2025年三季度企业金融科技风险投资趋势（英）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 Quarterly analysis5 Rudy YangSenior Research Analyst,Enterprise Fintech and Retail Fintechrudy.yang@pitchbook.com Enterprise fintech VC deal summary27 Deal-sourcing insights28 Data Appendix29 Matthew NacionalesSenior Data Analyst pbinstitutionalresearch@pitchbook.com Publishing Report designed byChloe LadwigandDrew Sanders Published on October 28, 2025 Enterprisefintechlandscape RegtechWealthtechPaymentsAlternative lendingCapital marketsCFO stackCommercial financeFinancial services infrastructure Enterprise fintech VC ecosystem market map Quarterly analysis Key takeaways •Enterprise fintech VC funding remained resilient in Q3 2025 with $6 billion raised across 349deals. This reflects steady investor confidence despite a modest slowdown in activity. •AI continues to drive record valuations, particularly at the early stage, where investorenthusiasm for automation and data-driven workflows is inflating deal sizes. •Payments led all other segments in quarterly VC deal value, fueled by the rising adoption ofstablecoins and infrastructure upgrades that support AI and blockchain integration. •VC exit activity was relatively flat, but a more favorable acquisition environment and an openIPO window may increase activity. •AI integration deepened across finance, with major institutions and fintech companiesembedding generative tools and data systems that set the stage for agentic commerce andautonomous payments. VC activity VC fundraising VC deal value and count:In Q3 2025, VC funding for enterprise fintech companies totaled $6billion, down 9.8% QoQ but up 46.7% YoY. Deal count was 349, an 8.6% QoQ decline but a 35.3%YoY increase, reflecting steady activity despite a moderate slowdown. Deal sizes:Median deal sizes continue to grow across all stages, with the overall median reaching$6 million YTD, up 20% from $5 million in 2024. From 2024’s median, the pre-seed/seed stagerose 7.5% to $3 million, the early stage climbed 90.7% to $9.6 million, the late stage increased10.2% to $11 million, and the venture-growth stage advanced 30.4% to $30 million. VC exits VC exit value and count:Disclosed VC exit value totaled $1.4 billion in Q3, down from $8.6 billionin Q2, when Circle’s $6.4 billion IPO drove most of the total. Despite weaker exit value, activity heldsteady with 49 exits, compared with 52 in Q2 and 46 in Q1. B2C versus B2B:Similar to last quarter, B2B fintech companies captured 75.8% of fintech VC dealvalue and 73% of fintech VC deal count in Q3 2025. 73.8% of fintech VC funding YTD has gone toB2B fintech companies, compared with 62.2% in 2024. M&A and buyouts:Q3 saw 34 acquisitions and 14 buyouts of VC-backed enterprise fintechcompanies, roughly in line with the 37 acquisitions and 14 buyouts in Q2. YTD activity remainson pace with 2024 levels, totaling 103 acquisitions and 40 buyouts, compared with 126 and 46,respectively, last year. We expect a more favorable deal environment, supported by a more openregulatory stance and steadier interest rate expectations, to spur additional M&A activity. Signs ofthis trend are already visible among US regional banks. Top allocations Top segments:Payments led VC activity in Q3 with $1.6 billion across 77 deals, driven byaccelerating interest in stablecoins and their rising adoption. The CFO stack, previously the top-funded segment in H1 2025, ranked second with $1.3 billion across 83 deals, supported by stronggrowth in expense management platforms and expanding AI-enabled automation. Financialservices infrastructure followed with $1.1 billion across 56 deals, reflecting continued investmentin the underlying systems required to support AI integrations, blockchain technologies, andcompliance requirements. Top acquisitions:Top M&A in Q3 included Solowin Holdings’ $350 million all-stock acquisition ofAlloyX to expand its stablecoin and asset tokenization capabilities, Mizuho Bank’s $313.7 millionpurchase of a majority stake in UPSIDER to add AI-powered credit solutions and better serve smalland medium enterprises, and Ripple’s $200 million acquisition of Rail to bolster its stablecoinpayments infrastructure. Some notable acquisitions without disclosed deal values include Stripe’sacquisition of Orum, Fidelity’s acquisition of Amount, and MoonPay’s acquisition of Meso. Onlyone buyout of a VC-backed enterprise fintech company had a disclosed exit value in Q3: Visma’s$315.1 million acquisition of Conta Azul to expand the company’s footprint in the Brazilian market. Top deals:Q3’s top deals included Ramp’s $514.1 million Series E2 at a $23.7 billion post-moneyvaluation, Rapyd Financial Network’s $500 million Series F (primarily equity with some debt) ata