2025年下半年金融科技脉搏

Pulse

ofFintechH2

2025GlobalanalysisoffintechfundingKPMG.

Makethe

Difference.February2026

Afterseveralyearsofcontraction,fintechinvestmentisclearlyfindingitsfootingagain.Whiledealvolumesremainmuted,theincreasein

capitaldeployed—

andtheresurgenceofexits—signalgrowinginvestorconfidence,particularlyaroundscalableplatformsindigitalassets

andAI.Asliquidityimproves,weexpectthisrenewedmomentumtotranslateintostrongerdealactivityovertheyearahead.

KPMGInternationalAnton

RuddenklauGlobalLeadof

Innovation

and

FintechforFinancialServicesAfterthreeyearsofdeclininginvestment,thefintechmarket

globally

turned

a

corner

in2025,

with

growing

deal

sizesandgrowingexcitement,particularlyinthe

digitalassetsspace.AnnounceddealsforFY26inthedigital

assetsdomainlookstrongtoo.Totalglobalfintech-focusedinvestmentrosefrom$95.5billion

to$116

billion

between

2024and2025.Fintechinvestmentwas

relativelyconsistentbetweenH1’25and

H2’25,with$56.3billion

invested

in

thelatterhalfoftheyear.Whiledealvolumeremainedachallenge—it

fell

to

an

eight-year

low

of4,719

in2025—

it’shopedthattheimprovingexitenvironmentwill

helpreinvigoratethefintechspaceanddriveanuptick

in

deals

activityoverthenextyear.TheAmericasattractedoverhalfofthefintechfunding

seen

globally

in2025($66.5billion),

including$27.4billion

in

H2’25.

In

comparison,the

EMEA

regionsaw$29.2billion

in

fintech

investment,

including$13.8billion

in

H2’25,while

the

ASPAC

region

saw$9.3billion,including$4.6

billion

in

H2’25.Thedigitalassetsspacedominatedconversationsamongfintech

investors

in2025,driven

in

part

by

the

signingof

the

GENIUS

Act

in

the

US

in

H2’25.

Investmentinthespacenearlydoubledyear-over-year,

hitting$19.1billion

in2025.The

sector

saw

a

diverse

range

ofactivity,fromlargeVCraisesand

M&Aactivityto

a

robustnumber

of

IPOs,including

Figure

and

Gemini

in

H2’25.AIwasalsoveryhighontheagendaof

fintech

investorsin2025,particularly

corporates

looking

to

driveefficienciesandcostsavings.AI-focusedfintechsattracted$16.8billion

in

total

global

investment—anumberonlyexpectedtoriseinthe

yearahead

asAI-focusedstartupslooktotaketheirvaluetothenext

levelbycreatingsustainableAIsolutionsabletotruly

differentiatethemselvesfromthecompetition.Unlessotherwise

noted,allfiguresquoted

inthisreport

are

based

on

data

provided

by

PitchBook

as

of

31

December2025.

See

page

65

for

detailed

methodology.Allcurrencyamountsare

in

US$unlessotherwise

specified.©2026Copyrightowned

byoneor

moreofthe

KPMG

Internationalentities.

KPMG

Internationalentities

provide

no

servicesto

clients.All

rights

reserved.Welcome

message#fintechpulse2Heading

into2026,there

is

a

sense

of

optimisminthefintechmarketglobally,althoughrealrisksstillpersistthatinvestorsand

startupswill

bothhavetomanage,

including

geopoliticalconflictsandtensions,potentialrecession

ina

numberof

jurisdictions,andconcernsabouta

potentialAIbubble.Whetheryou’retheCEOofalargefinancialinstitutionorthefounderofanemergingfintech,

it’scriticaltoconsiderhowyourcompanycan

capitalizeonopportunitiesoverthenextyearwhilealsomanagingyourrisks.Asyou

read

thiseditionofPulseofFintech,askyourself:Howcan

weseizeopportunitiesandstayrelevantnomatterwhatchallengesthenext

year

brings?010203Continuedfocuson

large,

late-stagedealsInvestmentsurgingacrossthedigitalassetsspaceGrowing

interestin

AI-poweredfintechsolutionsLookingbackoverthelastsixmonths,wecanseethat

marketsentiment

is

rapidly

improving,with

investors

showinginterestinmakingbiggerdealsandagrowing

numberofmaturestartups

positioningforexit.

