FT Partners FinTech June 2024

FT Partners | June 2024
CEO MONTHLY
MARKET UPDATE
& ANALYSIS
Global FinTech Coverage
All Sectors ● All Geographies
The Only Global Investment Bank Focused Exclusively on FinTech

Steve McLaughlin | Founder, CEO, Managing Partner
Contact: [email protected] | 415-385-9318
©2024
CEO Monthly FinTech Market Update & Analysis
Contents
FT Partners’ Monthly FinTech Sector Reports
Comprehensive Multi-Sector Focused Market Analysis Reports
Payments &
Digital Banking / Cryptocurrencies Wealth & Capital
Transaction
Bank Tech & Blockchain Markets Tech
Processing
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Financial
Healthcare
Alternative InsurTech Management
Payments / IT
Lending Solutions
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FT Partners – Focused Exclusively on FinTech
Exclusive FinTech Executive Interviews
Lukas Haffer Jackie Reses Michele Trogni Daniel Cohen
Andrew Wynn Brandon Spear Dimitri Dadiomov Eduardo della Maggiora
Ben Hubbard Keith Todd Omair Ansari Jim Kwiatkowski
VIEW ALL RECENT INTERVIEWS

Proven Track Record of Success Across FinTech
Advisor of Choice for Leading FinTech Companies and Strategics
Selected Billion Dollar+ Clients Selected Transactions with Multi-Billion Dollar Valuations
Significant Experience Advising Large Financing Rounds
Company Amount Raised Company Amount Raised Selected Prominent Investors in FT Partners Led Rounds
Selected FT Partners’ International / Cross-Border Experience
Target Buyer / Investor International Aspect Target Buyer / Investor International Aspect
FT Partners Advises Osome on its $17 million Series B Financing
Overview of Transaction
Significance of Transaction
FT Partners’ Role
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FT Partners Advises Blend on its $150 million PIPE
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FT Partners’ Role
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FT Partners Advises Bilt on its $200 million Financing
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FT Partners’ Role
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FT Partners Advises DailyPay on its ~$75 million Equity Financing
FT Partners’ Role
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FT Partners Advises Cart.com on its Series C Financing
FT Partners’ Role
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FT Partners Advises Acorns on its Acquisition of GoHenry
FT Partners’ Role
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FT Partners Advises Lendable on its $275 million Growth Equity Financing
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FT Partners’ Role
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I. Public FinTech
Sector Universe
Public FinTech Sector Universe
Median Price / Earnings Multiples by FT Sector
2024E Price / Earnings Multiples 2025E Price / Earnings Multiples

2024E and 2025E Price / Earnings Multiples
Common Stock Comparison – Summary Analysis
Common Stock Comparison
Payments – Networks & Merchant Acquiring / Processing
Payments – Online Focused & Buy Now Pay Later
Payments – Money Transfer & B2B
Payments – POS, Loyalty, Cards & ATM Infrastructure
Payments – Other Processing & Payments Focused Banks
Banking / Lending Solutions & Marketplaces / Lead Generation
Challenger Banks
Mortgage / Real Estate Technology
(1)
Mortgage Originators, Traditional & Online, Non-Bank Lenders
Global Securities Exchanges & Alternative Trading Systems / Market Makers
Online Brokers
Cryptocurrency Companies
Wealth / Capital Markets Tech & Trading Software
Data & Analytics, Risk Management & Financial Information Providers
InsurTech
Healthcare FinTech
Payroll / HR / Benefits & Financial Management Solutions
Outsourced Processing Solutions
Trust & Services Focused FIs & BDC / Public Investment Vehicles
Selected Diversified Financial Institutions
Pending FinTech SPAC Mergers
Recently Closed FinTech SPAC Mergers
II. U.S. FinTech
IPO Tracker
FT Partners’ Monthly FinTech Sector Market Analysis
U.S. FinTech IPO Tracker
Amount IPO Current Current Total Research
Filing Date IPO Date Company Raised Market Cap Sector
Price Price Return Profile
# of IPOs ($ in mm) ($ in mm)
VIEW
VIEW
VIEW
Capital Raised
VIEW
VIEW
VIEW
VIEW
VIEW
VIEW
III. Monthly
FinTech Deal
Activity Insights
FT Partners’ Monthly FinTech Deal Activity Insights
FinTech Financing Statistics
Monthly FinTech Financing Volume and Deal Count
($ in billions) Dollar Volume Deal Count

