2025年三季度零售金融科技风险投资趋势（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 Quarterly analysis5 Rudy YangSenior Research Analyst,Enterprise Fintech and Retail Fintechrudy.yang@pitchbook.com Retail fintech VC deal summary26 Deal-sourcing insights27 Data Appendix28 Matthew NacionalesSenior Data Analyst pbinstitutionalresearch@pitchbook.com Publishing Report designed byChloe LadwigandSarah Schwab Published on October 31, 2025 For previous updates as well as our complete fintechresearch, please see the designatedanalyst workspaceon the PitchBook Platform. Retail fintechlandscape Retail fintech VC ecosystem market map Quarterly analysis Key takeaways •Retail fintech funding slowed in Q3, with $1.9 billion raised across 131 deals. The muted activitycomes as investors continue to favor B2B fintech and capital shifts toward AI. •YTD median valuations at the pre-seed/seed and early stages hit all-time highs, while late-stage valuations eased as the AI premium remained concentrated in earlier rounds. •The alternative lending segment led Q3 deal value, though large debt components inflated dealsizes in the segment. Wealthtech trailed closely behind, supported by secular trends in AI andalternative assets. •VC exit activity surged on the back of Klarna and Figure’s IPOs, marking renewed liquidity inpublic markets. But weak postlisting performance highlights the need for disciplined timingand profitability. •New agentic payment protocols, personalized financial assistants, and AI-driven credit tools areredefining how consumers transact, invest, and access financial services. Top deals:The quarter’s top deals included Bilt Rewards’ $250 million late-stage round at a $10.5billion pre-money valuation, VIVA Finance’s $220 million debt-and-equity round, Neon’s $131million Series E, and Aven’s $110 million Series E at a $2.1 billion pre-money valuation. At the pre-seed/seed stage, the leading deals were Turnout’s $21 million seed round, Plural’s $12.8 millionround, and Tilt’s $7.1 million debt-and-equity round at a $17.4 million pre-money valuation. VC activity VC fundraising VC deal value and count:Q3 2025 VC funding for retail fintech companies totaled $1.9 billion,down 20.8% QoQ and 18.5% YoY. Deal count was 131—the lowest so far in 2025—representinga 16% QoQ decline but 4.8% YoY increase. The numbers signal a slowdown in consumer fintechfunding as capital shifts toward B2B fintech and AI. VC exits VC exit value and count:Disclosed VC exit value reached $19.5 billion in Q3, up 45.2% QoQ and8,530% YoY, driven almost entirely by Klarna’s $14.9 billion IPO and Figure’s $4.6 billion IPO.Excluding these listings, disclosed exit value was only $2.6 million, highlighting a muted exitenvironment for consumer fintech outside public listings. Deal sizes:YTD median deal sizes grew across all stages except the late stage, reflecting largerAI premiums. The YTD median deal size for all of retail fintech is $5.2 million, up 15.4% from $4.5million in 2024. From 2024’s median, the pre-seed/seed stage rose 26.9% to $2.1 million, the earlystage increased 60.6% to $5.2 million, and the venture-growth stage grew 38.3% to $28 million.Conversely, the late stage declined 15.6% to $8.5 million. M&A and buyouts:Q3 saw 13 acquisitions and one buyout of VC-backed retail fintech companies,a small retreat from the 15 acquisitions and three buyouts seen in Q2. YTD totals stand at 40acquisitions and six buyouts, compared with 57 and four, respectively, in 2024. A more stableinterest rate environment and a friendlier regulatory stance could help boost dealmakingmomentum in the coming quarters. B2C versus B2B:Similar to last quarter, B2B fintech companies captured 75.8% of VC deal valueand 73% of VC deal count in Q3 2025. YTD, 73.8% of VC funding has gone to enterprise fintechcompanies, compared with 62.2% in 2024. Top allocations Top acquisitions:The single acquisition with a disclosed exit value this quarter was the $2.6million acquisition of Rio Money. Other notable deals include Perplexity’s acquisition of Invisible,Kraken’s acquisition of Capitalise.ai, and Stocktwits’ acquisition of Thematic. We recorded onebuyout in Q3: Proterra Investment Partners’ buyout of AcreTrader for an undisclosed amount. Top segments:Alternative lending led retail fintech deal value in Q3 with $579 million across25 deals, but these companies typically have large debt components that inflate deal sizes.Wealthtech followed with $560.1 million across 71 deals, and we expect it to remain a leadingsegment supported by secular trends in AI and public-to-private convergence. Nine of the top 10pre-seed/seed deals this quarter were in wealthtech. Public listings:Klarna and Figure’s IPOs accounted for $19.5 billion in VC exit value this q