2025年二季度零售金融科技风投趋势（英）2025

EMERGING TECH RESEARCH Retail FintechVC Trends VC activity across the retail fintech ecosystem REPORT PREVIEWThe full report is available through the PitchBook Platform. Contents Retail fintech landscape3 Institutional Research Group Retail fintech VC ecosystem market map4 Analysis VC activity 5 Rudy YangSenior Research Analyst,Enterprise Fintech and Retail Fintechrudy.yang@pitchbook.com Retail fintech VC deal summary26 Deal-sourcing insights27 Data Appendix29 Matthew NacionalesSenior Data Analyst pbinstitutionalresearch@pitchbook.com Publishing Report designed byAdriana HansenandSarah SchwabPublished on August 8, 2025 Retail fintechlandscape Retail fintech VC ecosystem market map VC activity Q2 delivered a mixed picture for retail fintech. VC funding rose 17% QoQ to $2.2 billion but remainsdown 49% YoY. Deal volume remained soft, holding steady at 140 transactions as investorscontinue to favor B2B over B2C in fintech. The funding landscape reveals a clear bifurcation. The YTD median deal size for retail fintechgrew 24% to $5.1 million—still lagging enterprise fintech, which posted a higher median of $6.5million. One reason for this lag is that AI technology has been slower to be integrated in consumerfintech product offerings. AI has been a key driver of higher enterprise valuations, where 80% ofcompanies are AI-enabled versus only 36% in retail. The disparity is most pronounced at earlystages, where the enterprise fintech median YTD deal value of $20.2 million significantly outpacesretail’s $5.1 million. Exit activity painted a more positive picture, however. VC exit value surged 546% YoY to $13.2billion, driven by eToro’s and Chime’s long-awaited IPOs valued at $4 billion and $9.1 billion,respectively. As of this report, only Circle trades above its listing price among other fintechcompanies that have completed an IPO, creating caution for companies waiting in the broaderfintech pipeline. M&A activity remains sluggish, with just 13 acquisitions in Q2, although strongbank earnings and potential rate cuts signal a potential rebound in dealmaking. million for enterprise. One reason for this divergence is that the AI premium for fintech companiesis more pronounced in B2B. In the US, enterprise fintech companies make up 80% of AI-enabledfintech companies. This trend is especially evident at the early stage, where the median deal sizefor enterprise fintech ($20.2 million) significantly outpaces that of consumer fintech ($4 million). VC fundraising VC deal value and count:Retail fintech companies raised $2.2 billion in venture capital duringQ2 2025, representing a 17% QoQ increase but a 49% YoY decline. Deal count held steady at 140compared with 139 in Q1, although still 13% below the prior-year period. The modest quarterlyrebound highlights how investors continue to favor B2B fintech over consumer plays. B2C versus B2B:Retail fintech continues to represent a modest share of total fintech VC dealvalue, accounting for 26.3% in Q2. This is broadly in line with the 24.4% share recorded in Q1. Itis unlikely that retail fintech will reclaim the larger 43.8% share it held in 2021. Fintech’s currentdominant investment themes—AI, stablecoins, and public-to-private asset convergence—shouldremain concentrated in B2B for the next two to three years. Deal stage composition:YTD, VC deal volume is most concentrated at the early and late stages.The early stage leads VC deal volume at 35.5%, followed by the late stage at 30.8%, pre-seed/seed at 21.1%, and venture growth at 12.5%. Compared with historical levels, the early-stage sharehas held steady, while pre-seed/seed has declined from 36.1% in 2021. In contrast, late-stageactivity has expanded from 37.4% in 2021. This suggests investors may be favoring establishedfintech players with proven traction over early-stage B2C newcomers. Top performers Top segments:Wealthtech led retail fintech activity in Q2, accounting for $1.3 billion in VC dealvalue and 82 deals. The segment’s momentum is likely supported by AI, as consumer adoptionamong retail fintech segments is highest in wealthtech. Specifically, our data shows that 64%of AI-enabled wealthtech firms in the US are B2C. Following wealthtech was credit & banking,recording $582.4 million in VC deal value across 23 deals. Deal sizes:The YTD median deal size stands at $5.1 million, up 24% from 2024’s median of $4.1million. YTD, median deal values have grown across all stages except the late stage, which edgeddown 1.9% to $8.8 million. In contrast, pre-seed/seed rounds rose 25% to $2 million, early-stagedeals climbed 19.6% to $4 million, and venture-growth rounds surged 79.7% to $38.5 million. Top deals:The top deals by value in Q2 were primarily in wealthtech. These include Groww’s $200million Series F at a $6.8 billion pre-money valuation, Kalshi’s $185 million Series C (combinationdebt and equity) at a $1.9 billion pre-money valuation, and Scalable Capital’s $175 million late- Notably, retail