Average Deal Count Per Month: 272
$18
389
$16 Stripe Raises 358
353
$6.9 billion
$14 308 321
305
282 291 283 286
$12 265 277 269 276 270 275
242 242 241 251
$10 220 209 217
186 186
$8
$6 $12.3
$9.2
$4 $7.8
$6.2 $6.7
$4.4 $5.1 $4.5 $4.3 $4.3 $4.7 $5.0
$2 $3.5 $3.6 $3.2 $3.1 $3.1 $3.9 $3.1 $3.5 $4.0
$2.9 $2.9 $2.8 $2.2
$0
Financing Deal Count by Sector in 2024 YTD Selected Largest Financings in 2024 YTD
Company Amount ($ in mm) Sector Country

Banking / Lending Tech
Payments / Cards / Loyalty $1,002 Banking / Lending Tech UK
Wealth & Capital Markets Tech

694 Payments USA
Crypto & Blockchain
430 Banking / Lending Tech UK
Healthcare Payments / IT
InsurTech 425 Fin. Mgmt. Systems USA
Fin. Management Solutions

325 Wealth & Capital Markets Tech Denmark
FT Partners’ Monthly FinTech Deal Activity Insights
FinTech M&A Statistics
Monthly FinTech M&A Volume and Deal Count
($ in billions) Dollar Volume Deal Count

Average Deal Count Per Month: 98
$70
132 128 127
$60 117 113
110
99 100 101 100 102
$50 95 93 92 95
90 91 88 89
86 86 82 81
$40 75 71
$30 $61.3
$20
$22.5 $25.6
$10 $4.5 $16.9 $5.0 $5.5 $18.1 $19.5 $5.5
$14.8 $9.6 $2.3 $3.8 $3.8 $14.3 $2.1 $12.3
$0.7 $6.5 $6.5 $1.0 $7.8 $9.5
$4.6
$0
M&A Deal Count by Sector in 2024 YTD Selected M&A Deals in 2024 YTD
Amount Target
Target Buyer Target Sector
Banking / Lending Tech ($ in mm) Country
Payments / Cards / Loyalty $35,300 Payments USA
Wealth & Capital Markets Tech Healthcare

11,000 Payments / IT
USA
Crypto & Blockchain
Wealth & Capital
7,300 USA
Healthcare Payments / IT Markets Tech
InsurTech 6,300 Payments Canada
Fin. Management Solutions Wealth & Capital

5,300 Markets Tech
Luxembourg
IV. M&A
Transactions
Selected Large / Significant Recent M&A Transactions
Payments
MERGERS & ACQUISITIONS
Amount
Announced Date Transaction Overview Company Selected Buyers / Investors Research Profile
($mm)
VIEW
VIEW
VIEW
VIEW
VIEW
VIEW
VIEW
VIEW
VIEW
VIEW
Banking / Lending Technology
Amount
($mm)
VIEW
VIEW
Amount
($mm)
VIEW
VIEW
VIEW
VIEW
VIEW
VIEW
VIEW
VIEW
Crypto & Blockchain Tech
Amount
($mm)
VIEW
VIEW
InsurTech
Amount
($mm)
VIEW
VIEW
Amount
($mm)
VIEW
VIEW
Financial Management Solutions
Amount
($mm)
VIEW
VIEW
VIEW
VIEW
VIEW
VIEW
VIEW
VIEW
FinTech M&A Transactions
Highlighted Transactions During the Month
PAYMENTS
Date Acquirer / Target Value ($ mm) Comments
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Highlighted Transactions During the Month (cont.)
BANKING / LENDING TECHNOLOGY
WEALTH & CAPITAL MARKETS TECH