Key

trends

we

saw

during

H2’25included:Welcome

message©2026Copyrightowned

byoneor

moreofthe

KPMG

Internationalentities.

KPMG

Internationalentities

provide

no

servicesto

clients.All

rights

reserved.The

US

IPOmarketopeningup

forfintechs04#fintechpulse3•

Payments16

Fintech

segments•

Insurtech02Welcomemessage34

Regional

insights•

Americas62About

theKPMG

globalfintech

practice63Authors

and

contributors05Global

insights61How

KPMG

can

help•Cybersecurity•

Digitalassets•

Regtech•

WealthtechContents©2026Copyrightowned

byoneor

moreofthe

KPMG

Internationalentities.

KPMG

Internationalentities

provide

no

servicesto

clients.All

rights

reserved.•

EMEA•

ASPAC#fintechpulse4Global

fintechfunding

inH2

2025

recorded

$56.3B

with

2,169

deals©2026Copyrightowned

byoneor

moreofthe

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Internationalentities.

KPMG

Internationalentities

provide

no

servicesto

clients.All

rights

reserved.Global

insights

Fintech

segments

Regional

insights01#fintechpulse5Afterthreestraightyearsofdecline,globalfintech

marketsees

investmentriseGlobal

fintech

investment

picked

up

in

2025,

rising

from

aseven-year

low

of$95.5billion

to$116

billion

year-over-yeardespitedealvolumetumblingforafourthstraightyeartoreach

an

eight-year

low

of4,719.

Fintech

activity

slowedsomewhat

in

the

second

half

of

the

year,with$56.3billionin

investment

across2,169deals

in

H2’25,compared

to

the$59.7billion

across2,550deals

in

H1’25.Americasaccountsforlargestshareoffintechinvestmentin2025,butnot

the

largest

deals

in

H2’25TheAmericasaccountedforthelargestshareoffintechinvestment

globally

in2025,attracting$66.5billion

across2,409deals—of

which

the

US

accounted

for$56.6billionacross

1,977deals.The

EMEA

region

saw

$29.2

billioninvested

across

1,484deals,while

the

ASPAC

region

saw$9.3billion

across

763

deals.H2’25mirrored

annual

trends,with

the

Americas

drawing$27.4billion

across

1,160deals—of

which

the

USaccounted

for$23.9billion

across961deals,the

EMEAregion

accounting

for$13.8billion

across617dealsandtheASPACregionaccountingfor$4.6billionacross362deals.Despite

the

US

attracting

the

largest

share

offintech

investment

during

H2’25,two

of

the

three

largestdealsoccurredinother

jurisdictions,includingthe$3

billion

VCraiseby

UK-basedfinancialservicesplatform

Revolut,1

the$2.5billion

take-private

of

Israel-based

SapiensInternationalbyAdventand

IntercontinentalExchange’s

$2billion

stake

in

Polymarket.2,3InvestmentrisesacrossVCandM&A—

PE

sees

declineGlobalinvestmentroseacrossbothVC

and

M&Ayear-overyear.The

VC

market

saw

the

most

investment:$56.7

billionacross3,765deals,led

by

the

$3billion

raise

by

UK-basedfinancialservicesplatformRevolutin

H2’25.

CorporateVC-participating

activity

accounted

for$29.7billion

of

thistotal,a

strong

increase

over

the$20.9

billion

seen

in

2024.

