FinTech funding continued to rise in the third quarter of the year, reaching a total of $27.6 billion across 1,039 closed deals, according to new research from Forrester.

In the UK, $3.4 billion in capital was committed – which ranks it third in the world, just behind the US and Singapore.

Four countries – the UK, US, Singapore, and India – saw over $1 billion in capital committed.

The worldwide figures represent the first time this year that there were 1,000 deals globally.

The study found that over a third of these deals were for more than $100 million.

However, acquisitions were down slightly during the same period.

"FinTech funding is on a steep rise in 2021," said Aurelie L’Hostis, senior analyst at Forrester. "The total amount of funding in Q3, 2021 is the highest in a quarter across 2021, with the U.S. leading global investments."

L'Hostis added: "The pandemic drove a boom in e-commerce, and as a result the payments industry had a strong 2021.

"In Q3, 2021 payments infrastructure remains the hottest area of fintech investment, with companies like Rapyd attracting supersize funding deals to double down on the opportunity brough by the rapid online digitisation of business. 2022 will see that growth continue, with some major IPOs, further consolidation in the payments space, and a pivot to B2B payments innovation."

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