•
•
•
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CRYPTO & BLOCKCHAIN
•
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INSURTECH
•
•
•
Life Insurance Company •
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INSURTECH (cont.)
•
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Casualty Claims Solutions
Business •
HEALTHCARE PAYMENTS / IT
•
FINANCIAL MANAGEMENT SOLUTIONS
•
•
•
•
VIEW RESEARCH
PROFILE •
Monthly Transaction List
PAYMENTS
Amount
Announced Date Transaction Overview Company Selected Buyers / Investors
($mm)

Amount
($mm)
Monthly Transaction List (cont.)
BANKING / LENDING TECHNOLOGY (cont.)
Amount
($mm)

Amount
($mm)
CRYPTO & BLOCKCHAIN
Amount
($mm)
INSURTECH
Amount
($mm)
Amount
($mm)

Amount
($mm)
FINANCIAL MANAGEMENT SOLUTIONS (cont.)
Amount
($mm)
FinTech SPAC Merger Tracker
# of FinTech
SPAC Mergers
VIEW
Global Blockchain
Acquisition Corp.
Vahanna Tech Edge

VIEW
Acquisition I Corp.
FinTech SPAC
Merger Volume
Goal Acquisitions Corp.
Super Apps Holdings
VIEW
VIEW
FinTech SPAC Merger Tracker (cont.)
# of FinTech
SPAC Mergers
Corp.
II
Thunder Bridge
Capital Partners IV
Arisz Acquisition Corp.
VIEW
FinTech SPAC
Merger Volume
Blue Safari Group
VIEW
Acquisition
VIEW
VIEW
VIEW
Bridgetown 2 Holdings
VIEW
Recently Cancelled FinTech SPAC Mergers
Future Dao Group
III
II
Goldenstone Acquisition
V. Financing
Transactions
Selected Large / Significant Recent Financing Transactions
Payments
PAYMENTS – FINANCINGS
Amount
($mm)
VIEW
VIEW
VIEW
VIEW
VIEW
VIEW
VIEW
VIEW
VIEW
VIEW
Banking / Lending Technology
BANKING / LENDINGMERGERS
TECHNOLOGY
& ACQUISITIONS
– FINANCINGS
Amount
($mm)
VIEW
VIEW
VIEW
VIEW
VIEW
VIEW
VIEW
VIEW
VIEW
VIEW
WEALTH & CAPITALMERGERS
MARKETS&TECH
ACQUISITIONS
– FINANCINGS
Amount
($mm)
VIEW
VIEW
VIEW
VIEW
VIEW
VIEW
VIEW
Crypto & Blockchain
CRYPTO & BLOCKCHAIN
MERGERS
– FINANCINGS
& ACQUISITIONS
Amount
($mm)
VIEW
VIEW
InsurTech
INSURTECH – FINANCINGS
Amount
($mm)
VIEW
VIEW
VIEW
VIEW
HEALTHCARE PAYMENTS
MERGERS
/ IT&– ACQUISITIONS
FINANCINGS
Amount
($mm)
VIEW
VIEW
VIEW
Financial Management Solutions
FINANCIAL MANAGEMENT
MERGERS
SOLUTIONS
& ACQUISITIONS
– FINANCINGS
Amount
($mm)
VIEW
VIEW
VIEW
VIEW
VIEW
VIEW
VIEW
VIEW
FinTech Financing Transactions
Highlighted Transactions During the Month
PAYMENTS
Date Target / Investor(s) Value ($ mm) Comments
•
•
•
•
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•
•
•
•
•
•
VIEW RESEARCH
PROFILE
•

•
•
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•
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WEALTH & CAPITAL MARKETS TECH (cont.)
•
•
VIEW RESEARCH
PROFILE
•
CRYPTO & BLOCKCHAIN

•
•
•
•
•
•
CRYPTO & BLOCKCHAIN (cont.)
•
•
VIEW RESEARCH
PROFILE
•
INSURTECH
•
INSURTECH (cont.)
•
•
•
•
•
INSURTECH (cont.)
•
•
•
•
•
•
•
•
•
HEALTHCARE PAYMENTS / IT (cont.)
VIEW RESEARCH •
PROFILE
•
•
•
•
•
•
•
•
•
•
•
•
VIEW RESEARCH
PROFILE
•
VIEW RESEARCH •
PROFILE
•
Monthly Transaction List
PAYMENTS
Amount
($mm)
PAYMENTS (cont.)
Amount
($mm)

