There’s always talk of whether investment in fintech firms will begin to slow down, or even dry up one day soon. Some have spoken of a fintech bubble; but things appear to still be going well for fintechs... or at least the more established and notable ones.
This week’s big funding news was that digital savings and investing platform Acorns raised $105 million in its Series E round, bringing its total valuation to $860 million. The six-year-old fintech received the cash injection from investors including Comcast Ventures, NBCUniversal, Bain Capital Ventures, BlackRock, TPG's Rise Fund, DST and Michael Dell's MSD Capital, according to CNBC.
In particular, the savings and investing space has been a particularly hot area for fintechs; and with this latest funding round, Acorns has now topped the valuations of two of the other well-known players in this space, Wealthfront and Betterment.
Overall, fintech companies raised $39.6 billion in funding in 2018, which is a record, according to CB Insights. It doesn’t seem like the money spigot for fintechs will be turned off anytime soon.