Expand chart
Reproduced from CB Insights; Chart: Axios Visuals

Fintech investment fell in 2019, as the number of deals and the total amount of money invested both declined significantly from 2018's record pace.

The big picture: The biggest decline was in early-stage investing, which saw the lowest number of deals in five years, according to data from CB Insights. Later stage series B+ companies, on the other hand, saw funding rise to five-year highs.

Why it matters: The data shows fintech investors are increasingly moving their dollars away from young companies with higher risk and growth potential and consolidating investment in bigger, more established names that are foregoing public markets in favor of staying private and raising more funding.

  • Nearly 50% of fintech funding in 2019 came from 83 megarounds (deals over $100 million) totaling $17.2 billion.
  • "This is a positive signal that more fintech startups are maturing, which becomes more difficult with each subsequent financing," analysts say in the report.

Details: Annual funding fell by 15% year-over-year in 2019 to $34.5 billion across 1,913 deals.

  • North America, Europe and Asia all saw the number of deals and the total amount invested fall.

Go deeper: Varo gets long-awaited FDIC nod of approval

Go deeper

Biden: The next president should decide on Ginsburg’s replacement

Joe Biden. Photo: Drew Angerer / Getty Images

Joe Biden is calling for the winner of November's presidential election to select Ruth Bader Ginsburg's replacement on the Supreme Court.

What he's saying: "[L]et me be clear: The voters should pick the president and the president should pick the justice for the Senate to consider," Biden said. "This was the position the Republican Senate took in 2016 when there were almost 10 months to go before the election. That's the position the United States Senate must take today, and the election's only 46 days off.

Trump, McConnell to move fast to replace Ginsburg

Photo: Alex Wong/Getty Images

President Trump will move within days to nominate his third Supreme Court justice in just three-plus short years — and shape the court for literally decades to come, top Republican sources tell Axios.

Driving the news: Senate Majority Leader Mitch McConnell and Senate Republicans are ready to move to confirm Trump's nominee before Election Day, just 46 days away, setting up one of the most consequential periods of our lifetimes, the sources say.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 10 p.m. ET: 30,393,591 — Total deaths: 950,344— Total recoveries: 20,679,272Map.
  2. U.S.: Total confirmed cases as of 10 p.m. ET: 6,722,699 — Total deaths: 198,484 — Total recoveries: 2,556,465 — Total tests: 92,163,649Map.
  3. Politics: In reversal, CDC again recommends coronavirus testing for asymptomatic people.
  4. Health: Massive USPS face mask operation called off The risks of moving too fast on a vaccine.
  5. Business: Unemployment drop-off reverses course 1 million mortgage-holders fall through safety netHow the pandemic has deepened Boeing's 737 MAX crunch.
  6. Education: At least 42% of school employees are vulnerable.