Pitchbook issued their very helpful Emerging Tech Research Report on the state of the fintech sector.
 
Here is a rundown of the key points in the report:

• Deal value.  According to the report, the fintech sector in North America and Europe achieved its highest quarterly deal value on record in Q3 with a total of $8.9 billion.

• Deal counts.  Given the state of the economy though, deal counts were down to 414, which makes sense. Investors are putting money into larger deals for late-stage companies which have secured 77% of venture capital this year.

• Overall theme.  Despite the current economic headwinds and the global pandemic, the financial services industry is still ripe for disruption in the long-term.  There are only a few legacy providers dominating the space.

• Consumer finance has already surpassed its record 2019, with $5.9 billion invested through Q3.

• Cash usage fell by 8% year-over-year; Square estimated this decline would have taken three years without the pandemic. 

• Fintech VC exit activity continued its strong year with multiple $1 billion-plus acquisitions announced in Q3.

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