Angel investors, seed-stage investors and founders influence on FinTech funding: an emerging market context

Luísa Herck Giaquinto, Adriana Bruscato Bortoluzzo

Research output: Contribution to journalArticle


This study examines the difference between the FinTechs that received private equity and venture capital funds and those that did not. We test this with a sample of 2,524 companies across 76 countries over 2008–2018. We show a positive relationship between having received an angel and a seed round with follow-on financing, and a negative relationship with having a single founder. The impact of the seed financing and the single founder is weaker in an emerging market. Furthermore, companies in financing and payments categories are more likely to receive funding.

Original languageEnglish
JournalMacroeconomics and Finance in Emerging Market Economies
Publication statusAccepted/In press - 1 Jan 2020



  • CrunchBase
  • early-stage finance
  • FinTech
  • start-up funding

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