Financial services (fintech) startups raised a total of $33.9 billion in 2019, down from $40.8 billion in 2018, according to a report by TechCrunch.
The report also mentioned that VC firms were focused more on backing later stage companies as well as companies in developing markets as compared to the previous year.
Early stage startups struggled to raise money, with Seed and Series A funding dropping to a five-year low in 2019.
Funding for startups at Series B and beyond were at a record five-year high.
Financial startups in Southeast Asia (SEA) raised $993 million in 2019, the highest in the region so far.