Andrew Yang's 2020 presidential campaign said Thursday that it raised $16.5 million during 2019's fourth quarter, reports the New York Times.

Why it matters: It's Yang's best quarter yet, topping the $10 million he raised in the third quarter, and is likely to put him among the top fundraisers in the crowded Democratic field.

The strong fourth-quarter performance also shows how quickly Yang has built a fundraising machine — as he raised just $2.8 million in the second quarter.

The state of play: Yang's campaign said that New Year's Eve ended up being his best fundraising day of the year, raking in more than $1.3 million.

It also said that he's received donations from 400,000 people who have together given more than 1 million donations over the course of the campaign.

The big picture: Yang is one of the first candidates to release his Q4 fundraising totals. Pete Buttigieg released his on New Year's Day, touting a $24.7 million haul that also looks set to put him among the top fundraisers in the field.

Yes, but: Despite Yang's big quarter, he may not find himself on the debate stage this month thanks to the DNC's polling requirements.

It rejected his request to commission more early-state polls in order to help a more "diverse set of candidates" qualify for the next debate.

Go deeper: Andrew Yang on the issues, in under 500 words