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Welcome to TechCrunch Fintech<\/a>! This week, we\u2019re looking at just how many fintech companies made it into Y Combinator\u2019s Winter 2024 cohort, how much funding slid in the first quarter, and more!<\/p>\n To get a roundup of TechCrunch\u2019s biggest and most important fintech stories delivered to your inbox every Sunday at 7:00 a.m. PT, <\/em>subscribe here<\/a>.\u00a0<\/em><\/p>\n Y Combinator held demo days for its Winter Cohort this week. As always, the TC team was all over it<\/a>. One thing that stood out to me was just how much fintech representation in their cohorts is shrinking. Of the 260 companies in the latest cohort, nearly 30 of them, or 8%, were classified as fintech. That compares to 10% in the summer of 2023, 21% in the summer of 2022 and 24% in the winter of 2022. So there was one-third the percentage of fintech companies this year compared to two years ago. Of the companies that were picked this year, Christine noticed that cross-border fintech is hot<\/a> right now.<\/p>\n Fintech funding slid by 16% quarter-over-quarter<\/a> during the three-month period ended March 31, according to CB Insights\u2019 Q1 2024 State of Venture Report. But even more troubling than the double-digit dip was the fact that the $7.3 billion raised globally by fintech startups in the three-month period marked the lowest level the sector has seen since early 2017. On the plus side, there was a 15% uptick in equity deal-making last quarter, which \u201cmeans investors continue to show interest in fintech solutions \u2014 particularly payments tech,\u201d according to a CB Insights spokesperson. During the three-month period, 904 investments were made into fintech startups, which was higher than 786 in the previous quarter, signaling smaller deal sizes.<\/p>\n Manish Singh reports that Flipkart co-founder Sachin Bansal is in talks to raise capital for his new startup<\/a>, Indian fintech Navi<\/a>. Bansal is talking to investors to raise at a valuation of around $2 billion, three sources familiar with the matter told TechCrunch. One source said he is looking to raise between $200 million and $400 million. Bansal has largely self-funded Navi up to now, and this would be the Bengaluru-headquartered startup\u2019s first large outside fundraise since it was founded in 2018.<\/p>\n For years, banks have been financing large renewable power projects, from utility-scale solar farms to horizon-spanning wind farms. But smaller projects, like installing a heat pump in someone\u2019s home or retrofitting affordable housing, often get passed over. They simply haven\u2019t been lucrative enough. But the demand is there, which is why advocates have been clamoring for the federal government to support a so-called green bank, which will underwrite these sorts of projects.<\/p>\n That green bank is now a reality. Last Thursday, the EPA announced<\/a> that it had awarded $20 billion in grants from the Inflation Reduction Act<\/a> to eight organizations that will use the money to make loans<\/a> that will help with those projects, reports Tim De Chant.<\/p>\n Hapax launches with generative AI tool for financial services<\/a><\/p>\n Houston tech platform raises Series C round backed by Mastercard<\/a><\/p>\n Brim Financial closes $85M Series C led by EDC to fund US expansion<\/a><\/p>\n Advent to buy Ryan Reynolds-backed fintech Nuvei in $6.3B deal<\/a><\/p>\n Want to reach out with a tip? Email me at maryann@techcrunch.com or send me a message on Signal at 408.204.3036. You can also send a note to the whole TechCrunch crew at tips@techcrunch.com. For more secure communications, <\/em>click here to contact us<\/em><\/a>, which includes SecureDrop (<\/em>instructions here<\/em><\/a>) and links to encrypted messaging apps.<\/em><\/p>\n<\/p><\/div>\nThe big story<\/h2>\n
Analysis of the week<\/h2>\n
Dollars and cents<\/h2>\n
What else we\u2019re writing<\/h2>\n
High-interest headlines<\/h2>\n