Amount
($mm)
Amount
($mm)
Amount
($mm)
Amount
($mm)
Amount
($mm)
Amount
($mm)
Amount
($mm)
CRYPTO & BLOCKCHAIN

Amount
($mm)
Amount
($mm)
Amount
($mm)
Amount
($mm)
Amount
($mm)
Amount
($mm)
INSURTECH
Amount
($mm)
CRYPTO & BLOCKCHAIN
INSURTECH (cont.) (cont.)
Amount
($mm)
Amount
($mm)
Amount
($mm)

Amount
($mm)
Amount
($mm)
Amount
($mm)
Amount
($mm)
VI. Key Upcoming
FinTech
Conferences
Selected FinTech Events
Key Industry Conferences & Events
Date Conference Location Website
PROPTECH LATAM SUMMIT
MONEY 20/20 2024 EUROPE
INSURTECH INSIGHTS USA 2024
DHIS DIGITAL HEALTHCARE INNOVATION SUMMIT

Key Industry Conferences & Events (cont.)
BLOCKCHAIN EXPO
FINTECH WEEK LONDON
ESG FINTECH SUMMIT
ITC DIA EUROPE AMSTERDAM

FIXED INCOME LEADERS SUMMIT
FINTECH SUMMIT AFRICA 2024
ETHEREUM COMMUNITY CONFERENCE
FUTURE FINANCE HONG KONG

PAYMENTSED FORUM 2024
VENCENT FINTECH SUMMIT
FINTECH CONNECT ASIA 2024
INSURTECH ISRAEL 2024 GLOBAL SUMMMIT

FINOVATE FALL
MIDDLE EAST BANKING INNOVATION SUMMIT
HLTH 2024
VII. Overview of FT
Partners
FT Partners Real-Time FinTech Deal Statistics
FT Partners publishes FinTech financing and M&A deal statistics on a weekly and monthly basis
Weekly Monthly
Selected FT Partners’ VIP Video Conferences
Virtual Fireside Chat with Ankur Jain,

Women in FinTech FinTech in India B2B FinTech
Founder & CEO of Bilt Rewards
FinTech in Africa 2023 Demystifying Fundraising for

State of FinTech 2023 Women in FinTech 2023
Women in FinTech
Women in FinTech 2022 The State of FinTech Investing Women in FinTech – Redefining the Challenger Banks — The
in 2022 Future of FinTech State of Play
FT Partners Research – Q1 2024 FinTech Insights
Q1 2024 FinTech Insights: Highlights of the report include:

Global Financing and M&A Statistics •
Click pictures to view report

FT Partners Research – Restaurant Tech
Restaurant Tech: A Strong Technology

Backbone is Becoming Table Stakes
•
•
•
•
FT Partners Research – FinTech in Africa
FinTech in Africa: A Thriving Opportunity
•
FT Partners Research – Women in FinTech: Perseverance & Resilience
Women in FinTech: Perseverance & Resilience

FT Partners Research – Company Overview: Bilt
Company Overview: Bilt – A Rewards Network

Centered On the Home & Neighborhood

FT Partners Research – The FinTech Journey Continues: What to Watch for in 2024
The FinTech Journey Continues:

What to Watch for in 2024

FT Partners Research – US Spot ETF Approval a Shot of Adrenaline for Digital Assets Market
US Spot ETF Approval a Shot of

Adrenaline for Digital Assets Market

FT Partners Research – FinTech in India
FinTech in India: A Digital Gold Rush
•
FT Partners Research – Innovations in Payroll and Human Capital Management
Innovations in Payroll and

Human Capital Management
•
•
•
Click pictures to view report •

FT Partners Research – Women in FinTech: Rising Stars
Women in FinTech: Rising Stars

FT Partners Research – FinTech in Africa
FinTech in Africa: Momentum is Building

and the World is Taking Notice
•
•
•
FT Partners Research – Blockchain Accounting & Tax Solutions
Blockchain Accounting & Tax Solutions:

