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Fintech cheerleader Tiger Global faces massive losses

Fintech cheerleader Tiger Global faces massive losses

Tiger Global, one of the biggest venture investors in fintech, has seen losses of about $17 billion as result of this year's tech stock sell-off, erasing about two thirds of its cumulative gains since launch in 2001.

The hedge fund cum venture firm has been among the most enthusiastic backers of fintech, ploughing billions of dollars into the market across 76 deals in the past six months alone.

But in an era of rising interest rates and declining stock values, Tiger Global will likely struggle to raise the mammoth funds that have juiced the fintech scene over the past year.

The firm added 118 unicorn companies to its list of portfolio companies last year, according to Crunchbase News, and it continued to outpace every other investor in the first quarter of this year.

Fintech deals concluded during the past two weeks alone include big bets on crypto-to-fiat banking platform BVNK, Indian neobank Open, rewards-as-a-service API Kard, DeFi investment bank Ondo, columbian fintech Minka, and Oz digital brokerage Stake.

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