decadeago.continuepushingboundaries,forgingpartnerships,and

creatingsolutionsthatgeneratepositiveeconomicand

Intheseinterveningyears,wehavewitnessedtheriseofsocialimpact.

SingaporeasaleadingglobalFinTechhub,producing

unicornsandfosteringavibrantecosystemofinnovativeTogether,letusshapeafinancialecosystemthatisefficient,companies.Thissuccessstoryisnotisolated;itispartofaresilient,inclusive—andaboveall—readyforthefuture.

broadernarrativeofFinTech'sexponentialgrowthacrossAsiaandglobally.

TheFinTechindustryhasevolvedfromadisruptiveforcetoSopnenduMohanty

anintegralpartoftheglobalfinancialinfrastructure.WeareGroupChiefExecutiveOfficer,

nowseeingaconvergenceoftechnologiessuchasassetGlobalFinance&TechnologyNetwork(GFTN)

tokenization,artificialintelligence,andquantum

computing,allofwhicharerapidlyreshapingfinancial

services.Thisconvergencedemandscoherentpoliciesandpracticestoharnesstheirbenefitswhilemanaging

potentialrisks.

Inresponsetothesedevelopmentsandtheneedfor

greaterglobalcollaboration,welaunchedtheGlobal

Finance&TechnologyNetwork(GFTN)in2024.GFTN's

missionistofosterinnovationthroughglobalpartnerships,promotingmoreefficient,resilient,andinclusivefinancialecosystems.Ourfocusextendsbeyonddevelopedmarkets;

?2025GFTNLimited,AllRightsReserved.ReproductionProhibited.3

FinTechverticals,financialservicesortechnologyareasthateachcountry

lookedtogrowwere

h

Germany

Switzerland

Australia

Rwanda

Artificial

Sustainable

Payment&digital

Mobile

intelligence

Finance

wallets

money

(AI)

andAI

Regtechwealthtech

Digital

Quantum

technologies

Openbanking&

payments

datasharing

Insurtec

Blockchain

Blockchain&

Regtech

cryptocurrency

agritech

Financialinclusion

Healthtech

GlobalRegionsInvestments,DistributionbyRegions

Central&h

2%

SoutAmerica

$134.6B

3%

4,273$140.1B

MiddleEast

$120.6B

3,396

$105.9B

1%

Asean

Africa

$62.6B

$56.5B

7%

AsiaPacific(exAsean)

67%

NorthAmerica

18%

Europe

201620172018201920202021202220232024GlobalCapitalInvestedDealCount

IPO

Globally,25FinTechinitialpublicofferings

(IPOs)werelistedin10countriesandraised

atotalofUS$5.4Bin2024.

UnitedStates

India

AustraliaChina

Japan

Italy

Russia

SKorea

Sweden

Bulegeria

NewUnicorns

Therewere10newFinTechUnicornscreatedin

2024.4fromUnitedStates,2fromChina,1each

fromSingapore,BrazilandHongKong.

NorthAmerica

Europe

AsiaPacific(exAsean)

Central&

South

America

Asean

Singapore

Africa

Middle

East

RegionalFundingOverview

GlobalStateofFinTech

2024:KeyInsights

FinTechInvestmentTrends(2024)

GlobalFinTechfundingfell12%toUS$105.9B

(fromUS$120.6Bin2023).

Investmentconcentratedinmega-deals:

11dealsoverUS$1Beachmadeup43%oftotalfunding.

0.8%

-44%

Region

2024

Funding

YoY

Change

Shareof

Global

NorthAmerica

US$71.5B

-4%

67%

Europe

US$18.8B

-26%

18%

AsiaPacific(exSEA)

US$7.1B

-34%

7%

South-EastAsia(SEA)

US$3.7B

+5%

4%

Central&SouthAmerica

US$2.7B

-17%

3%

MiddleEast

US$1.3B

-33%

1.2%

Africa

US$846m

Sixofsevenregionssawdeclines;

onlySouth-EastAsiagrew(+5%).

Q42024wasthestrongestquarter

(US$39.7B,+44%YoY),drivenbyfivemega-deals.

GlobalFinTechInvestments,2016-2024

9,307

9,176

$266.7B

$237.2B

$226.2B6,941

5,820

6,141

5,639

1%

5,346

Globalfunding

down,butresilience

inNorthAmerica

andgrowthin

South-EastAsia.