Automation for the Digital Assets Ecosystem
•
•
•
•
FT Partners Research – B2B Payments
B2B Payments:
The Last Major Bastion of Paper-based
Payments and Processes
•
FT Partners Research – The Blockchain Economy
The Blockchain Economy:

How Cryptocurrencies and Blockchain Technology Are
Redefining Existing Markets and Creating New Ones
•
FT Partners Research – Women in FinTech 2022
Women in FinTech 2022:

Redefining the Future of FinTech

FT Partners Research – The Race to the Super App
The Race to the Super App
•
FT Partners Research – Buy Now Pay Later
Buy Now Pay Later:

Revolutionizing Traditional Credit With
Convenience, Data & eCommerce
•
•
•

FT Partners Research – Youth-focused FinTech Platforms
Youth-focused FinTech Platforms

Attract Investor Attention

FT Partners Research – A Flurry of Activity in Restaurant Tech
A Flurry of Activity in
Restaurant Tech

FT Partners Research – Open Banking
Open Banking:
Rearchitecting the Financial Landscape
•
•

FT Partners Research – Healthcare Payments
•
•
•
FT Partners Research – FinTech Meets Alternative Investments
FinTech Meets Alternative Investments

Innovation in a Burgeoning Asset Class
•
FT Partners’ Client Testimonials
FT Partners’ Client Testimonials
Award-Winning Investment Bank Focused on Client Results
AvidXchange Truebill QED Investors
“We hired FT Partners back in 2009, and our Board “From the time we began having external “Wherever a board or a management team
feels that hiring FT Partners was one of the most conversations right up to the moment we has steered away from hiring FT Partners it
strategic decisions we could have made along this signed a definitive deal, FT Partners were always seems to end up in tears. Here’s to
journey. They have been tremendous partners for us, invaluable partners. They brought not only you and everything you do.”
and we are delighted with them on every level.” strategic advice but also worked tirelessly
helping execute all the way to closing. I can’t
imagine trying to navigate this process
without them.”
Michael Praeger, CEO, AvidXchange Haroon Mokhtarzada, Co-Founder and CEO Nigel Morris, Managing Partner
Consistent Recognition Through the Years
Bloomberg M&A Advisor Awards Silicon Valley’s Most LendIt FinTech Industry The FinTech Finance 40 The M&A Atlas Awards
FT Partners’ Steve McLaughlin Over 10 awards including Tech Popular Dealmakers Awards Steve McLaughlin ranked #1 in 2020 Large SPAC Deal of
was featured on Bloomberg Deal of the Year (2019) and Ranked #2 Tech Investment Top Investment Bank in 2017 and 2018 the Year
Investment Banking Firm of the Banker in 2016 FinTech in 2018
View the full article and watch 2020 Corporate M&A
Year (2016)
the live TV interview Deal of the Year
FT Partners’ Disclaimer
Disclaimer: This material is provided for informational purposes only and is not intended as, and may not be relied on in any manner as legal, tax or investment advice, or as a recommendation by
Financial Technology Partners LP and its subsidiaries (including but not limited to FTP Securities LLC and FinTech Partners Ltd, collectively “FT Partners”). The information contained in this material has
been obtained from sources outside FT Partners, which in certain cases may not have been updated through the date hereof. While such information is believed to be reliable, complete and accurate for
purposes used herein, no representations are made as to the accuracy or completeness thereof and FT Partners does not take any responsibility for, and has not independently verified, any such
information. This information involves a number of assumptions and limitations, and you are cautioned not to give undue weight to these estimates.
This industry information and its importance is an opinion only and should not be relied upon as the only important information available. The findings in this report may contain predictions regarding
particular industries or sectors which are subject to inherent risks and uncertainties. Any estimates or predictions reflected herein are inherently subject to change. Any tables, graphs, formulas, charts, or
similar illustrations related to past performance, as well as any benchmarks or financial indices, are provided solely for illustrative purposes. These materials may not be reproduced, disseminated,
quoted, or referred to, in whole or in part, without the prior written consent of FT Partners. FT Partners assumes no obligation to update or otherwise revise these materials.
THIS IS NEITHER AN OFFER TO SELL NOR A SOLICITATION OF AN OFFER TO BUY ANY OF THE SECURITIES DESCRIBED HEREIN, NOR DO THEY CONSTITUTE A COMMITMENT BY FT PARTNERS TO
ARRANGE FINANCING FOR ANY TRANSACTION OR TO PURCHASE ANY SECURITY. THE OFFERING OF A SECURITY IS MADE ONLY BY THE PROSPECTUS. NEITHER THE SECURITIES AND EXCHANGE
COMMISSION, FINRA NOR ANY OTHER STATE SECURITIES REGULATOR HAS APPROVED OR DISAPPROVED OF THE SECURITIES OR DETERMINED IF THE PROSPECTUS IS TRUTHFUL OR COMPLETE.
ANY REPRESENTATION TO THE CONTRARY IS UNLAWFUL.
FT Partners provides financing and strategic advisory services to a wide range of entities from which conflicting interests or duties, or a perception thereof, may arise. This report does not represent
investment advice, nor does it provide an opinion regarding the fairness of any transaction.
This material is a macro overview of industries and sectors. It does not attempt to predict the performance of specific public securities. Any investment topic being discussed is not a recommendation of
any security in isolation. This material does not intend to address the financial objectives, situation or specific needs of any individual investor.
All rights to the trademarks and/or logos presented herein belong to their respective owners and FT Partners’ use hereof does not imply an affiliation with, or endorsement by, the owners of these logos.

