Global venture capital-backed fintechs raised a record $30.79 billion across 657 deals in the second quarter of 2021, a 30% increase from the first quarter, according to a July report from CB Insights. Total funding in the first half of 2021 exceeded all funding raised in 2020.

But insuring these innovative companies, many of them startups, can be challenging due to the combination of financial, human and digital risks they present and changing regulatory exposures they face, experts say.