Emergingmarkets

(Philippines,

Thailand,Egypt)

showrapidgrowth

Singapore,US,

UK,andIndia

remaintop

FinTechhubs.

Mega-dealsdrivemarketconcentration.

2024

ina

Snapshot

Executive

Summary

ThisinauguralGlobalStateofFinTechreport

comprehensivelyanalysesglobalFinTechinvestment

trends,regionalperformance,andkeymarket

developmentsfor2024.Itpresentsin-depthFinTech

landscapecasestudiesoffiveleadingglobalFinTechnodesandcastsaspotlightontwoFinTechunicornsandone

decacorn.

GlobalFinTechinvestmentsdeclined12%toUS$105.9

billion(B)in2024,comparedto2023’sUS$120.6B.A

concentrationofcapitalinasmallnumberofmega-dealscharacterisestheyear,with11transactionsexceedingUS$1billionandcollectivelyrepresenting43%ofglobal

investmentvalue.

NorthAmericacontinuedtodominatetheFinTech

investmentlandscape,at67%ofglobalinvestmentvalueofUS$71.5billion,down4%from2023.Europe(US$18.8B,18%),AsiaPacific(US$7.1B,7%)andSouth-EastAsia

(US$3.7B,4%)roundedupthetopfourglobalregionsby

investmentvalue.FinTechinvestmentsdeclinedinsixoutofsevenglobalregionsin2024,withthebiggest

percentagedeclinesinAfrica,AsiaPacific(excludingSouth-EastAsia).

South-EastAsiawastheonlyregiontoseeayear-on-yeargrowthof5%infundingfrom2023.

FinTechinvestmentstotalledUS$1.8BinSingapore(SG)from121disclosed1deals,adeclineof13%fromthe

previousyear.InothermajormarketstheUnitedStateswasdown16%,UnitedKingdom22%,andIndia37%overthesameperiod.

Singaporecontinuestomaintainitsglobalnumber4

position(byFinTechventureequityinvestmentvalue)

behindtheUnitedStates,UnitedKingdomandIndia,andremainsakeyleaderinAsia,especiallyinSouth-East

Asia.

1Discloseddealsaredealsthatareannouncedwithinvestmentvalue

?2025GFTNLimited’AllRightsReserved.ReproductionProhibited.5

GlobalFinTech

Chart1:GlobalFinTechInvestments,2016-2024

9,3079,176

$266.7B

$237.2B

$226.2B

6,941

6,141

5,820

5,639

5,346

4,273$140.1B

$134.6B

$120.6B

3,396

$105.9B

$62.6B

$56.5B

201620172018201920202021202220232024

GlobalCapitalInvestedDealCount

DataSources:Pitchbook,Tracxn,CBInsights;GFTNAnalysis.

FundingOverview

Globalinvestmentsdeclined12%

2023US$120.6B2024US$105.9B

Singaporeraised

US$1.8BofFinTech

investmentsin

2024,ranked4th

globallyinVC

equityfinancing.

Forthefullyear,2024,FinTechinvestmentsdeclinedinhighestpercentagedecreasewhiletheEuropesawthe

sixofsevenglobalregionscomparedto2023.Globally,highestdollaramountdeclineofUS$6.5BfollowedbyAsiaFinTechinvestmentsdeclined12%in2024comparedtoPacific(exSouth-EastAsia)’sUS$3.7BandNorthAmerica’s

2023,and2024markedthethirdlowestFinTechUS$2.8B.

investmentfundingsince2016.Declinesin2024ranged

from4%to44%inmostregions,exceptSouth-EastAsia,Elevenmega-deals2raisedabilliondollarsormore,with

whereinvestmentsincreased5%over2023(Table1).eightfromtheUnitedStates(US),twofromCanadaand

onefromtheUnitedKingdom.Theyraisedacombined

Africa(44%decline),AsiaPacific(excludingSouth-EastAsia)US$45.4B,or43%ofglobalinvestmentvalue.

