Digital lending: Top Equity Deals in Q3 2023
Q3 2023's most popular fintech category
In Q3 2023, digital lending saw the largest increase in funding among all major fintech companies, with companies in the sector securing a total of $1.7 billion through 60 deals. The figures represent a 70% quarter-on-quarter increase from Q2’s $1 billion funding figure.
Digital lending’s funding boost was driven partly by later-stage mega-rounds, which brought in more than half of the sector’s quarterly funding. India-based data analytics platform Perfios raised the largest digital lending round (US$229 million Series D) from Kedaara Capital, one of India’s most prominent investment management companies.
The digitalisation of lending arguably provides increased benefits for financial institutions, including improved customer experience and cost savings. The figures above could suggest that financial intermediaries are finally recognising the importance in prioritising customer service, at a time where competition, among banks and fintechs alike, is high.