M&A

activity

attracted$55.4billion

in

deal

value,

up

from$44.6billion

in2024,led

by

the

H2’25acquisition

of

US-based

GTreasury

for$1billion

by

Ripple.4

In

comparison,PE

growth

funding

fell

somewhat—from$5.5billion

across

137deals

in2024to$4

billion

across

114

deals

in2025. Looking

ahead

to2026,the

fintech

sector

isenteringamore

balanced

phase—onedefinedbyselectivegrowth,clearer

pathstoprofitability,andimproving

liquidity.While

macroeconomicandgeopoliticalrisksremain,thecombinationofstrongerexitmarkets,greaterregulatoryclarity,andacceleratinginnovationprovides

aconstructivefoundationforsustainedinvestmentandlong-termvaluecreation.

KPMGInternationalKarim

HajiGlobal

HeadofFinancialServicesGlobal

insights1

Revolut,“RevolutCompletes

FundraisingProcess

Establishing$75

BillionValuation.”24

November

2025.2

Reuters,“NYSEownertakes$2billion

stake

in

Polymarket

as

prediction

markets

heat

up.”

7

October

2025.3

Reuters,“InsurancesoftwarefirmSapiensto

be

boughtbyAdventfor$2.5

billion.”

13

August

2025.4

TheBlock,“RippleacquiresGTreasuryfor$1

billion:'Watershedmoment

fortreasurymanagement.”

16

October2025.Globalannualfintechinvestmentrisesto$116billionasinvestorsfocusontop-enddeals©2026Copyrightowned

byoneor

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Internationalentities.

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Internationalentities

provide

no

servicesto

clients.All

rights

reserved.Regionalinsights#fintechpulseGlobal

insights

Fintechsegments6

Digitalassetsandtokenizationwilllikelybethebig

narrative

in2026.

Corporates

increasinglyusingdigitalassetsformoneymarketfunds,treasurymanagement,andpayablesandreceivables.

Infinancialservicesweexpectto

seeinvestmentsineverything

from

assettokenizationandstablecoindevelopmentthroughtocustody,chainservices,mintingand

issuingandtrading,andtheburgeoningcreationofproductforassetandwealthmanagement.Thatsaid,thisdomainisnotwithoutrisk.Thereneedsto

bedue

diligence

andstresstestingofourfinancialsystemsto

reallyunderstandtheimpactonfinancialstabilityandmacroprudentialfactors—both

goodand

bad.

KPMGInternationalAnton

RuddenklauGlobalLead

of

FintechandInnovationforFinancialServicesGlobalinvestmentindigitalassetsnearly

doubled

in20252025was

a

banner

year

for

digital

assets,with

totalglobal

investment

nearly

doubling

from$11.2

billion

to$19.1billion

year-over-year.While

total

investment

fell

shy

of

the

record$32.2billion

seen

in2021,the

currentmomentum

is

expected

to

continue

into2026—driven

byincreasingregulatorycertainty,includingthepassing

oftheGuidingand

EstablishingNational

InnovationforUSStablecoins(GENIUS)Act

in

the

US

and

the

Markets

inCrypto-AssetsRegulations(MiCA)comingintofullforceinthe

EU

at

the

end

of2024,and

regulation

expected

in

theUK

by2027.Thesectorsawasignificantnumberofdigital-assets-focused

startups

raising

large

VC

funding

rounds

and

mature

firmsholdingsuccessful

IPOexits—orannouncingplanstodoso.Headed

into2026,many

of

these

companies

areexpected

to

focus

on

gaining

scale

to

get

ahead

ofthecompetition.

Interestinstablecoinsalsosawasignificantsurge

in2025as

corporates

entered

the

space

bothdirectly

and

through

consortiums.Asset

tokenization,particularly

ofmoneymarketfundsbutalsoofassetslikerealestate,also

sawincreasing

interest.AI-focusedfintechssee$16.8billionininvestmentand

near-recorddealvolumeAI

was

a

major

investment

trend

in2025—well

beyond

thefintechspace.Year-over-year,

investmentinAI-drivenfintechcompaniesrosefrom$12.1billionto$16.8billion,whilethe

numberofdealsgrewfrom

1,183to

1,334.CorporateswereparticularlyactiveintheAIspace—withamajorfocusonsolutions

able

to

drive

operational

efficiencies

andimprovementsinexistingprocesses.Whiletotalinvestmentwasstrong,themajorityofinvestmentoccurredinthebroader

