2025年度金融科技年鉴

2025AnnualFinTech Almanac Global Financing and M&A Statistics FT Partners–Focused Exclusively on FinTech Overview of FT Partners 2025 FinTech Almanac FT Partners’ Proprietary FinTech Data Collection, Categorization and Clarification of FT Partners’ Proprietary FinTech Data Financings FinTech Sectors Financing data in this report (unless otherwise noted) includespublicly announced equity capital raises for private FinTechcompanies across the world FT Partners classifies and breaks out FinTech companies into7 primary sectors 1) Payments, 2) Banking / Lending /PropTech, 3)Wealth & Capital Markets Tech, 4) InsurTech, 5)Healthcare FinTech, 6) Financial Management Solutions(“FMS”), & 7) Crypto & Blockchain ‒IPOs, lending capital, debt, and other publiccompany spin-offs and secondary transactions are allexcluded from the financing data M&A Data Collection FT Partners' data, analytics and insights on FinTech stem fromour deep domain knowledge and the Firm's proprietarydatabase, which has been meticulously and methodicallycompiled. The FT Partners Strategic Insights team assemblesand curates this information through primary research and itrepresents years of focus and diligence. We believe this reportprovides the most complete set of global FinTech transactions,trends and insights available. FinTech M&A data includes the sale of FinTech companiesand non-FinTech acquisitions made by FinTech companies ‒Certain pages in this report designate when onlylooking at M&A deals with FinTech “targets” The database is continually being updated and refined. It shouldbe noted that prior reports may not reflect up to date figures. 2025 FinTech Almanac Table of Contents 1.Executive Summary ………………………………………………………………………………..2.2025 Highlights ……………………………………………………………….…………….…3.FinTech Financing ……………………………..………………………………………….............4.Investor Activity ……………………………………………………………………………………5.FinTech M&A ……………………………….………….………………………………….............6.FinTech IPOs ………………………………………………………………………………………..7.Appendixi.Published Transaction Profiles ……………………………………………………………..ii.Other FT Partners Strategic Insights Reports …………………………………………...iii.Overview of FT Partners …………………………………………………………………….58195873868151109 Executive Summary1. FinTech Almanac | Financing & M&A Statistics FT Partners’2025 FinTech Almanac Total Deal Activity Volume Hit Second Highest Level Ever in 2025, Only Behind 2021 Another year is in the books, and 2025 was a stand-out chapter in FinTech’s storied history. Dealmaking momentum, renewed large-scale capital raising efforts and a long-awaited return of IPOsglobally, all propelled 2025 total deal activity volume to the second highest level ever, only behind2021. Despite several notable IPOs, many FinTech heavyweights remain private, climbing–or jumping–to new valuation highs during the year (Revolut $75 billion, Ripple $40 billion, Ramp$32billion,among others). Mega funding rounds returned, with companies like Binance, Trade Republic,Polymarket, and Kalshi all closing $1 billion+ primary and secondary deals. Andlast but not least, thewave of FinTech M&A that many have anticipated for years, surged in 2025 with the highest number ofFinTech M&A transactions ever. Scaled FinTech Acquirers Drove Record-Breaking FinTech M&A Activity For the first time ever, scaled FinTech companies (those founded 2004 or later) made more FinTechacquisitions than other strategics (banks / FIs, legacy tech / FinTech players, etc.). Notable examplesduring the year included Coinbase’s $4.3 billion acquisition ofDeribitand Xero’s $3 billion acquisitionof Melio. Still, some of the largest deals announced in 2025 were by legacy strategics, like GlobalPayment’s $24+ billion acquisition of Worldpay. The number of $1 billion+ M&A deals during the year (59) rivaled the record number reached in 2021(62) and represented an increase of 40% over last year’s count. Q3 2025 specifically reached highestquarterly count of $1 billion+ M&A deal announcements ever. In 2025, companies sought out acquisition targets not only for product expansion and synergies but forgeographic reach more than ever. Cross-border M&A activity reached a new high, representing 40% ofall strategic M&A deals. Total volume of sponsor buyouts reached $81 billion, the second highest level ever, only after 2024which totaled $91 billion. Eight of the top 15 largest sponsor deals were take-privates, including thetop three largest (Thoma Bravo / Dayforce $12+ billion, Permira & Warburg Pincus / ClearwaterAnalytics $8+ billion and Clearlake Capital Group / Dun & Bradstreet ~$8 billion). FT Partners’2025 FinTech Almanac Middle East FinTech Funding Volume Doubled as USA Climbs 1.7× More Capital, Fewer Deals as Later-Stage Funding Rebounds Private company funding volume across all stages grew moderately in 2025, risingabove the prior two years to reach more than $70 billion in total. Conversely, thenumber of capital raises declined year-over-year as investors shifted to later