2025年四季度金融科技风险投资趋势（英）

Fintech VC Trends VC activity across the fintech ecosystem Contents Fintech landscape3 Institutional Research Group Rudy YangSenior Research Analyst, Enterprise Fintech and RetailFintechrudy.yang@pitchbook.com Quarterly analysis4 Key takeaways pbinstitutionalresearch@pitchbook.com VC activity Published on February 5, 2026 Thematic updates Fintech VC deal summary33 Fintechlandscape AlternativelendingCapital marketsCommercialfinancesCFO stackFinancial servicesinfrastructurePaymentsRegtech Quarterly analysis •New regulatory risk has risen from President Trump’s proposed 10% credit card interest ratecap, triggering sharp market reactions and a wave of disapproval from big banks. Althoughimplementation would require a lengthy legislative process, investors should remain attentive tonear-term market volatility driven by policy uncertainty. This report now provides data for the overall fintech sector. Previously, we separated our data intoenterprise fintech and retail fintech sectors. Key takeaways •Fintech VC deal value surged in Q4 2025 to $17.3 billion, a 114.3% YoY increase that brought the full-year total to $42.8 billion, the highest annual funding level since 2022. •Institutional commitment to stablecoins and tokenization deepened, as financial institutions scaledreal-world settlement, tokenized funds, and on-chain credit products beyond pilot use cases. Thiswill be a top sector for investments, acquisitions, and partnerships in 2026. •Median fintech deal sizes increased across all stages in 2025, reflecting a continued shift towardlarger rounds and higher capital concentration compared with 2024. AI premiums have drivenlarger deal sizes and should continue across most stages. •Prediction markets are becoming a serious new financial asset class, with weekly volumessurpassing $5 billion and major institutions such as Robinhood and Goldman Sachs activelyevaluating opportunities. Both investors and companies should start viewing prediction marketsas a legitimate source of pricing signals and platform value that will be increasingly integrated intocapital markets infrastructure. •Median fintech valuations reached record highs in 2025, led by a pronounced AI premium atthe seed and early stages, while late-stage valuations rose more modestly and showed lessconsistent AI uplift. Expect AI premiums to continue affecting valuations at the seed, Series A, andSeries B stages. •Agentic payments remain early, but infrastructure investment is accelerating, as major platformsrace to standardize identity, authorization, and programmable payments ahead of meaningful AI-driven commerce volumes. Investors should be cautious about overstating AI-driven conversiontoday but be prepared to assess differentiation across an increasingly crowded protocol landscape. •B2C fintech drove Q4 megadeals, as outsized rounds from Revolut, Polymarket, and Kalshi skewedquarterly deal value toward B2C despite enterprise fintech dominating deal count for the full year.Still, Q4’s B2C skew appears episodic, with enterprise fintech expected to continue dominatinginvestor attention in 2026. •Exit activity reached its highest level since 2021, with $67.6 billion in total value, fueled by an openIPO window, regulatory deregulation, PE dry powder deployment, and a strategic super-cycle in AIM&A. A robust IPO and deal pipeline suggests that 2026 will be another high-volume year for exits. VC activity VC fundraising VC deal value and count:VC funding for fintech companies was robust in Q4 2025. VC deal valuetotaled $17.3 billion, up 86.7% QoQ and 114.3% YoY. Deal count was 508, down 1.2% QoQ but up 5.2%YoY. This reflects the ongoing trend of larger average deal sizes in 2025 compared to 2024. For the full2025 year, fintech companies saw $42.8 billion in VC deal value across 2,126 deals. This is the highestannual funding level seen since 2022. Deal sizes:Median deal sizes rose across all stages in 2025. We recorded an overall median of $6million in 2025, up 25.4% from $4.8 million in 2024. By stage, the pre-seed/seed median rose 27.9% to$2.9 million, early stage jumped 68% to $8 million, late stage advanced 11% to $11.1 million, and venturegrowth increased 30% to $32.5 million. AI premiums have driven larger deal sizes at pre-seed, seed,Series B, Series D, and beyond. B2C versus B2B:For 2025, enterprise fintech companies captured 58.3% of total fintech VC deal valueand 71.4% of fintech VC deal count. In Q4 2025, enterprise fintech companies accounted for just 41.1%of total fintech VC deal value but still 69.9% of total VC deals. This was due to larger deals from B2Cfintech companies Revolut, Polymarket, and Kalshi. Q4 2025 bank earnings strongly suggest that 2026 will continue to be a high-volume year foracquisitions, driven by a wave of deregulation, robust deal backlogs, the urgent deployment of PE drypowder, and a strategic AI super-cycle that is generating consolidation and deal demand. Top allocations Top segments:I