AI

space,with

many

corporates

choosing

to

partnerdirectlywiththelargetechandAIplayers.Movingforward,AI-focused

fintechs

will

need

to

step

up

their

gameinordertoattractattentionfrominvestors,whetherthroughthedevelopmentofuniqueintellectual

propertyorbysupportingrealbusinessmodeltransformation.Paymentscontinuestoseebigdealsas

investorsbecomemoreselectiveWhileinvestmentwasrelativelyflatyear-over-year,thepayments

space

continued

to

account

for

a

large

shareofglobalfintechinvestmentin2025,with$19.2billioninfundingacross542deals.

Inmaturemarkets,investorsshowed

significant

selectivity,focusing

their

funding

onleading

sector

players

and

leaving

others

to

struggle.DuringH2’25,forexample,financialservicesplatformRevolutraised$3billioninVCfundingtofuelits

globalgrowthstrategy;theraiseliftedRevolut’svaluation

to$75billion.5

Emergingmarketsalsoattractedasignificantamount

of

attention

in

the

payments

space,with

SouthAmerica

shining

above

Africa

and

Southeast

Asia

toinvestorsduring

H2’25.Global

insights5

Tech

Funding

New,

“Revolut’s$3B

raisecements

itsleadas

Europe’s

mostvaluablestartup.”20

October2025.©2026Copyrightowned

byoneor

moreofthe

KPMG

Internationalentities.

KPMG

Internationalentities

provide

no

servicesto

clients.All

rights

reserved.Global

insights

Fintech

segments

Regional

insights#fintechpulse7TrendstowatchforinH1,26•Momentumbuilding

inthedigital

assetsspace,with

investorsfocusingon

stablecoinsand

real-world

assettokenization.•Consolidationoflargepayments

platforms

becoming

less

attractiveto

investors

given

marginal

returns

to

date.•Wealthandassetmanagementgainingincreasingattentionfrom

investors,

includingcorporates

lookingto

embrace

alternative

assets

and

assetfractionalization.•Marketsinthe‘globalsouth’

like

South

America,

Southeast

Asia

and

Africa

becomingthe

keyfrontier

inthe

payments

space

as

leaders

attractthe

majorityofattention

in

maturemarkets.•AIcontinuingtodrivetransformation,withcorporatesprioritizing

partnershipswith

bigtech

and

AIfirmsoverstartups.Afterthreeyearsofdrought,fintechexitsheatupin2025During2025,globalfintechactivityheatedupconsiderably;

exitvaluemorethandoubledfrom$46.8billionto$104.4billionyear-over-year,thethirdhighestlevelrecorded,while

deal

volume

picked

up

from438to486.IPO

markets

also

finally

started

to

bounce

back

in

2025

inthe

US.VC-backedfintechcompaniessawparticularlygood

results,with$63billion

in

IPO

exit

value

globally—the

second

highest

annual

total

after2021’s

banner$225.2billion.Post-IPO

performance

has

also

beenreasonable,whichbodeswellforthe

IPOpipeline.Notably,bothexitvolumeandexitvaluepickedupacrossall

key

regions;during2025,the

Americas

saw

$66.5billionin

exit

volume—of

which

the

US

accounted

for$58.8billion.Comparatively,theEMEAregionsaw$22.2billion

inexitvalue

across

167exits

and

the

ASPAC

region

saw$8.8billionacross65

exits.Global

insightsGlobal

insights

Fintech

segments

Regional

insights©2026Copyrightowned

byoneor

moreofthe

KPMG

Internationalentities.

