The global fintech ecosystem experienced a significant slowdown, witnessing a decline in funding and deals to levels not seen since 2019, as the second quarter of 2023 took the fintech landscape on a rollercoaster ride, navigating through thorns and challenges.

According to CB Insights, funding tumbled nearly 50% to $7.8 billion YoY in Q2 2023, with a 48% QoQ drop from the previous quarter. This large number decline was partly due to Stripe's $6.5 million massive funding in Q1 2023 contributing to the Q2 decline; without it, the QoQ decrease would have just been 9%. The deal count also took a downtrend, falling 22% Q0Q to reach 845 deals, marking the fifth consecutive quarter of decline, as the Techloy chart below shows.