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Financial technology ventures (FinTechs) use the latest technologies and act in a highly regulated industry. Yet, the technological scope of FinTechs and how this scope affects funding from investors remains unclear. Accordingly, research calls to examine the influence of technologies on the funding amount of FinTechs, especially in the context of different levels of regulatory freedom. We answer these questions by conducting an explorative cluster and regression analysis of 1,821 FinTechs and find three dominant clusters of FinTechs: technology newcomers, selective adopters, and full technology applicators. Technology newcomers have the lowest adoption rate of new technologies while full technology applicators combine several new technologies. Based on signaling theory and generalized linear models, we find that clusters significantly differ regarding their funding amount. However, we find that higher regulatory freedom decreases the differences between these clusters regarding the funding.



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