VC-backed global fintech financing activity declined for the second straight quarter in Q3, with $2.4B raised across 178 deals, according to The Pulse of Fintech – Q3’16 published by KPMG and CB Insights. But banks are still finding opportunity in the sector.
Citigroup, Banco Santander, and Goldman Sachs — among banks with the largest amount of assets under management — have led the way having completed a number of deals into fintech startups over the last 5 quarters.
Bank fintech investments
Over the past 5 quarters, Citigroup, Banco Santander, and Goldman Sachs or their corporate venture units have each completed seven or more deals to VC-backed fintech companies.
Among Citigroup’s most high-profile investments over the past 5 quarters is participation in deals to BlueVine, Betterment, and FastPay while Banco Santander has invested in fintech companies including Ripple, iZettle, and Kabbage.
Goldman Sachs, the third-most active bank, has invested in Plaid Technologies, Oscar Health, and Better Mortgage, among others.
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