Middle-market M&A activity remains strong through Q3 2019, with the FinTech vertical contributing a significant percentage of total M&A volume. Looking at FinTech holistically, financing markets are on pace to have the most active year-to-date in terms of total volume of financings. On the M&A front, the dollar value for aggregate M&A activity has already hit a record high. Going beyond the middle market, mega-deals for M&A and mega-rounds ($100mm+) for financings are also at record levels. Four of the five largest FinTech M&A transactions in the history of the vertical took place in 2019. Moreover, financing options through IPOs have been pursued less than private financing alternatives, causing valuations to trend upwards.