(34%decline),andMiddleEast(33%decline)sawthe

Chart2:2024GlobalFinTechInvestments(Quarterly)

$39.7B

1,955

$31.3B

1,635

1,329

1,319

$19.5B

$14.5B

Q12024Q22024Q32024Q42024

CapitalInvestedDealCount

2Mega-dealsarethosedealsthathaveraisedaboveUS$1billion

?2025GFTNLimited’AllRightsReserved.ReproductionProhibited.6

Thefourthquarter(Q4)of2024sawthehighestinvestment(SectorSpecific-Healthcare,US$7.9B),Envestnet

fundraising,atUS$39.7B,up44%fromthefourthquarter(Wealthtech&Investments,US$4.6B),Candence(Digital

(Q4)2023andup173%fromQ32024.Fivemega-dealsBanks,US$2.5B),Bridge(DigitalAssets,US$1.1B)andNuveidrovethefundraising,includingfourfromtheUS—R1RCMTechnologies(Payments,US$6.3B)fromCanada.

Table1:GlobalFinTechInvestmentsbyRegion3

DealValue(US$billions)

YearonYearChange

GlobalRegion

2023

2024

%

NorthAmerica

$74.3B

$71.5B

-4%

Europe

$25.3B

$18.8B

-26%

AsiaPacific(exSouth-EastAsia)

$10.8B

$7.1B

-34%

South-EastAsia

$3.6B

$3.7B

5%

Central&SouthAmerica

$3.2B

$2.7B

-17%

MiddleEast

$1.9B

$1.3B

-33%

Africa

$1.5B

$846m

-44%

Datasources:Pitchbook,Tracxn,CBInsights,GFTNAnalysis.IncludesequityFinTechinvestments

Therelativelymodest4%declineinNorthAmericafundingPayments)andSingapore’sTyme(US$250m,DigitalBanks).

wasduetothe10mega-dealsintheUSandCanada,suchTheGlobalandRegionalFunding5YearsAnalysissection

asWorldpay(Payments,US$12.5B),R1RCM,Nuveidetailstheindividualregions.

TechnologiesandPlusgrade(US$1B,SectorSpecific–

Travel).South-EastAsia’s5%increaseinfundingwasduetoTable2liststhetopcountryforeachregionbyinvestment

largedealssuchasthePhilippines’Mynt(US$788m,value.

Table2:FinTechInvestments-PerformanceofTopCountriesinGlobalRegions2023and2024

DealValue

Yearon

YearChange

GlobalRegions

TopCountry

2023

2024

%

NorthAmerica

UnitedStates(US)

$72.8B

$60.9B

-16%

Europe

UnitedKingdom(UK)

$13.0B

$10.2B

-22%

AsiaPacific

(exSouth-EastAsia)

India(IN)

$4.0B

$2.5B

-37%

South-EastAsia

Singapore(SG)

$2.1B

$1.8B

-13%

Central&

SouthAmerica

Brazil

$2.4B

$1.3B

-45%

MiddleEast

UnitedArabEmirates(UAE)

$931m

$567m

-39%

Africa

Egypt

$95m

$311m

228%

Datasources:Pitchbook,Tracxn,CBInsights,GFTNAnalysis.IncludesequityFinTechinvestments

3Regionshavebeenlistedinorderoflatest2024FinTechinvestmentsfundinglevels.

?2025GFTNLimited’AllRightsReserved.ReproductionProhibited.7

GlobalandRegionalFunding5YearsAnalysis

Chart3:GlobalFinTechInvestments,2020-2024

$7.6B$19.7B

$7.8B

$9.8B

$7.2B

$42.2B

$85.5B

$2.5B$1.9B

$22.2B

$62.2B

$3.2B

$2.7B

$7.1B$18.8B

$3.6B

$3.7B

$10.8B

$27.1B

$25.3B

$112.4B

$99.5B

$74.3B$71.5B

$80.0B

20202021202220232024

NorthAmericaEuropeAsiaPacific(exAsean)

wSouth-EastAsiaCentral&SouthAmericaMiddleEast

Africa

2%1%1%

1%

3%

3%

1%

3%

7%

4%

1%3%

4%9%

3%

3%

17%8%

19%

18%

21%

20%

36%

27%

67%62%

59%

47%44%

20202021

NorthAmericaSouth-EastAsiaAfrica

202220232024

Europe

Central&SouthAmerica

AsiaPacific(exAsean)MiddleEast

DataSources:Pitchbook,Tracxn,CBInsights;GFTNAnalysis.

