As valuations continued to decline to levels not seen since the start of the Covid-19 pandemic, primarily due to macroeconomic worries, investment in Canadian fintech companies decreased threefold in the first half of 2023, according to KPMG.
Investments totaled USUSD 353.7 million across 57 deals, including venture capital, private equity, and merger and acquisition activity. Comparatively, USUSD 1.09 billion was invested across 87 deals in the second half of 2022, and USUSD 834.1 million was spread across 109 deals in the first half.
There were 15 investments in cryptocurrency and blockchain firms, along with seven AI startups and six payment companies.
Read More: Canadian fintech invest plummets