Fintechs attracted more funding from European venture capitals in the first quarter of this year, and are predicted to remain a core component of this ecosystem, a report has found.

Pitchbook’s European Venture Capital report has revealed that fintechs attracted €25.3m (£21.3m) across 1,358 deals from venture capitals during 2021, up from €8.6m from 980 deals in 2020. In the first quarter of this year alone, fintechs raised €7.9m from 286 deals.

The research found that fintech has emerged as a core venture capital subsector in Europe as several successful venture capital-backed companies have tackled longstanding challenges to streamline financial services.d

The report showed that new waves of fintech companies are developing across European ecosystems, and many received significant backing in the first quarter. It predicted fintechs to continue to compete for funding.

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