(Bloomberg) -- China and millennials to the rescue — bucking wider conditions in Silicon Valley and the IPO market, funding for venture capital-backed fintech startups is on track to hit new highs in 2016.

The sector will exceed last year’s total by 36% if companies continue to raise money at the same rate as in the first quarter, according to a new report from KPMG International and CB Insights. China-based Lu.com and JD Finance both inked deals worth $1 billion or above, while Oscar Health Insurance's $400 million and robo-advisor Betterment LLC's $100 million funding round helped push the tally higher following what proved to be a tough end to 2015.

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