?2025GFTNLimited’AllRightsReserved.ReproductionProhibited.8

Chart4:NorthAmericaFinTechInvestments,2020-2024

3,531

3,540

$8.0B

$1.5B

2,736

2,576

2,085

$939M

$1.0B

$9.7B

$102.7B

$96.1B

$78.7B

$72.8B

$60.9B

20202021202220232024UnitedStatesCanadaOthersDealCount

NorthAmericareceivedthehighestlevelofFinTech

investmentsgloballyin2024,atUS$71.5B,67%ofvalue.

ThatvalueisdownUS$2.8Bfrom2023,butthiswasthe

lowestpercentagedecreaseinfunding,at4%anda6%

decreaseindealactivity,seenintheglobalregionsin2024.

NorthAmericaincreaseditsdominanceofglobalFinTechfunding,reachingafiveyearhighof67%ofglobalvaluein2024,from62%in2023.

In2024,theUnitedStates(US)retainedthelargestshareofglobalandNorthAmericaFinTechinvestments—at

US$60.9B,57%ofglobalvalue,anddown16%fromUS$72.8Bin2023.

AlthoughthisisthelowestabsoluteamountoffundingfortheUSsince2020,itstillrepresentsthethirdhighest

percentageshareofglobalinvestmentinthelastfiveyears,showingthedepthandcomparativeresilienceofUS

FinTechs.

Chart5:EuropeFinTechInvestments2020-20244

2,237

$2.1B

2,087

$16.7B

1,654

1,570

$18.7B

1,397

$6.6B

$5.9B

$1.5B

$14.8B

$47.1B

$2.0B

$2.5B

$1.4B

$1.5B

$2.1B

$14.6B

$6.6B

$5.5B

$16.6B

$10.2B

$13.0B

$7.5B

20202021202220232024

UnitedKingdomWesternEuropeNorthernEurope

SouthernEuropeEasternEuropeDealcount

DataSources:Pitchbook,Tracxn,CBInsights;GFTNAnalysis.

4EasternEuropecomprisesAlbania,Belarus,Bosnia-Herzegovina,Bulgaria,Croatia,CzechRepublic,Estonia,Hungary,Kosovo,Latvia,Lithuania,Macedonia,Moldova,Montenegro,Poland,Romania,Russia,Serbia,Slovakia,Sloveniaand

?2025GFTNLimited’AllRightsReserved.ReproductionProhibited.9

Europereceivedthesecondhighestlevelofinvestmentswasthetopcontributor,withUS$1.12Bworthofinvestments

globallywithUS$18.8B,18%ofglobalvaluein2024.ThisinWesternEuropein2024.

wasdown26%invalueand16%inactivityfrom2023.

EuropeaninvestmentswerethirdhighestinNorthern

InvestmentsinEuropewerehighestintheUnitedEurope,atUS$1.5B(17%),whichincludesDenmark,Norway,

Kingdom(UK),withUS$10.2B,9.6%ofglobalvalueinSweden,Estonia,Finland,FaroeIslands,Greenland,Iceland,

2024.Thiswasdown22%invalueand14%inactivityfromLatvia,andLithuania.Swedenwasthetopcontributor,with

2023.ItwasalsothesecondlowestinvestmentvalueandUS$926mworthofinvestmentsin2024.

lowestdealactivitysince2020fortheUK.

FourthhighestinvestmentswereinSouthernEurope,at

WesternEurope(exUK),comprisingofGermany,US$1.4B(16%).TheregionincludesItaly,Portugal,Spain,

SwitzerlandandAustria,France,Belgium,Netherlands,Andorra,Cyprus,Gibraltar,Greece,Malta,Monaco,andSan

IrelandandLuxembourg,hadthesecondhighestshareofMarino.Italywasthetopcontributor,withUS$802mworth

investmentsinEurope,withUS$5.7B(66%).Netherlandsofinvestmentsin2024.

Chart6:AsiaPacific(exSouth-EastAsia)FinTechInvestments,2020-2024

1,107

1,058

$0.2B

$0.9B

$3.3B

$1.0B

994

$30.1B

$0.1B$0.7B

1,002

$0.2B

$1.4B

989

$2.3B

$3.6B

$15.5B

$1.2B$0.8B

$0.7B

$2.8B

$0.3B

$2.1B

$2.5B

$2.9B

$0.2B

$0.7B

$0.7B

$2.6B

$0.8B

$2.0B

$2.6B

$6.5B

$6.6B

$4.0B

20202021202220232024

IndiaAustraliaChinaJapan

HongKongSouthKoreaOthersDealcount

DataSources:Pitchbook,Tracxn,CBInsights;GFTNAnalysis.

