2026年金融科技行业状况报告 State of Fintech 2026

FSPRIMEFintechWecreateandinvestinhealthcareandtechnologycompaniesthatimpactlivesallovertheworld.Wehaveover370companiesinourportfolioincluding23thatwestarted.OurglobalportfolioisspreadacrosstheAmericas,Europe,andAsia.Note:AbovelistingisasampleofenterpriseandfintechcompaniesintheF-PrimeandEightRoadsfunds.ManagingPartnerSeniorAssociatePartnerMBAAssociateAbdulAbdirahmanPrincipal1/Summary53/214/295/412025infintechfeltmuchbecameclearer.Thefintechcrazeabruptlyendedin2021(whentheF-PrimeFintechIndexpeakedat$1.3T),followedbyaswiftcorrectionin2022-2023(whentheF-PrimeFintechIndexbottomedoutbelow$400B).Thesectorfounditsfootingin2024andbeganrecoveryinto2025,reachingamarketcapof$947Bbyyear-end.Atthesametime,manyLPsandinvestorsturnedtheirattentionawayfromfintechandontoAI.AfterseveralyearsofafrozenfintechIPOmarket,VC-backed)fintechcompanieswentpublicthisyear.Ofthese11,only2weretradingabovetheirinitialIPOpriceand6abovetheirlastprivateroundvaluationasofyear-end2025.Despitesubparperformanceforsome,theIPOwindowisopenandtherearesignalsthatmoreareontheway.Elsewhereintheexitsworld,fintechM&Ahasreboundedtopre-2021levels.Revenuemultiplescinvestorsplaceapremiumon‘goldilocks’companies–neithergrowingtoofastnortooslow,whileapproachingprofitability.Companyfundamentalsonlygrowstronger:FintechIndexcompaniesgrewatanaverage29%overthelastyear,andeverysectorincreaseditsnetincomemarginssincethegrowth-at-all-costserain2021.2025istheyearwecandefinitivelysaywereforgedoverthelastdecade.MuchlikeUber,PayPal,andSquarewereinitiallydismissedyetbecameleadersintheirrespectivecategories,sotoohavecompanieslikeNubank,Affirm,Stripe,ToastandRobinhoodbecomeleadersintheirs.Thelastdecadeofventurecapitalinveestimated$2.4T,yet$4.2Tworthofliquidityremainslockedinsomeofthemostinnovativeprivatecompanies.Fintechmakesup~$0.6T,includingsomeofthemostvaluableprivatefintechcompaniesintheworldlikeStripe($107B),Revolut($75B)andRamp($32B).2025isalsotheyearthatcryptoearnedafront-rowseatnexttoTraStablecoinsbecameareal,non-speculativedigitalassetcrossing$1Tinmonthlyvolume.Over75newcryptoETFswerelaunched,andwearenowallowedtowonderwhetheranyfinancialassetwillnotbetokenizedin10years.Regulatoryposturetowardscryptomeaningfullyshiftedin2025,pavingthewayforevenmorefinancialinstitutionadoptionin2026.2025wasnottheyearofAIinfintech,butweknewfinancilagothersectors–challengingintegrations,complexworkflows,PII,andWeareoptimisticaseveronthefutureoffintech–ifyouarebuildingorWeareoptimisticaseveronthefutureoffintech–ifyouarebuildingorinvestinghere,let’sconnect!TheF-PrimeFintechIndexcomprisesthefollowingemergingfinancialtechnologycompanies.Criteriaincludecapitalization,liquidity,growthrates,foundingyear,andlistingexchange.54Companies$947BMarketCaprevenuemultipleLTMaveragegrowthrateSource:S&PCapitalIQ,F-Primeteamanalysis.Note:datapulledasof12/31/2025;upcomingadditions(notyetseasoned)includeNavanandWealthfront.VCinvestmentinfintech,2000-20250VCinvestmentintechnology,2000-202507679Source:PitchBook,F-Primeteamanalysis.Note:datapulledasof12/31/2025forVC-backedsoftwaredealsglobally.MarketCap$1,500B$1,000B$500B0Source:S&PCapitalIQ,F-Primeteamanalysis.Note:datapulledasof12/31/2025.1,800%1,500%1,200%900%600%300%02025performance+60%+60%+25%+25%+27%+27%-7%-7%+60%+60%Source:S&PCapitalIQ,F-PrimeFintechIndex,BessemerCloudIndex,FlybridgeAIIndex.Note:datapulledasof12/31/2025.MarketCap($B)$13.5BchireFIGUREN/AGBullish$17.3B$10.9BklarnawederoroslidelwealthfrontMarketcapatIPOMarketcap12/31/2025Source:PitchBook,S&PCapitalIQ,F-Primeteamanalysis.Note:datapulledasof12/31/2025.pf'cpayETHQSlwealthpf'cpayETHQSlwealthfrontPublicasof20261 FINASTRAramp以deel.FINASTRAramp以deel.Revolutgustoclear.Bankmarketcap12/31/25Cap-tablemarketcapSource:PitchBook,Caplight,S&PCapitalIQ,F-Primeteamanalysis.Note:datapulledasof12/31/2025.1.Figuresshownarelastprivateroundvaluation.narkitMKESSONvantivworldpay m.M.r.wdun&bradstreetworldpayFrstData afterpay/naplanVISTAkvalaraGTCRworldpaylDISC.VERKKRCOTIVITITOWERBROOKCD&RglobalpaymentsworldpayglobalpaymentsdayforceSource:FTPartners.Note:datapulledasof12/31/2025. 12/31/2412/31/25 12/31/24Wealth/AssetMgmt12/31/25Source:S&PCapitalIQ,F-Primeteamanalysis.Note:datapulledasof12/31/2025.30<20%annualrevenuegrowth20-40%annualrevenuegrowth>40%annualrevenuegrow25200201520162017201820192020Source:S&PCapitalIQ,F-Primeteamanalysis.Note:datapulledasof12/31/2025.26.9x26.9x7.9x7.6x7.9x6.4x5.9x6.4x Wealth/AssetMgmt23.5x23.5x5.3x4.4x4.4x4.3x22.6x22.6x5.6x5.1x5.6x4.1x3.3x4.1x17.3x17.3x7.2x6.1x5.3x6.1x1.5x 1.7x1.5x 1.7x0.6x1.2x1.9x11.5x11.5x 2.6x2.5x 0.5x0.9xSource:S&PCapitalIQ,F-Primeteamanalysis.Note:datapulledasof12/31/2025.40200302050Average0-50MercadoLibreMercadoLibreXeroNerdwalletMarqetaMarqetaSource:S&PCapitalIQ,F-Primeteamanalysis.Note:datapulledasof12/31/2025.11711755 -4-24545-8-23-8-23-223 123-10-14-23-29 -11-10-14-23-29 Wealth/AssetMgmt-2910-2910-22-22-34-33 -3 55 -9 Source:S&PCapitalIQ,F-Primeteamanalysis.Note:datapulledasof12/31/2025.$30.0BTop1.35%$29.7BTop1.38%$28.9BTop1.44%creditcardpurchaseGMV$105.0B#10$26.6B#21stripe$1.4Tadyen$1.4T~15%~15%marketshareofrestaurant口toast$42.2B#3coinbase$516B#8$333B#9Source:companyfilings,FDIC,NilsonReport,TSG,Datanyze,DatosInsights,F-PrimeteamanalysisCompanies(non-exhaustive)LastknownvaluationRevolut$107BVenturecapitalinvestedExitviaIPOExitviaM&ATotalrealizedUnrealizedTotalrealized&unrealizedSource:PitchBook,F-Primeteamanalysis.Note:datapulledasof12/31/2025.CryptoManagingPartnerPrincipalJingweiLiSeniorAssociateAssociateDEC‘17DEC‘18zDEC‘19DEC‘20DEC‘21DEC‘22DEC‘23DECDEC‘17DEC‘18zDEC‘19DEC‘20DEC‘21DEC‘22DEC‘23DEC‘24AUG‘25DEC‘25$1,500B$1,250B $1,000B$750B$500B$250B0AUG‘25Source:VisaOnchainAnalytics,stablecoin.fyi,ArtemisAnalytics→→Settledinupto6days→4.97%to14.55%→Costtoremit$200:$9.94to$29.100-10-10-1High-levelpaymentflowHigh-levelpaymentflowOn-rampSettlementOn-rampSettlementOff-ramp0.01%+$0.35to0.05%+$50.01%+$0.35to0.05%+$5transactionfees0-1%on-rampfees0-1%off-rampfeesalfred久Herclealfred久Hercle西型Source:RemittancePricesWorldwide(WorldBank),Uniswap,F-Primeteamanalysis→→Typicallysettledin<24hrs→0.01%+$0.35to2.05%+$5→Costtoremit$200:$0.37to$9.10F-Primeportfoliocom10.5%10.5%6.3%5.3%4.2%4.2%1.1%8.4%6.3%6.3%5.3%4.2%4.2%1.1%8.4%6.3%itsownstablecointokenizeddepositswalletservicesFlywireMercadoLibreShopifyAdyenSquareMarqueta