2025年下半年金融科技脉搏

PulseofFintech

H22025

Globalanalysisoffintechfunding

KPMG.MaketheDifference.

February2026

2

Welcomemessage

Afterthreeyearsofdeclininginvestment,thefintech

marketgloballyturnedacornerin2025,withgrowingdealsizesandgrowingexcitement,particularlyinthedigital

assetsspace.AnnounceddealsforFY26inthedigitalassetsdomainlookstrongtoo.

Totalglobalfintech-focusedinvestmentrosefrom

$95.5billionto$116billionbetween2024and2025.

Fintechinvestmentwasrelativelyconsistentbetween

H1’25andH2’25,with$56.3billioninvestedinthe

latterhalfoftheyear.Whiledealvolumeremaineda

challenge—itfelltoaneight-yearlowof4,719in2025—it’shopedthattheimprovingexitenvironmentwillhelp

reinvigoratethefintechspaceanddriveanuptickindealsactivityoverthenextyear.

TheAmericasattractedoverhalfofthefintech

fundingseengloballyin2025($66.5billion),including$27.4billioninH2’25.Incomparison,theEMEAregionsaw$29.2billioninfintechinvestment,including

$13.8billioninH2’25,whiletheASPACregionsaw$9.3billion,including$4.6billioninH2’25.

Thedigitalassetsspacedominatedconversationsamongfintechinvestorsin2025,driveninpartbythesigning

oftheGENIUSActintheUSinH2’25.Investment

inthespacenearlydoubledyear-over-year,hitting

$19.1billionin2025.Thesectorsawadiverserangeofactivity,fromlargeVCraisesandM&AactivitytoarobustnumberofIPOs,includingFigureandGeminiinH2’25.

AIwasalsoveryhighontheagendaoffintechinvestorsin2025,particularlycorporateslookingtodrive

efficienciesandcostsavings.AI-focusedfintechs

attracted$16.8billionintotalglobalinvestment—a

numberonlyexpectedtoriseintheyearaheadas

AI-focusedstartupslooktotaketheirvaluetothenextlevelbycreatingsustainableAIsolutionsabletotrulydifferentiatethemselvesfromthecompetition.

Afterseveralyearsofcontraction,fintechinvestmentisclearlyfindingitsfooting

again.Whiledealvolumesremainmuted,theincreaseincapitaldeployed—andtheresurgenceofexits—signalgrowing

investorconfidence,particularlyaroundscalableplatformsindigitalassetsandAI.

Asliquidityimproves,weexpectthis

renewedmomentumtotranslateinto

strongerdealactivityovertheyearahead.

KPMGInternational

AntonRuddenklau

GlobalLeadofInnovationandFintechforFinancialServices

Unlessotherwisenoted,allfiguresquotedinthisreportarebasedondataprovidedbyPitchBookasof31December2025.Seepage65fordetailedmethodology.

AllcurrencyamountsareinUS$unlessotherwisespecified.

#fintechpulse

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3

Welcomemessage

Headinginto2026,thereisasenseofoptimisminthefintechmarketglobally,althoughreal

risksstillpersistthatinvestorsandstartupswillbothhavetomanage,includinggeopolitical

conflictsandtensions,potentialrecessioninanumberofjurisdictions,andconcernsaboutapotentialAIbubble.

Whetheryou’retheCEOofalargefinancial

institutionorthefounderofanemergingfintech,it’scriticaltoconsiderhowyourcompanycancapitalizeonopportunitiesoverthenextyear

whilealsomanagingyourrisks.AsyoureadthiseditionofPulseofFintech,askyourself:

Howcanweseizeopportunitiesandstay

relevantnomatterwhatchallengesthenextyearbrings?

