2025年一季度企业金融科技风险投资趋势2025

EMERGING TECH RESEARCH Enterprise FintechVC Trends VC activity across the enterprise fintech ecosystem REPORT PREVIEWThe full report is available through the PitchBook Platform. Contents Enterprise fintech landscape3 Institutional Research Group Enterprise fintech VC ecosystem market map4 Analysis VC activity 5 Rudy YangSenior Research Analyst,Enterprise Fintech and Retail Fintechrudy.yang@pitchbook.com Enterprise fintech VC deal summary26 Appendix27 Data pbinstitutionalresearch@pitchbook.com Publishing Report designed byMegan WoodardandDrew Sanders Published on May 9, 2025 Enterprisefintechlandscape RegtechWealthtechPaymentsAlternative lendingCapital marketsCFO stackCommercial financeFinancial services infrastructure VC activity Enterprise fintech secured $5.6 billion in VC funding during Q1 2025, marking a 40.2% YoY increaseagainst a notably soft comparable period. More encouragingly, funding also improved sequentiallywith a 13.5% QoQ rise. Deal volume showed similar strength, with the transaction count growing3.3% YoY and 8.9% QoQ to reach 380 deals for the quarter. The improvement in enterprise fintech deal activity reflects strong tailwinds from AI integrationaccelerating product development cycles and anticipated regulatory easing under the Trumpadministration. Notably, median deal sizes and pre-money valuations grew meaningfully thisquarter, highlighting the effects of the “AI premium.” However, due to ongoing market volatility,escalating tariff concerns, and persistent inflation pressures, we expect VC investment to remainconstrained throughout the next two quarters. VC exits remain soft, with Q1’s 41 exits representing declines of 10.9% YoY and 18% QoQ. In theinterim, we anticipate that the IPO window will remain largely closed due to persistent capitalmarkets volatility. However, a substantial pipeline of mature fintech companies stands ready topursue public listings once market conditions stabilize, potentially creating a significant exit wavewhen sentiment eventually improves. Notably, early-stage deal sizes rose by 118.6% to $11 million, surpassing the median deal sizeof late-stage rounds, which dipped 3% to $9.7 million. This may be driven by the AI premiumattached to early-stage companies seeing traction, evidenced by Norm Ai’s $48 million Series B,Rogo’s $40 million Series B, Jump’s $24.6 million Series A, and Nilus’ $10 million early-stage round.Large deals with debt components could also be inflating the number, such as Flex’s $225 millionearly-stage deal (with $200 million from a credit facility), and Flow48’s $69 Series A (a mix of debtand equity). VC fundraising VC deal value and count:Enterprise fintech companies secured $5.6 billion across 380 deals in Q12025, representing a 13.5% increase in funding value from the previous quarter and a 8.9% bumpin deal count. Year over year, VC deal value grew 40.2% from Q1 2024’s historically low baseline,while deal volume increased by 3.3%. We project 2025 enterprise fintech VC funding to reach $16 billion to $17 billion—a 10%-15%decline from 2024’s $17.8 billion total—reflecting ongoing investor caution amid inflation concernsand tariff tensions. However, a more favorable tariff resolution could stabilize investment to flatyear-over-year levels. B2C versus B2B:Enterprise fintech continues to dominate investor attention in comparison withconsumer-focused models. Enterprise fintech’s share of total fintech VC funding increased to75.8% in Q1 from 61.3% in the previous quarter, with the share of deal count remaining steady:73.8% compared with 69.7% in Q4 2024. Enterprise fintech made up 61.3% of the total fintech VCdeal value in 2024 but just 43.1% in 2019. Deal stage composition:The late stage secured the majority of Q1 deal value at 42.2% (versus44.3% in full-year 2024), followed by the venture-growth stage at 27.8% (versus 24.6%), the earlystage at 23.9% (versus 24.2%), and the pre-seed/seed stage at 6.2% (versus 6.9%). Early-stageVC represented the highest share of Q1 VC deal count at 33.7% (versus 31.5% in full-year 2024),followed by the late stage at 31.8% (versus 34.7%), the pre-seed/seed stage at 29.2% (versus25.4%), and the venture-growth stage at 5.3% (versus 8.3%). Top segments:The CFO stack led Q1 funding at $1.3 billion, followed by payments at $1.2 billionand financial services infrastructure at $951.7 million. On a TTM basis, these three sectors also ledin VC funding, with the CFO stack at $4.5 billion, payments at $3.2 billion, and financial servicesinfrastructure at $3 billion. Deal sizes:The enterprise fintech sector recorded a median deal size of $6 million in Q1, up 19.1%from 2024’s median of $5 million. Changes in median deal sizes from full-year 2024 figures variedby funding stage. Pre-seed/seed rounds fell 19.6% to $2.4 million, while venture-growth deals rose35.2% to $29.5 million. Top deals:This quarter’s top deals from the early stage, late stage, and venture-growth stageincluded Rapyd’s $50