Fintech startups raised $3.49 billion in venture capital funding through 137 deals in the month of March alone, according to the latest report from MEDICI.

This is a 75.6 percent year-over-year growth in the total funding raised compared to March 2017, and a 150 percent growth from the $1.4 billion raised in February 2018.

Lending startups led funding categories in March with $806.2 million in funding across 18 deals led by key startups such as Credit Karma, Mighty and Oodle Car Finance. There was 202 percent month-over-month growth in the funding in this space from February 2018.

US-based lending startups raised 97 percent of the global funding, completing 59 deals for $2.01 billion in funding. Startups that followed lending were those in the neo-bank, investment and insurtech space.

According to the research, the most interesting development in the previous month was the emergence of neo-banks in the funding race.

Neo-banks don’t have their own bank license, but use partners to offer bank-licensed services. Apps that facilitate the administration of accounts and credit cards are typical neo-banks – they rely on customers having an account with an underlying bank with a corresponding bank license, but offer a user-friendly interface.

Startups in the neo-banking space raised $586.7 million across five high-value deals across the globe in March, with the leading players such as N26 and Atom Bank wooing investors and raising some large deals.

The $586.7 million was raised across just four large deals, with Solaris Bank and Brazil’s NuBank being the other two players who raised funding.