Lookingbackoverthelastsixmonths,wecanseethatmarketsentimentisrapidlyimproving,withinvestorsshowing

interestinmakingbiggerdealsandagrowingnumberofmaturestartupspositioningforexit.KeytrendswesawduringH2’25included:

01

02

03

Continuedfocusonlarge,late-

stagedeals

Investment

surgingacross

thedigitalassetsspace

GrowinginterestinAI-powered

fintechsolutions

TheUSIPO

marketopeningupforfintechs

04

#fintechpulse

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4

Contents

•Payments

16•Insurtech

Fintechsegments

•Cybersecurity

•Digitalassets

•Regtech

•Wealthtech

05

Globalinsights

02

Welcome

message

•EMEA

•ASPAC

34•Americas

Regionalinsights

61

HowKPMG

canhelp

62

Aboutthe

KPMGglobal

fintechpractice

63

Authorsand

contributors

#fintechpulse

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Globalinsights

Fintechsegments

Regionalinsights

01

Globalfintech

fundinginH22025recorded$56.3Bwith2,169deals

#fintechpulse

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5

Globalinsights

Fintechsegments

Regionalinsights

6

Globalinsights

Globalannualfintechinvestmentrisesto$116billionasinvestorsfocusontop-enddeals

Afterthreestraightyearsofdecline,globalfintechmarketseesinvestmentrise

Globalfintechinvestmentpickedupin2025,risingfroma

seven-yearlowof$95.5billionto$116billionyear-over-yeardespitedealvolumetumblingforafourthstraightyearto

reachaneight-yearlowof4,719.Fintechactivityslowed

somewhatinthesecondhalfoftheyear,with$56.3billionininvestmentacross2,169dealsinH2’25,comparedtothe$59.7billionacross2,550dealsinH1’25.

Americasaccountsforlargestshareoffintech

investmentin2025,butnotthelargestdealsinH2’25

TheAmericasaccountedforthelargestshareoffintechinvestmentgloballyin2025,attracting$66.5billionacross2,409deals—ofwhichtheUSaccountedfor$56.6billionacross1,977deals.TheEMEAregionsaw$29.2billioninvestedacross1,484deals,whiletheASPACregionsaw$9.3billionacross763deals.

H2’25mirroredannualtrends,withtheAmericasdrawing$27.4billionacross1,160deals—ofwhichtheUS

accountedfor$23.9billionacross961deals,theEMEAregionaccountingfor$13.8billionacross617deals

andtheASPACregionaccountingfor$4.6billionacross

362deals.DespitetheUSattractingthelargestshareof

fintechinvestmentduringH2’25,twoofthethreelargest

dealsoccurredinotherjurisdictions,includingthe$3billionVCraisebyUK-basedfinancialservicesplatformRevolut,1the$2.5billiontake-privateofIsrael-basedSapiens

InternationalbyAdventandIntercontinentalExchange’s$2billionstakeinPolymarket.2,3

InvestmentrisesacrossVCandM&A—PEseesdecline

GlobalinvestmentroseacrossbothVCandM&Ayear-overyear.TheVCmarketsawthemostinvestment:$56.7billionacross3,765deals,ledbythe$3billionraisebyUK-basedfinancialservicesplatformRevolutinH2’25.Corporate

VC-participatingactivityaccountedfor$29.7billionofthistotal,astrongincreaseoverthe$20.9billionseenin2024.M&Aactivityattracted$55.4billionindealvalue,upfrom

$44.6billionin2024,ledbytheH2’25acquisitionofUS-

basedGTreasuryfor$1billionbyRipple.4Incomparison,PEgrowthfundingfellsomewhat—from$5.5billionacross137dealsin2024to$4billionacross114dealsin2025.

Lookingaheadto2026,thefintechsectorisenteringamorebalancedphase—one

definedbyselectivegrowth,clearerpaths

toprofitability,andimprovingliquidity.Whilemacroeconomicandgeopoliticalrisks

remain,thecombinationofstrongerexit

markets,greaterregulatoryclarity,and

acceleratinginnovationprovidesa

constructivefoundationforsustained

investmentandlong-termvaluecreation.

KPMGInternational

KarimHaji

GlobalHeadof

FinancialServices

1Revolut,“RevolutCompletesFundraisingProcessEstablishing$75BillionValuation.”24November2025.

2Reuters,“NYSEownertakes$2billionstakeinPolymarketaspredictionmarketsheatup.”7October2025.

3Reuters,“InsurancesoftwarefirmSapienstobeboughtbyAdventfor$2.5billion.”13August2025.

