Title: Unlocking FinTech success: an analysis of the economic factors accelerating financing

Authors: Adriana Bruscato Bortoluzzo; Andrea Maria Accioly Fonseca Minardi; Matheus Linhares Barros de Souza

Addresses: Insper, Quata Street, 300, 04546042, São Paulo, SP, Brazil ' Insper, Quata Street, 300, 04546042, São Paulo, SP, Brazil ' Insper, Quata Street, 300, 04546042, São Paulo, SP, Brazil

Abstract: Global financial transformation, driven by technology and changing consumer behaviours, supports the growth of FinTechs, which play a disruptive role in the financial market by promoting inclusion and reduction of social inequality. Understanding financing mechanisms and influencing factors is vital for the survivance of these companies, especially during initial years of negative cash flow. We conduct a survival analysis in order to analyse 10,367 companies around 50 countries from 2015 to 2022 aiming to understand how country characteristics and market development contribute to receiving early stage investments from venture capital. We observed that a company founded by more than one founder, in an emerging country, with a high economic development index and less than three years old has higher chances of receiving its first VC funding round. Additionally, in the last three years, investment fund managers had a preference to invest in fewer companies, suggesting larger contributions per round.

Keywords: FinTech; funding; survival analysis; venture capital; private equity.

DOI: 10.1504/GBER.2026.155493

Global Business and Economics Review, 2026 Vol.35 No.2, pp.186 - 205

Received: 09 Feb 2024
Accepted: 23 Sep 2024
Published online: 04 Aug 2026 *

Full-text access for editors Full-text access for subscribers Purchase this article Comment on this article