New Delhi, May 16 : Fintech companies in the Asia-Pacific (APAC) region raised $3.33 billion over 186 deals in the first quarter (Q1) of 2022, dominated once again by India-based fintechs, a new report said on Monday. Geographically, India-based fintechs dominated funding in APAC, accounting for 42 per cent and 34 per cent of total deal value and volume, respectively, in the region. According to S&P Global Market Intelligence, fintech companies based in APAC surpassed previous deal values and volumes observed in the March quarter over the past three years. Compared to Q1 2021, the figure reflects a 44 per cent increase in deal value and 23 per cent growth in deal volume. However, compared to the previous quarter, the Q1 funding levels represent a 26 per cent decline in dollar amount raised and 9.7 per cent dip in number of deals. "While the year-over-year record-high funding levels in the first quarter seemingly paint a rosy picture of the fundraising environment for Asia-Pacific fintechs, the decline in funding value and volume on a sequential basis signal otherwise and is perhaps more indicative of what lies ahead," said Celeste Goh, Research Analyst at S&P Global Market Intelligence. Fintech fundraising activity could see a further slowdown in subsequent periods in the wake of an underwhelming public equity market and further rate hikes. Digital lenders, the fintech segment that was hardest-hit by the pandemic, appear to be back in action, topping all other fintech categories with $1.28 billion raised across 52 deals, the report said. "Several established fintechs continue to see fresh funding from new investors, and their persistent inclination for inorganic growth in this uncertain climate seems to suggest confidence in their ability to raise more capital," said Goh. /IANS