Global investment in the fintech sector more than doubled to €7.1 billion between the first two quarters of the year, according to KPMG’s Pulse of Fintech report.

In Europe more than €1.7 billion was invested in fintech companies between April and June.

The report also found global merger & acquisition investment helped drive the fintech market rebound, with €5 billion in deal value for M&A for the quarter.

Comparatively, global venture capital funding to fintech companies declined slightly, with over €2 billion in VC funding raised by fintechs in the quarter.

In the Americas, a single deal – the buyout of Toronto-based DH – accounted for $3.6 billion (€3.04 billion) in deal value.

Despite this, the US and Europe saw the vast majority of fintech investment during the period, with each territory accounting for €1.7 billion.

Asia lagged significantly behind the other regions with €642m invested. KPMG said a lack of significant megadeals in Asia likely kept investment relatively weak this quarter.

In Ireland, fintech start-up Plynk secured ‘Series A’ funding of $28.05m (€23.7m) from international investors, Swiss Privée, in one of the largest ‘Series A’ rounds in Irish history.

Partner in Head of Technology and Media and Fintech Leader at KPMG in Ireland Anna Scally said fintech "made a comeback" in the last quarter.

She added: "Corporates are increasingly accounting for significant amounts of fintech investment – a trend that isn’t likely to let up given the need for financial institutions to digitise the customer experience, become more cost efficient, and find new sources of earnings growth.

"A growing trend is for smaller, specialised B2C fintechs to form partnerships with other similar start-ups, allowing them to offer new options to consumers and compete on larger scale."