2026年金融科技行业状况

About F-Prime We create and invest in healthcare and technology companies that impact lives all over the world. We have over 370companies in our portfolio including 23 that we started. Our global portfolio is spread across the Americas, Europe, and Asia. State of Fintech team Learnmore about F-Prime Visitthe F-Prime Fintech Indexfor more data Emailfintechindex@fprimecapital.com Abdul AbdirahmanPrincipal Rocio WuPartner David JegenManaging Partner Jointhe discussionFebruary 24, 2026 at 12pm EDTRegister Now > Andrew ChenMBA Associate Sarah LamontSenior Associate Table of Contents 15Summary F-Prime Fintech Index 3Crypto 21 41 5About F-Prime Summary 2025 in fintech felt like a year when nothing big happened, and yet somuch became clearer. The fintech craze abruptly ended in 2021 (when theF-Prime Fintech Index peaked at $1.3T), followed by a swift correction in2022-2023 (when the F-Prime Fintech Index bottomed out below $400B).The sector found its footing in 2024 and began recovery into 2025,reaching a market cap of $947B by year-end. At the same time, many LPsand investors turned their attention away from fintech and on to AI. The last decade of venture capital investment has returned anestimated $2.4T, yet $4.2T worth of liquidity remains lockedin some ofthe most innovative private companies. Fintech makes up ~$0.6T, includingsome of the most valuable private fintech companies in the world like Stripe($107B), Revolut ($75B) and Ramp ($32B). 2025 is also the year that crypto earned a front-row seat next to TradFi.Stablecoins became a real, non-speculative digital asset crossing $1T in monthlyvolume. Over 75 new crypto ETFs were launched, and we are now allowed towonder whether any financial asset will not be tokenized in 10 years. Regulatoryposture towards crypto meaningfully shifted in 2025, paving the way for evenmore financial institution adoption in 2026. After several years of a frozen fintech IPO market, it is thawing. 16 (11VC-backed) fintech companies went public this year. Of these 11, only 2were trading above their initial IPO price and 6 above their last private roundvaluation as of year-end 2025. Despite subpar performance for some, theIPO window is open and there are signals that more are on the way.Elsewhere in the exits world, fintech M&A has rebounded to pre-2021 levels. Revenue multiples continue rising, and the last two years have shown thatinvestors place a premium on ‘goldilocks’ companies– neither growing toofast nor too slow, while approaching profitability. Company fundamentals onlygrow stronger: Fintech Index companies grew at an average 29% over the lastyear, and every sector increased its net income margins since thegrowth-at-all-costs era in 2021. 2025 was not the year of AI in fintech, but we knew financial services wouldlag other sectors– challenging integrations, complex workflows, PII, andregulation. However, we expect 2026-2030 will be exciting years for AI in financialservices and commerce and it’s time to put the building blocks in place. 2025 is the year we can definitively say that new financial services giantswere forged over the last decade. Much like Uber, PayPal, and Square wereinitially dismissed yet became leaders in their respective categories, so too havecompanies like Nubank, Affirm, Stripe, Toast and Robinhood become leaders intheirs. We are optimistic as ever on the futureof fintech – if you are building orinvesting here, let’s connect! Summary The F-Prime Fintech Index comprises the following emerging financial technology companies.Criteria include capitalization, liquidity, growth rates, founding year, and listing exchange. 54Companies $947BMarket Cap 5.6xrevenue multiple 29%LTM average growth rate VC investment in fintech peaked in 2021 and found its footingat pre-2021 levels, however, many VCs shifted their focus to AI VC investment in technology, 2000-2025 Meanwhile the F-Prime Fintech Index rebounded from $391B to $947Breflecting the strong and sustained performance of many fintech disruptors In 2025, the F-Prime Fintech Index rose 60% The IPO window opened and 11 VC-backed fintech companies went public; as ofyear end, only 2 traded above IPO price and 6 above their last private valuation As of year end 2025, there are signals that more fintech IPOs are on the way The Fintech Index added over $200B market cap in 2025, but gains wereconcentrated – Robinhood, Shopify, and Nubank contributed nearly 80% 20-40% annual growers have been the highest valued cohortfor seven of the last eight quarters Most sectors have seen relatively stable revenue multiples over the last 2 years Fintech Index companies have scaled and continue to grow revenueat an average 29% annually All sectors have meaningfully improved net income margin sincethe ‘growth-at-all-costs’ era five years ago Net income margin, % 2025 made clearer than ever that fintech has forged thenext generation of great financial services companies Lending Banking Ve