4TheBlock,“RippleacquiresGTreasuryfor$1billion:'Watershedmomentfortreasurymanagement.”16October2025.

#fintechpulse

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7

Globalinsights

Fintechsegments

Regionalinsights

Globalinsights

Globalinvestmentindigitalassetsnearlydoubledin2025

2025wasabanneryearfordigitalassets,withtotal

globalinvestmentnearlydoublingfrom$11.2billionto

$19.1billionyear-over-year.Whiletotalinvestmentfellshyoftherecord$32.2billionseenin2021,thecurrent

momentumisexpectedtocontinueinto2026—drivenbyincreasingregulatorycertainty,includingthepassingof

theGuidingandEstablishingNationalInnovationforUSStablecoins(GENIUS)ActintheUSandtheMarketsin

Crypto-AssetsRegulations(MiCA)comingintofullforceintheEUattheendof2024,andregulationexpectedintheUKby2027.

Thesectorsawasignificantnumberofdigital-assets-focusedstartupsraisinglargeVCfundingroundsandmaturefirms

holdingsuccessfulIPOexits—orannouncingplanstodoso.Headedinto2026,manyofthesecompaniesare

expectedtofocusongainingscaletogetaheadofthe

competition.Interestinstablecoinsalsosawasignificant

surgein2025ascorporatesenteredthespacebothdirectlyandthroughconsortiums.Assettokenization,particularlyofmoneymarketfundsbutalsoofassetslikerealestate,alsosawincreasinginterest.

AI-focusedfintechssee$16.8billionininvestmentandnear-recorddealvolume

AIwasamajorinvestmenttrendin2025—wellbeyondthefintechspace.Year-over-year,investmentinAI-drivenfintech

companiesrosefrom$12.1billionto$16.8billion,whilethenumberofdealsgrewfrom1,183to1,334.CorporateswereparticularlyactiveintheAIspace—withamajorfocuson

solutionsabletodriveoperationalefficienciesand

improvementsinexistingprocesses.Whiletotalinvestment

wasstrong,themajorityofinvestmentoccurredinthe

broaderAIspace,withmanycorporateschoosingtopartnerdirectlywiththelargetechandAIplayers.Movingforward,AI-focusedfintechswillneedtostepuptheirgameinordertoattractattentionfrominvestors,whetherthroughthe

developmentofuniqueintellectualpropertyorbysupportingrealbusinessmodeltransformation.

Paymentscontinuestoseebigdealsasinvestorsbecomemoreselective

Whileinvestmentwasrelativelyflatyear-over-year,thepaymentsspacecontinuedtoaccountforalargeshareofglobalfintechinvestmentin2025,with$19.2billioninfundingacross542deals.Inmaturemarkets,investorsshowedsignificantselectivity,focusingtheirfundingonleadingsectorplayersandleavingotherstostruggle.

DuringH2’25,forexample,financialservicesplatform

Revolutraised$3billioninVCfundingtofuelitsglobalgrowthstrategy;theraiseliftedRevolut’svaluationto

$75billion.5Emergingmarketsalsoattractedasignificantamountofattentioninthepaymentsspace,withSouth

AmericashiningaboveAfricaandSoutheastAsiatoinvestorsduringH2’25.

Digitalassetsandtokenizationwilllikelybethebignarrativein2026.Corporatesincreasinglyusingdigitalassetsformoneymarketfunds,

treasurymanagement,andpayablesand

receivables.Infinancialservicesweexpecttoseeinvestmentsineverythingfromasset

tokenizationandstablecoindevelopment

throughtocustody,chainservices,mintingandissuingandtrading,andtheburgeoning

creationofproductforassetandwealth

management.Thatsaid,thisdomainisnot

withoutrisk.Thereneedstobeduediligenceandstresstestingofourfinancialsystemstoreallyunderstandtheimpactonfinancial

stabilityandmacroprudentialfactors—bothgoodandbad.

KPMGInternational

AntonRuddenklau

GlobalLeadofFintechand

InnovationforFinancialServices

#fintechpulse

5TechFundingNew,“Revolut’s$3BraisecementsitsleadasEurope’smostvaluablestartup.”20October2025.

