The quartery insights from CBInsights tell us that in Q1’20, VC-backed fintech funding dropped to $6.1B across 404 deals. The Covid-19 outbreak had a significant impact on fintech financing resulting in the worst Q1 since 2016 for fintech deals and the worst Q1 for funding since 2017. With forecasts of a recession, investors pulled back on early-stage bets to focus on fortifying portfolios. Fintech funding in Asia, North America, Australia, South America, and Africa dropped quarter-over-quarter. Europe was the only major region to see an increase in funding, driven by 4 mega-rounds ($100M+) including Revolut’s $500M Series D and Qonto’s $115M Series C. Investors start to see some liquidity amid a fintech M&A spree in 2020.