Startups that promise to change the face of regulation have been in the fintech spotlight lately (see our regtech watchlist here). But the deal activity seems to have slowed down for the sector.

At the current run rate, 2017 would be the first year “that both deals and dollars decline, and could drop to a three-year low,” according to a report by CB Insights released last week.

From the report:

Deal activity in 2016 hit a record of 127 deals, up approximately 17% from 2015’s total. At the current run rate, deals are on track to dip to 108 and funding to drop to $843 million in 2017.

However, the slowdown in the sector is not surprising, given the previous highs, according to the report:

Despite the projected decline, the numbers are on pace to surpass 2012 and 2013. In 2017 YTD there have been 36 investments worth $282M.

The full report is available here.