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8

Globalinsights

Fintechsegments

Regionalinsights

Globalinsights

Afterthreeyearsofdrought,fintechexitsheatupin2025

During2025,globalfintechactivityheatedupconsiderably;exitvaluemorethandoubledfrom$46.8billionto

$104.4billionyear-over-year,thethirdhighestlevel

recorded,whiledealvolumepickedupfrom438to486.

Notably,bothexitvolumeandexitvaluepickedupacrossallkeyregions;during2025,theAmericassaw$66.5billioninexitvolume—ofwhichtheUSaccountedfor$58.8billion.Comparatively,theEMEAregionsaw$22.2billioninexit

valueacross167exitsandtheASPACregionsaw

$8.8billionacross65exits.

IPOmarketsalsofinallystartedtobouncebackin2025intheUS.VC-backedfintechcompaniessawparticularlygoodresults,with$63billioninIPOexitvalueglobally—thesecondhighestannualtotalafter2021’sbanner

$225.2billion.Post-IPOperformancehasalsobeenreasonable,whichbodeswellfortheIPOpipeline.

TrendstowatchforinH1,26

•Momentumbuildinginthedigitalassetsspace,withinvestorsfocusingonstablecoinsandreal-worldassettokenization.

•Consolidationoflargepaymentsplatformsbecominglessattractivetoinvestorsgivenmarginalreturnstodate.

•Wealthandassetmanagementgainingincreasingattentionfrominvestors,includingcorporateslookingtoembracealternativeassetsandassetfractionalization.

•Marketsinthe‘globalsouth’likeSouthAmerica,SoutheastAsiaandAfricabecomingthekeyfrontierinthepaymentsspaceasleadersattractthemajorityofattentioninmaturemarkets.

•AIcontinuingtodrivetransformation,withcorporatesprioritizingpartnershipswithbigtechandAIfirmsoverstartups.

#fintechpulse

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Globalinsights

Fintechsegments

Regionalinsights

Globalinsights—TopfintechtrendsforH1’26

Lookingaheadto2026,we’refeelingoptimisticforthefintechmarketglobally.InvestmentinAIissurginginthebroaderinvestmentmarket—withinvestorsincreasinglytakingaimat

industry-focusedsolutions.Regulationsarestrengtheningandhelpingtodefinewhatthefuturewilllooklike,particularlyinthedigitalassetsspace.Emergingmarketsareseeingincreasinginterest,withnewfintechhubsemerging.Exitactivityisontherise—andIPOmarketsarereopening.It’satimeofchangeforthefintechmarket—andwhilewecan’tdiscountanyoftherisks—we’rehopefulthat2026isgoingtobeagoodyearforfintechinvestment.

HereareourtoppredictionsforfintechinH1’26:

1.

2.

3.

4.

5.

UAEmovingaggressivelytobecomerealworldassetshub:TheUAE

continuestoemergeasastrongfintechhubintheMiddleEast,with

increasinginvestmentinbothDubaiandAbuDhabi.Overthenextsixmonths,itwilllikelycontinuetoworkaggressivelytoattracttalent,startups,and

investorstotheUAEaspartofitspushtobecomeacentralglobalhubforfintechandthereal-worldassetstokenizationcapitaloftheworld.

AIdrivinginvestmentandinterest—withmostfocusonbigtech

partnerships,butnotall:AIwillremainthehottestinvestmenttrendglobally—faroutsideofthefintechspace.Asignificantamountofthatfocuswillbedrivenbycorporateslookingtocreateefficienciesandcutcosts—working

predominantlywiththebigtechandAIplayers.Fintech-focusedAIstartups

lookingtoattractattentionandinvestmentwillincreasinglyfocusoncreating

uniqueIPabletoprovidetransformativevalueinthefinancialservicesspace—whetherbywayofnewproductsandservicesorthroughuniquesolutionsabletotransformbusinessmodels.

Stablecoinsandotherdigitalassetsgainingmomentum—butriskscan’tbediscounted:Globally,digitalassetsaregoingtocontinuetobeasignificantpriorityforfintechinvestorsastraditionalcorporates,maturingstartups,andnewstartupslooktotakeadvantageofnewopportunitiesinthespacegiven

enhancedregulatorycertainty—particularlyintheUS.Therisksinthespace

haven’tdisappearedentirely,however,soriskmanagementwillbeakeyareatowatchoverthenextsixtotwelvemonths.

