Weaker fintechs face crisis to mature as Covid-19 casts shadow over funding

Signs of stress among even relatively well established fintechs are starting to emerge, say analysts

Aritra Chakravarty, founder of London-based online accounts and investments provider Dozens, admits it's a tough time to be seeking up to 15 million pounds ($19 million) for a start-up.

"It's definitely a bearish market" said Chakravarty, who is seeking funding for Project Imagine, the company behind his fintech ventures. He is looking to crowd funding and government-backed Covid 19-support schemes for technology firms to make up for any reticence from venture capital investors.

Data suggest his caution is warranted. Fintechs, which have been one of the hottest draws for venture capitalists in recent years, raised $6.3 billion in the second