Hey fintech friends,

Happy Q4 to all who celebrate! As always, we’re ringing in the new quarter with a round-up of fintech activity in Q3 and diving into forward-looking themes for the rest of the year.

For new readers, Signals is the premium subscriber edition of TWIF designed to get you away from the headlines and to explore the larger trendlines. Each quarter, we break down four key questions on fintech activity:

1. Which concepts are getting funded? 
2. Where are exits, M&A, and SPACs concentrated? 
3. Which firms are raising debt and venture funds for fintech? 
4. Which products were launched over the last quarter? 

Signals quarterly roundups are possible thanks to Hayden Hill, who collates insights from TWIF's newsletters into a comprehensive data dashboard each quarter.

If you haven’t already, subscribe to future editions here!

Overall activity

Fintechs raised a total of $6.242 billion in Q3, down 26% from the prior quarter but up 39% Year-over-Year. The number of rounds raised was down 11% QoQ (⬆️10% YoY), and on average, raises shrank by 17% in size QoQ (⬆️26% YoY).