Capitalmarketsareinforadisruptiveyear:Capitalmarketsaregoingtoseesignificantdisruptionduring2026,withinvestorslookingatallaspectsofthe

market—fromequity,stocks,andsharestodebtcapitalmarkets,projectandexportfinance,andtheshifttoprivatecredit.Theseareashavebeenlessinthespotlightofdisruptiontodatebutgoingforwardthereareenoughstartups

focusedonthesectorthattheyaregoingtobecomeincreasinglyrelevantintermsofdrivingindustrychange.

Assetmanagementspacecontinuingtotransform—particularlyinASPAC:Assetmanagementwillbeaninterestinginvestmentareatowatch—particularlyintheASPACregionwherewell-establishedassetmanagershavestartedtotakegreatstridestoimprovetheefficiencyoftheirfront,middle,andbackoffices—

movingtothecloud,embracingdatasolutions,lookingatAIagentintegration,tokenizingfunds;it’sanareawell-positionedtoseeincreasinginvestment.

#fintechpulse

9

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#fintechpulse

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10

Globalinsights

Fintechsegments

Regionalinsights

Globalinsights

Dealmakingregainsgroundacrossmostassetclasses

Totalglobalfundingactivity(VC,PEandM&A)infintech2022-2025*

$200

$150

$100

$50

$0

8,314

5,7645,5334,719

$168.4$119.3$95.5$116.0

2022202320242025*

10,000

8,000

6,000

4,000

2,000

0

Dealvalue($B)——Dealcount

GlobalM&Aactivityinfintech2022-2025*

$70

$60

$50

$40

$30

$20

$10

$0

889

840

829

773

$65.6$58.6$44.6$55.3

2022202320242025*

900

850

800

750

700

Dealvalue($B)——Dealcount

Source:PulseofFintechH2'25,GlobalAnalysisoffundinginFintech,KPMGInternational(dataprovidedbyPitchBook),*asof31December2025.

Globalventurecapitalfundingactivityinfintech2022-2025*

$100

$80

$60

$40

$20

$0

7,251

4,567

3,765

4,848

$92.1

$45.4

$56.7

$51.1

2022202320242025*

8,000

7,000

6,000

5,000

4,000

3,000

2,000

1,000

0

Dealvalue($B)——Dealcount

GlobalPEgrowthactivityinfintech2022-2025*

200

150

174

$12

$10

$8

$6

143137

114

100

$4

50

$2

$10.7$9.6$5.5$4.0

0

$0

2022202320242025

Dealvalue($B)——Dealcount

#fintechpulse

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11

Globalinsights

Fintechsegments

Regionalinsights

Globalinsights

Record-breakingdealsizessuggestaviddemandtemperedwithcaution,inlaterstagesofaconsolidationcycle

Globalmedianpre-moneyvaluations($M)bystageinfintech2022-2025*

$977.5

$168.3

$43.1

$189.8

$248.5

$50.0

\$37.7

$60.0

$21.5$18.5$9.6$25.5$11.0$46.7

$9.3$13.4

2022202320242025*

——Pre-seed/Seed——EarlyVC——LaterVCVenturegrowth

GlobalVCactivityinfintechwithcorporateparticipation2022-2025*

3,000

$50

$40

$30

$20

$10

$0

2,384

2,500

2,000

1,500

1,408

1,392

1,055

1,000

500

$21.0$29.7

$45.3$28.9

0

2022202320242025*Dealvalue($B)——Dealcount

Globalcross-borderM&Aactivityinfintech2022-2025*

$30

$25

$20

$15

$10

$5

$0

322

291

305

260

$24.0$20.7$22.2$18.4

2022202320242025*

350

300

250

200

150

100

50

0

Dealvalue($B)——Dealcount

GlobalmedianM&Asize($M)infintech2022-2025*

$59.9

$70

$60

$50

$36.9

$35.9

$40

$27.8

$30

$20

$10

$0

2022202320242025*

Source:PulseofFintechH2'25,GlobalAnalysisoffundinginFintech,KPMGInternational(dataprovidedbyPitchBook),*asof31December2025.

