Major venture capital firms are doubling down on fintech, with the industry dominating the portfolios of firms like Sequoia Capital and a16z. Both firms invested significant amounts into the space in 2022.

According to a report from CB Insights, major investment firms Sequoia Capital and Andreessen Horowitz (a16z) invested a sizable sum into the fintech space last year. The former’s investment budget was used for approximately 25% of its 100 deals. A similar trend was seen for a16z.

The figures are all the more surprising given the tough year that was 2022. While fintech is limited to crypto investments, the global economy saw the start of a rough patch that might continue or worsen in 2023.

(By Rahul Nambiampurath)

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