WisedLocalCorpayPayoneerRemitlySource:FederalReserveSeniorFinancialOfficerSurvey,AlphaSense,F-Primeteamanalysis363699Pre-202120212022202320242025CryptoETFflows -0.5 -0.5Q12024Q22024Q42024Q1Q12024Q22024Q42024Q12025Q22025Q32024Q42025Assetcoverageisexpanding:approvaloflonger-tail,single-assetETPsandlaunchofindex-likeproductsthatprovidemarketcap-weightedorsimilarbroad-basedexposureMorecomplexyield-basedofferings,suchascoveredcallorstakedassetETFs,aremakingtheirwayintothemarket–eventually,expecttoseeDeFiderivedyieldandexposuresavailableviatraditionalfundvehiclesDigitalAssetTreasuries(DATs)havebecomethesinglelargestbuyerofcryptoassetsandarenowcompetitivewithETFsforproxymarketexposuretocryptoBlackrockBitcoin$62.9BBlackrockEthereum$12.5BBitcoin$11.5BEthereum$2.74BBITBBitwiseBitcoin$2.16BSource:ETFTrends,Blockworks,F-Primeteamanalysis$20B$15B$10B$5B20192020202120222023202420252019202020212022202320242025(USTreasuries)(USTreasuries)APOLLBlackROCK.(USTreasuries)(USTreasuries)(USTreasuries)SectorSector(asof12/31/25)$3.5BOPAXOS.⃞tetherCorporatebonds$1.5B⃞BACKED裂spikoSource:RWA.xyz,F-PrimeteamanalysisJanuary23rdEO:StrengtheningAmericanLeadershipinDigitalFinancialTechnologyMarch6thEO:EstablishmentoftheStrategicBitcoinReserveandU.S.DigitalAssetStockpileAugust7thEO:DemocratizingAccesstoAltsfor401(k)InvestorsSECpolicyshift:launchedcryptotaskforce,droppedmajorenforcementactionsagainstleadingcryptofirms,adoptedstreamlinedlistingstandardsforspotcryptoETFsGENIUSGENIUSAct–July18,2025Stablecoinlegislationprioritizingconsumerprotection,strengtheningU.S.dollarreservecurrencystatus,andbolsteringnationalsecurity.Createsreserverequirements,alignsState&Federalframeworks,andaddsconsumerprotections.Impact:Increaseintheintegrationandusageofstablecoinsbytraditionalfinancialinstitutionsforpaymentprocessingandcash-likeactivities.Setsthestageforbankstobeginissuingstablecoinsthemselves.CLARITYCLARITYAct–2026Marketstructurebillaimingtoprovideclearrulesfordigitalassets,definingwhatshouldbetreatedassecurities(SEC-regulated)modities(CFTC-regulated).TheSenateAgricultureCommitteeadvancedthebillasofJanuary29th,2026–thenextstepisahearingheldbytheSenateBankingCommittee.Impact:Ifpassed,theCLARITYActwouldprovideclearercomplianceforcryptobusinesses,investors,andtraditionalfinancialinstitutions.Source:SEC.gov,C,F-PrimeteamanalysisAIMainframeeraWeberaAPIeraEpisodicreleasesMajorrelease(2-3years)Scheduledrelease(annually)Continuousdelivery(daily/weekly)StandaloneERP+integrationPortalsandsuitesMobileappsAgenticworkflowscomputeClusterofserversServerVirtualmachineContainerMainframe5GSource:F-Primeteamanalysis;1.Tabularfoundationmodel;2,RelationalfoundConsumergoodsconstructionConsumergoodsconstructionmaterialsservicesHealthcaremanufacturingKnowledgeMgmtKnowledgeKnowledgeMgmtKnowledgeMgmtMarketingandsalesMarketingandsalesServiceoperations1serviceProductand/ordevelopment1serviceProductand/ordevelopmentSoftwareEngineering11SoftwareEngineering11Risk,Risk,legal,andcomplianceandcomplianceStrategyandStrategyandcorporatefinancecorporatefinanceHumanResources1HumanResources1Supplychain/inventorymanagement1Supplychain/inventorymanagementManufacturing.1Manufacturing%of10.7%9.2%3.9%7.5%4.5%5.4%13.0%%of10.7%9.2%3.9%7.5%4.5%5.4%13.0%9.8%Source:McKinsey“ThestateofAIin2025”,BureauofEconomicAnalysis,F-PrimeteamanalysisLLMsareidealforfinite,structuredtextfortrainingandinference(contracts,documents,casenotesvs.heavytabular,numericaldatakeytofinancialservices).AgenticworkflowsbenefitfromeasiertoaccesssourcesystemsoftenwithestablishedAPIs(e.g.,CRM,Googlecalendar,datalakes)vs.proprietarybankcores,brokeragemainframes,andpolicyadminsystemsinfinancialservices.whereimperfectoutputsClearworkflowboundaries,easy-to-insertagents,andrelativelymundanetasksthatcanbeautomatedwithlowriskvs.consequencesofevensmallerrorsinconsumerbankdata,loanorigination,andinsurancepayouts.fasterexperimentationBottoms-up,PLGmotionacceleratesorganizationalinnovation(e.g.,developers);manyFIsstillrestrictingemployeeusageoutofconcernforclientdataexposurerisk.HarveyIlElevenLabsSource:F-PrimeteamanalysiskalshikalshiErebortide0Source:PitchBook,F-Primeteamanalysis%ofVCinvestmenttoAISoftware72%7572%5037%37%250Source:PitchBook,F-Primeteamanalysis.Note:datapulledasof12/31/2025forVC-backedsoftwaredealsglobally.•StripepartnershiptopowerinstantcheckoutinChatGPT•AgenticCommerceProtocolco-developedwithStripe•LSEGpartnershiptoexpandaccesstolicensedmarketdatawithinChatGPTANTHROP\C•LaunchedClaudeforFinancialServicesinJuly2025,particularlyfocusedonfinancialanalysts(+ClaudeforExcel)•MultipleClaudConnectorslaunchedtosupportFSworkflows:LSEG,Moody’s,Chronograph•AgentPaymentProtocol(AP2)forsecureagent-ledpaymentsacrossplatforms•Gemini/Excelspreadsheetsforfinancialanalysis(e.g.,financialplanningtoolsinwealth,LOSinlending,policyadminsystemininsurance)datarestrictstraicoreworkflowsSource:Newsarticles,F-Primeteamanalysis$37.5B$33.3B$22.4B$8.4B$6.6B$84.5$37.5B$33.3B$22.4B$8.4B$6.6B$84.5softwarespendmanagementsoftwarespendsoftwarespendSource:BureauofLaborStatistics,TheBusinessResearchCompany,GrandViewResearch,Cerulli,HGInsights,F-Primeteamanalysis;Note:datashownrepresentsUSonly$18.9B$120.5B$18.9B$120.5BtechnologyspendJobsAIcancapture≈75%$120.5BAIcostvs.humans≈2$120.5BAIcostvs.humans≈2$30.1B$72.3B$18.1B$90.4B$72.3B$18.1B$90.4BcancapturesupportcannotcaptureSource:BureauofLaborStatistics,PrecedenceResearch,F-PrimeteamanalysisAI-nativeAI-nativewealthmanagerAgenticpaymentsandbankingworkflowso;nekudaneverminedDataaccessMiddle/backofficestripeRainforestRealestatepylonsnapdocs些⃞Fireblocks像openAlANTHROP\CITinfrastructureAAzureSource:F-PrimeteamanalysisF-Primeportfoliocombutcheckoutisstiltraditional