Q1 2026金融科技风险投资趋势

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 Caleb Wilkins VC activity Data Analyst Thematic updates pbinstitutionalresearch@pitchbook.com Published on April 24, 2026 Fintech VC deal summary32 References33 Fintechlandscape Quarterly analysis •Capital One’s acquisition of Brex and Mastercard’s acquisition of BVNK illustrate how incumbentsare willing to pay significant premiums for capabilities they cannot build organically. Furtherconsolidation should be expected in segments where emerging technologies and competitivepressure are most acute, including B2B payments, CFO stack, capital markets, and wealthtech. Key takeaways •In Q1 2026, fintech VC deal value was $11.5 billion, up 46.3% YoY but down 24% QoQ. Despite thesequential decline, the number was healthy relative to recent quarters. •The industry’s conviction in on-chain finance continues to grow as stablecoins, RWA tokenization,and agentic payments converge. Three broad signals we monitor—regulatory buy-in, institutionaladoption, and investment activity—showed meaningful progress in Q1. •The median deal size grew meaningfully at earlier stages but declined at later stages. Thedivergence reflects investor concentration in AI-native startups at earlier stages, where smallerteams are hitting growth benchmarks faster than ever. •Legacy software stacks are seeing new AI layers, with robust CFO stack deal flow reflecting thethesis that fragmented ERPs, CRMs, and data warehouses can be leveraged for agentic andactionable systems. As the space becomes crowded quickly, investors should carefully evaluatewhich platforms are indispensable and can be embedded into core operations, as opposed tononsticky tools that offer only minor efficiency gains. •The median pre-money valuation hit record highs across all stages in Q1, with the overall medianjumping 119.1% to $71.5 million. AI-native companies and on-chain finance businesses were theprimary drivers, and we expect valuations to remain elevated as these verticals continue to haveenormous growth potential. •The wealthtech segment led Q1 deal value at $3.9 billion, though 67% of this value was driven solelyby deals for Kalshi and Polymarket. Excluding those deals, capital was distributed more evenlyacross the CFO stack, B2B payments, credit & banking, and capital markets segments, reflectinginvestor conviction in the segments where AI and tokenization are having the most tangible impact. •AI agents are outpacing the payments infrastructure built to support them, and both Google andTempo launched new protocols in Q1 to help close the gap. The sector remains nascent, though,meaning that investment activity may be muted until machine-to-machine transaction volumes giveinvestors a clearer signal of where value will accrue. •Exit activity was subdued in Q1, with disclosed VC exit value totaling just $0.3 billion on a closed-deal basis, though adjusting for pending and Q2-closing transactions brings the figure to $7.7billion. Macroeconomic uncertainty and AI-driven pressure on legacy software valuations areextending diligence cycles, and M&A volume may remain muted until pricing visibility improves. •Prediction market volumes surged 72.8% QoQ in Q1,1and Robinhood noted that its predictionmarket was its fastest-growing product in history.2However, regulatory outcomes over the next 90days will be critical rerating events for the entire category as federal-versus-state jurisdiction andinsider-trading concerns remain major issues. and $1 billion of investment in Q4) at an $8.6 billion pre-money valuation, Kalshi’s $1 billion Series F ata $21 billion pre-money valuation, inKind’s $450 million late-stage round (debt and equity), Vestwell’s$385 million Series E (debt and equity) at a $3.1 billion pre-money valuation, and Fundamental’s $225million Series A at a $1.2 billion pre-money valuation. VC activity VC deals VC deal value and count:Fintech startups raised $11.5 billion across 563 deals in Q1 2026. In termsof deal value, this represented a 24% QoQ decline but a 46.3% YoY jump. Deal count was up 3.3%sequentially but down 6.2% YoY. VC exits Note: Our methodology for VC exits groups deals in each quarter by their closing date, not theirannouncement date. Pending deals without a closing date are excluded. Deal sizes:Fewer deals at higher values have been a consistent pattern over the past 12 months, withsome of the trend driven by larger deals that included debt components. Q1’s overall median dealsize rose to $6.2 million, up 10.5% from 2025’s median of $5.6 million. The pre-seed/seed stage andearly stage led the growth, with their medians climbing 46.2% to $4 million and 6.4% to $8 million,respectively. The late stage and venture-growth stage moved in the opposite direction, declining 11.5%to $8.8