#fintechpulse

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12

Globalinsights

Fintechsegments

Regionalinsights

Globalinsights

Arobustendtotheyearledtostrongermomentumthananticipated

Totalglobalfundingactivity(VC,PEandM&A)infintech2022-2025*

$60

$50

$40

$30

$20

$10

$0

$55.3

$49.4

$36.7

$26.9

$28.2

$31.8

$36.7

$22.7

$15.8

$30.1

$28.6

$21.0

$31.4

$28.4

$22.7

$33.6

Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4

3,000

2,500

2,000

1,500

1,000

500

0

2022202320242025Dealvalue($B)——Dealcount

GlobalM&Aactivityinfintech2022-2025*

$25

$20

$15

$10

$5

$0

$18.0

$17.1

$18.4

$12.1

$7.5

$19.9

$20.1

$11.0

$5.4

$16.0

$16.7

$6.6

$18.0

$16.6

$8.0

$12.7

Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4

2022202320242025

300

250

200

150

100

50

0

Dealvalue($B)——Dealcount

Source:PulseofFintechH2'25,GlobalAnalysisoffundinginFintech,KPMGInternational(dataprovidedbyPitchBook),*asof31December2025.

#fintechpulse

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13

Globalinsights

Fintechsegments

Regionalinsights

Globalinsights

VCinvestedsurgedasoptimismreturned

Globalventurecapitalfundingactivityinfintech2022-2025*

$40

$35

$30

$25

$20

$15

$10

$5

$0

$33.4

$28.6

$17.5

$12.6

$19.2

$10.9

$10.0

$11.1

$9.8

$13.6

$9.8

$12.2

$12.8

$10.1

$13.5

$20.2

Q1

Q2Q3

2022

Q4

Q1

Q2Q3

2023

Q4

Q1

Q2Q3

2024

Q4

Q1

Q2Q3

2025

Q4

Pre-seed/Seed——Venturegrowth

DealcountLaterVC

Dealvalue($B)EarlyVC

3,000

2,500

2,000

1,500

1,000

500

0

Source:PulseofFintechH2'25,GlobalAnalysisoffundinginFintech,KPMGInternational(dataprovidedbyPitchBook),*asof31December2025.

Globalventurecapitalactivityinfintechwithcorporateparticipation2022-2025*

$20

$18

$16

$14

$12

$10

$8

$6

$4

$2

$0

$18.1

$13.5

$7.8

$5.8

$14.0

$5.3

$4.6

$5.0

$3.7

$6.4

$5.0

$5.9

$7.2

$4.6

$6.0

$11.9

Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4

2022202320242025

900

800

700

600

500

400

300

200

100

0

Dealvalue($B)Dealcount

#fintechpulse

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14

Globalinsights

Fintechsegments

Regionalinsights

Globalinsights

2025seesasurgeinannounceddealvaluetoastaggeringdegree,outpacingcompletedtransactions’dealvalue

GlobalPE,M&Aactivity(#)infintechbydealstatus2022-2025*

1,200

128

1,000

10

800

600

1,063

916

966

954

400

200

0

2022

2023

2024

2025*

CompletedAnnounced/InProgress

Source:PulseofFintechH2'25,GlobalAnalysisoffundinginFintech,KPMGInternational(dataprovidedbyPitchBook),*asof31December2025.

GlobalPE,M&Aactivity($B)infintechbydealstatus2022-2025*

$140

$120

$100

$80

$60

$40

$20

$0

$64.3

$76.3

$68.2

$59.4

$50.1

2022202320242025*

uCompleted.Announced/InProgress

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15

Globalinsights

Fintechsegments

Regionalinsights

Globalinsights

1

3

7

9

2

8

510

6

4

Top10globalfintechdealsinH22025

1.Revolut—$3B,London,UK—Banking—Late-stageVC

2.SapiensInternationalCorp.—$2.5B,Holon,Israel—Insurtech—Take-private

3.Polymarket—$2B,NewYork,US—Markets—Late-stageVC

4.MeridianLink—$2B,CostaMesa,US—