2022Australia’sFinTechfundingincludesoutlierofAfterpaywhichwasacquiredbyBlockforUS$28BinJanuary.

AsiaPacific(exSouth-EastAsia)sawthethirdhighest

levelofinvestmentsgloballywithUS$7.1B,7%ofvalue

in2024.Thiswasthesecondbiggestdecline,at34%in

valueand16%inactivity,from2023.For2024,India,

Australia,andChinawerethetop-3investmentdestinationsinAsia,withUS$2.5B,US$2.1BandUS$693mraised

respectively.

FundingdeclinedinmostAsiaPacificcountriesover2023,anditreacheditslowestlevelinfiveyears,exceptAustralia,wherefundingwasUS$1.3B,up156%increase,duetofivelargedeals,eachworthoverUS$100m.

?2025GFTNLimited’AllRightsReserved.ReproductionProhibited.10

South-EastAsiaHighlight

Chart7:South-EastAsiaFinTechInvestments,2020-2024638

587

$0.6B

$0.2B

$0.1B

$0.4B

$0.2B

$0.5B

$2.1B

396

$1.6B

378

348

$0.4B

$0.8B

$84m

$0.2B

$46m$0.3B

$0.1B

$0.3B

$0.3B

$0.8B

$3m$0.4B

$0.4B

$4.3B

$1.1B

$0.1B$31m

$0.1B

$3.7B

$1.8B

$2.1B

$1.3B

20202021202220232024

SingaporePhilippinesIndonesiaMalaysiaThailandVietnamCambodiaMyanmarDealcount

DataSources:Pitchbook,Tracxn,CBInsights;GFTNAnalysis.

South-EastAsiareceivedthefourthhighestlevelofinvestmentwithUS$3.7B,4%ofglobalvaluein2024.

Witha5%increaseover2023,thiswastheonlyregion

globallytoseeanincrease,andthisdespitea5%reductionindealactivity.

WhileSingapore(US$1.8B,48%ofSouth-EastAsia

investmentvalue)andIndonesia(US$339m,9%ofvalue),

aretraditionallythelargestcontributorstoSouth-EastAsiaFinTechinvestmentvalue,thetwosaw13%and55%

contractionsfrom2023,respectively.Othermarketshelpedbuoytheregion.ThePhilippines—aidedbyitsverylarge

deal,fromMynt(US$788m,Payments)—becameSouth-EastAsia’ssecondhighestfundedcountryafterSingaporein2024,withUS$1.1B,28%ofvalue(187%increasefrom

2023).Thailandsawthehighestpercentageincreaseof

294%,toUS$198m,onanAscenddeal(US$195m,FinTech,eCommerce,DataCentreUnicorn).

Chart8:Central&SouthAmericaFinTechInvestments,2020-2024

528535

$2.2B

379

353

251$3.6B

$7.6B

$1.3B

$1.4B

$4.0B

$2.4B

$1.6B

$908m

$861m

20202021202220232024

Central&SouthAmerica(Others)BrazilDealCount

DataSources:Pitchbook,Tracxn,CBInsights;GFTNAnalysis.

2021figuresincludedoutlierFTXUS$1.4BinAntigua(SouthAmerica).2022figuresincludedtheoutlierAllianceFinancialServiceacquisitionbySagicorGroupinJamaica(CentralAmerica)forUS$5B.

?2025GFTNLimited’AllRightsReserved.ReproductionProhibited.11

Central&SouthAmericareceivedthefifthhighestlevelBrazilcontinueditsleadasatopfundraiserinCentral

ofinvestmentgloballywithUS$2.7B,3%ofvaluein2024.andSouthAmerica,withthehighestfundingof2024,at

Thiswasa17%declineinvalueand7%declineinactivityUS$1.3B,althoughitsshareofinvestmentdeclinedto49%,

from2023:2024marksthesecondlowestfundinglevelforfrom73%in2023.ColombiacontributedUS$306m(11%)to

Central&SouthAmericasince2020.investmentvaluein2024,BritishVirginIslands,US$268m

(10%)andCaymanIslands,US$251m(9%).

