In 2022, enterprise fintechs globally raised $35.1 billion in venture capital, representing a 32.1% YoY decline from the record $51.7 billion raised in 2021. Venture capital was deployed across 1,764 deals in 2022, which was 13.1% lower YoY compared to the 2,031 deals in 2021. Deal value declined consecutively each quarter in 2022, with deal value reaching $4.2 billion in Q4. This represents a decline of 65.9% on a YoY basis and 37.2% on a QoQ basis. Notably, VC funding for enterprise fintechs has not seen levels this low since Q4 2019, highlighting ongoing caution from investors. In terms of quarterly deal count, venture capital was deployed across 375 deals in Q4, which was 22.7% less YoY but unchanged versus Q3. Despite 2022’s sharp decline in VC activity, venture funding in the enterprise fintech segment remains well above levels prior to 2021. We believe this signifies the abundance of opportunities that have surfaced in the B2B fintech ecosystem. Moreover, venture capital deployed into enterprise fintechs has now surpassed levels seen forretail fintechs—48.2% of total fintech VC was raised by enterprise fintechs in 2020, compared to 60.9% in 2022.