KPMG

Internationalentities

provide

no

servicesto

clients.All

rights

reserved.#fintechpulse8Stablecoinsandotherdigitalassetsgainingmomentum—

but

riskscan’t

bediscounted:Globally,

digitalassetsaregoingto

continueto

be

asignificant

priorityforfintechinvestorsastraditionalcorporates,maturingstartups,and

new

startupslooktotakeadvantageofnewopportunities

inthespacegivenenhancedregulatorycertainty—

particularly

inthe

US.Therisks

inthespacehaven’tdisappearedentirely,

however,sorisk

managementwill

beakeyarea

to

watchoverthenext

sixtotwelve

months.Capitalmarketsareinforadisruptiveyear:

Capital

marketsare

goingto

see

significantdisruptionduring2026,with

investors

lookingatallaspectsofthemarket—fromequity,stocks,andsharestodebtcapital

markets,projectand

exportfinance,andtheshifttoprivatecredit.Theseareas

have

been

less

inthe

spotlightofdisruptiontodatebutgoingforwardthereare

enoughstartupsfocusedonthesectorthattheyaregoingtobecomeincreasingly

relevant

in

termsofdriving

industrychange.Asset

managementspacecontinuingtotransform—

particularly

inASPAC:

Assetmanagementwill

beaninterestinginvestmentareatowatch—

particularly

intheASPAC

regionwherewell-established

assetmanagershavestartedtotake

greatstridestoimprovetheefficiencyoftheirfront,middle,and

backoffices—movingtothecloud,embracingdatasolutions,lookingatAIagent

integration,

tokenizingfunds;it’sanareawell-positionedtosee

increasing

investment.UAE

movingaggressivelyto

becomerealworldassetshub:The

UAEcontinuestoemergeasastrongfintechhub

inthe

Middle

East,withincreasing

investmentinboth

DubaiandAbu

Dhabi.Overthe

nextsix

months,

itwill

likelycontinuetoworkaggressivelytoattracttalent,

startups,andinvestorstothe

UAEas

partofits

pushtobecome

a

central

global

hubfor

fintechandthereal-worldassetstokenizationcapital

oftheworld.AI

drivinginvestmentand

interest—withmostfocuson

bigtechpartnerships,but

notall:AIwill

remainthehottestinvestmenttrendglobally

—

faroutsideofthefintechspace.Asignificantamountofthatfocuswill

bedriven

bycorporateslookingtocreateefficienciesandcutcosts—workingpredominantlywiththebigtechandAIplayers.

Fintech-focusedAIstartupslookingtoattractattentionandinvestmentwill

increasinglyfocusoncreatingunique

IPabletoprovidetransformativevalue

inthefinancialservicesspace—

whether

bywayofnew

productsandservicesorthroughunique

solutions

ableto

transformbusiness

models.Lookingaheadto2026,we’refeelingoptimisticforthefintechmarketglobally.

InvestmentinAI

is

surging

inthe

broader

investment

market—with

investors

increasinglytaking

aim

atindustry-focusedsolutions.

Regulationsarestrengtheningandhelpingtodefinewhat

thefuturewill

look

like,

particularly

in

thedigital

assetsspace.

Emerging

markets

are

seeing

increasing

interest,with

newfintechhubsemerging.

Exitactivity

isontherise—

and

IPO

marketsare

reopening.

It’s

atime

ofchangeforthefintech

market—andwhile

we

can’t

discount

any

ofthe

risks—we’re

hopefulthat2026isgoingtobea

goodyear

forfintech

investment.Hereareourtoppredictionsforfintech

in

H1’26:©2026Copyrightowned

byoneor

moreofthe

KPMG

Internationalentities.

KPMG

Internationalentities

provide

no

servicesto

clients.All

rights

reserved.9Global

insights—Top

fintech

trends

for

H1’261.2.3.4.5.Regionalinsights#fintechpulseGlobal

insights

Fintechsegments$200$150$100$50$08,3145,764

5,5334,719$168.4$119.3$95.5$116.02022202320242025*10,0008,0006,0004,0002,0000$70$60$50$40$30$20$10$0889840829773$65.6$58.6$44.6

$55.32022202320242025*900850800750700$100$80$60$40$20$07,2514,848$51.12022202320242025*8,0007,0006,0005,0004,0003,0002,0001,0000Global

insightsDealmakingregainsgroundacrossmostassetclasses143

137114$10.7$9.6$5.5

$4.0

Deal

value

($B)