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FT Partners | June 2024

The Only Global Investment Bank Focused Exclusively on FinTech

Lukas Haffer Jackie Reses Michele Trogni Daniel Cohen

Andrew Wynn Brandon Spear Dimitri Dadiomov Eduardo della Maggiora

Ben Hubbard Keith Todd Omair Ansari Jim Kwiatkowski

VIEW ALL RECENT INTERVIEWS

2024E Price / Earnings Multiples 2025E Price / Earnings Multiples

Monthly FinTech Financing Volume and Deal Count

($ in billions) Dollar Volume Deal Count

Company Amount ($ in mm) Sector Country

Wealth & Capital Markets Tech

Fin. Management Solutions

Monthly FinTech M&A Volume and Deal Count

($ in billions) Dollar Volume Deal Count

Wealth & Capital Markets Tech Healthcare

InsurTech 6,300 Payments Canada

Fin. Management Solutions Wealth & Capital

WEALTH & CAPITAL MARKETS TECH

BANKING / LENDING TECHNOLOGY

WEALTH & CAPITAL MARKETS TECH

FINANCIAL MANAGEMENT SOLUTIONS

Vahanna Tech Edge

Goal Acquisitions Corp.

Super Apps Holdings

Arisz Acquisition Corp.

Future Dao Group

WEALTH & CAPITAL MARKETS TECH

CRYPTO & BLOCKCHAIN

BANKING / LENDING TECHNOLOGY

CRYPTO & BLOCKCHAIN

FINANCIAL MANAGEMENT SOLUTIONS

Date Conference Location Website

PROPTECH LATAM SUMMIT

MONEY 20/20 2024 EUROPE

INSURTECH INSIGHTS USA 2024

DHIS DIGITAL HEALTHCARE INNOVATION SUMMIT

Date Conference Location Website

FINTECH WEEK LONDON

ESG FINTECH SUMMIT

ITC DIA EUROPE AMSTERDAM

Date Conference Location Website

FIXED INCOME LEADERS SUMMIT

FINTECH SUMMIT AFRICA 2024

ETHEREUM COMMUNITY CONFERENCE

FUTURE FINANCE HONG KONG

Date Conference Location Website

PAYMENTSED FORUM 2024

VENCENT FINTECH SUMMIT

FINTECH CONNECT ASIA 2024

INSURTECH ISRAEL 2024 GLOBAL SUMMMIT

Date Conference Location Website

MIDDLE EAST BANKING INNOVATION SUMMIT

Virtual Fireside Chat with Ankur Jain,

FinTech in Africa 2023 Demystifying Fundraising for

Q1 2024 FinTech Insights: Highlights of the report include:

Click pictures to view report

Restaurant Tech: A Strong Technology

FinTech in Africa: A Thriving Opportunity

Women in FinTech: Perseverance & Resilience

Click pictures to view report