Financial technology business investment concept illustration with data computer background

Global fintech funding held steady in 2017, amid a surge in investment for blockchain companies and insurtech firms, according to the KPMG Pulse of Fintech report published on Tuesday.

Overall fintech funding for the year came in at about US$31 billion, which is in line with the previous year’s total. The fourth quarter generated US$8.7 billion in fintech investment, the report notes.

Insurtech and blockchain were particularly active for venture capital investment in 2017, with those two sectors generating 247 deals worth US$2.1 billion and 92 deals for US$512 million, respectively.

“The fintech market is continuing to expand and evolve,” says London, U.K.-based Murray Raisbeck, global co-lead, KPMG Fintech, in a statement. “So much is happening – from the increasing focus on insurtech and blockchain, to the ramifications of maturing companies, such as challenger banks, looking to expand and grow. With regulations changing, particularly in Europe — 2018 will likely be an exciting year.”

The U.S. accounted for almost half of the global total, raising US$15.2 billion in fintech funding in 2017, followed by Europe, US$7.44 billion, and Asia, US $3.85 billion — which was down sharply from more than US$10 billion in 2016.

“The global fintech market has advanced considerably over the past few years. As the sector matures, investors have shifted from experimenting with fintech to seeking out value-driven opportunities. This is particularly true for corporates who continue to invest and see fintech as a strategic play that will help accelerate their digital transformation agendas,” says Sydney, Australia-based Ian Pollari, global co-lead, KPMG Fintech, in a statement.

There were more than 1,000 venture capital transactions in the fintech sector in 2017, according to KPMG, which is the fourth year in a row that deal volume has exceeded this level.