Chart9:MiddleEastFinTechInvestments,2020-2024

342

302

$1.0B

288

249

$1.9B

$0.9B

147

$0.4B

$0.3B

$0.5B

$0.9B

$0.6B

$0.9B

$0.3B

$0.1B

$0.9B

$0.6B

$0.1B

$0.2B

20202021202220232024

MiddleEast(Others)UAEIsraelDealCount

UAE:UnitedArabEmirates.DataSources:Pitchbook,Tracxn,CBInsights;GFTNAnalysis.

TheMiddleEastplacedsixthinfundingraised,withUAEremainedthetopfundraiserintheMiddleEastfor

US$1.3B,1.2%ofglobalvaluein2024.This33%funding2024,withUS$567m,althoughitsshareoffunding

dropisalsothethirdhighestpercentagedeclineamongstdeclinedto45%from49%in2023.

theglobalregionsfrom2023.The18%reductionindealactivityisalsothesecondhighestdeclineseen.

Chart10:AfricaFinTechInvestments,2020-2024

391

324

$0.3B

281

$47m

$0.3B

$0.5B

$0.2B

201

204

$213m

$259m

$0.2B

$1.0B

$0.4B

$33m$45m

$0.1B

$0.2B

$0.2B

$15m$0.2B

$0.2B

$0.1B

$7m

$0.1B$36m

$0.2B

$0.2B

$0.2B

$0.3B

$0.3B

$0.2B

$0.2B

$46m

20202021202220232024

mmAfrica(Others)EgyptmaNigeriaSouthAfrica

KenyaSeychellesDealCount

DataSources:Pitchbook,Tracxn,CBInsights;GFTNAnalysis.

?2025GFTNLimited’AllRightsReserved.ReproductionProhibited.12

AfricaraisedUS$856m,0.8%ofglobalvaluein2024.The44%declineinfundingand27%indealactivitywasthe

highestamongstalltheglobalregions.

EgyptraisedthemostamongstAfricancountriesin

2024,withUS$311m,surpassingthetraditionaltop

fundraiserNigeria(US$248m)forthefirsttimeinfiveyears.

2024FinTechFunding

byGlobalRegions

Chart11:2024GlobalRegionsInvestments,DistributionbyRegion

GlobalCapitalInvested:US$105.9B

1%1%

3%

3%

7%

18%

67%

NorthAmericaEuropeAsiaPacific(exAsean)

AseanCentral&SouthAmericaMiddleEast

Africa

DataSources:Pitchbook,Tracxn,CBInsights;GFTNAnalysis.

InNorthAmerica,thetop3dealsin2024were(i)

Worldpay(Payments)whichsawaUS$12.5Bleveraged

buyoutledbyVentureWorx,AdamsStreetPartnersand

GTCRatavaluationofUS$22.7BintheUS,(ii)R1RCM

(SectorSpecific–Healthcare)whichwasacquiredby

TowerBrookCapitalPartnersandClaytonandDubilier&

RiceforanestimatedUS$7.9BleveragedbuyoutalsointheUSand(iii)NuveiTechnologies(Payments)US$6.3B

buyoutbyitsfounderandNovacap,AdventInternational,EDCInvestmentsandCDPQinCanada.

InEurope,thetop3dealswere(i)IrisSoftwareGroup

(CFOStack)US$4BbuyoutbyHg,IntermediateCapital

Group,andLeonardGreen&PartnersintheUK,(ii)Abound(Lending&Credit)US$1BearlystageseriesBventure(VC)fundingledbyHambroPerks,K3VenturesandGSR

VenturesalsointheUKand(iii)BancoBPMGruppo

(Payments)US$653mbuyoutbyBCCPayviaitsfinancialsponsorFSIFundsinItaly.

InAsiaPacific(exSouth-EastAsia),the3largestdeals

were(i)Illion(CreditratingandRisk)US$555mcorporateacquisitionbyExperianinAustralia,(ii)Payapps(Sector

Specific–Constructionpaymentsclaim)US$381m

corporateacquisitionbyAutodeskalsoinAustraliaand(iii)Yi'AnEnterprise(Wealthtech&Investments)US$281m

earlystageVCseriesBfundingledbyZhonglingShanghaiInvestment,HongShan,ChinaCapitalManagementand

ZhenFundinChina.

InSouth-EastAsia,the3largestdealswere(i)Mynt

(PaymentsUnicorn–GCash,Fuse)US$788mlaterstage

VCfundingledbyMUFG