——

Deal

countGlobalM&Aactivityinfintech2022-2025*

Deal

value

($B)

——

Deal

countGlobalPEgrowthactivityinfintech2022-2025*

Deal

value

($B)

——

Deal

countSource:

PulseofFintechH2'25,GlobalAnalysisoffundingin

Fintech,KPMG

International

(data

provided

by

PitchBook),

*as

of31

December

2025.Global

insights

Fintech

segments

Regional

insightsTotalglobalfundingactivity(VC,PEand

M&A)

infintech2022-2025*Globalventurecapitalfundingactivityinfintech2022-2025*2022202320242025©2026Copyrightowned

byoneor

moreofthe

KPMG

Internationalentities.

KPMG

Internationalentities

provide

no

servicesto

clients.All

rights

reserved.

Deal

value

($B)

——

Deal

count200150100500$12$10$8$6$4$2$0#fintechpulse4,5673,765$92.1$45.4$56.710174Global

insightsRecord-breakingdealsizessuggestaviddemandtemperedwithcaution,inlaterstagesofaconsolidationcycle$30$25$20$15$10$5$0305260$24.0$20.7$22.2

$18.42022

2023

2024

2025*3503002502001501005002022202320242025*——

Pre-seed/Seed

——

Early

VC

——

Later

VC

Venture

growthGlobalVCactivityinfintechwithcorporateparticipation2022-2025*

$60.0\

$37.7

$21.5

$18.5

$9.6$25.5

$11.0

$46.7

$9.3$13.4

Deal

value

($B)

——

Deal

countGlobalmedianM&Asize($M)infintech2022-2025*2,3841,392$45.3$28.92022202320242025*

Deal

value

($B)

——

Deal

count1,4081,055$21.0

$29.7Global

insights

Fintech

segments

Regional

insightsGlobalmedianpre-moneyvaluations($M)bystageinfintech2022-2025*Globalcross-borderM&Aactivityinfintech2022-2025*2022202320242025*©2026Copyrightowned

byoneor

moreofthe

KPMG

Internationalentities.

KPMG

Internationalentities

provide

no

servicesto

clients.All

rights

reserved.Source:

PulseofFintechH2'25,GlobalAnalysisoffundingin

Fintech,KPMG

International

(data

provided

by

PitchBook),

*as

of31

December

2025.$35.9$27.83,0002,5002,0001,5001,0005000$70$60$50$40$30$20$10$0$50$40$30$20$10$0#fintechpulse

$168.3

$43.1$248.5$977.5$189.8291322$59.9$36.9$50.011$25$20$15$10$5$0Q1Q2Q3Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q42022202320242025300250200150100500$60$50$40$30$20$10$0Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q43,0002,5002,0001,5001,0005000Global

insightsArobustendtotheyear

ledtostrongermomentumthananticipated2022202320242025

Deal

value

($B)

——

Deal

countGlobal

insights

Fintech

segments

Regional

insightsTotalglobalfundingactivity(VC,PEand

M&A)

infintech2022-2025*©2026Copyrightowned

byoneor

moreofthe

KPMG

Internationalentities.

KPMG

Internationalentities

provide

no

servicesto

clients.All

rights

reserved.GlobalM&Aactivityinfintech2022-2025*Source:

PulseofFintechH2'25,GlobalAnalysisoffundingin

Fintech,KPMG

International

(data

provided

by

PitchBook),

*as

of31

December

2025.

Deal

value

($B)

——

Deal

count#fintechpulse$12.1$18.0$16.7$16.0$11.0$20.1$19.9$18.4$17.1$18.0$16.6$12.7$55.3$49.4$36.7$31.4$30.1$15.8$22.7$36.7$31.8$28.2$26.9$33.6$22.7$28.4$21.0$28.6$7.5$6.6$5.4$8.012$40$35$30$25$20$15$10$5$0

Pre-seed/Seed——Venturegrowth3,0002,5002,0001,5001,