Venture capital investment in financial technology companies grew 38 percent globally in second quarter of 2017 from the same period last year, according to new data released by CB Insights.
Fintech firms raised $5.19 billion from 251 deals in the three months ending in June, up from $3.75 billion a year earlier, according to the report published on Tuesday.
It was the highest quarter on record by amount raised, CB Insights said.
Volumes were boosted by several large deals, including a $300 million investment in North Carolina-based invoicing company AvidXchange and a $107 million round in New York-based blockchain company R3, the report said.
Moreover, there were 18 deals that raised more than $50 million in the second quarter, compared to 11 in the same quarter last year.
Many of these large rounds were in the United States, which had experienced a dip in investments in the first three months of the year. Fintech funding dropped in Europe the second quarter, but soared in Asia largely driven by Softbank’s $1.4 billion investment in One97, the parent company of India-based payments firm Paytm.
The report also noted that five companies joined the ranks of so-called fintech unicorns, or startups valued at $1 billion or more: U.S.-based startups Clover, Symphony, RobinHood, AvidXchange and Chinese peer-to-peer lender Tuandaiwang.
CB Insights predicts investments in VC-backed fintech companies could rise 19 percent from 2016 this year if the deal pace is sustained.