2025年上半年全球金融科技融资分析

Global analysis of fintech funding KPMG. Make the Difference. August 2025 Welcomemessage The Americas attracted more than half of the fintechinvestment seen globally during H1’25 ($26.7 billion), ledby the $2.6 billion acquisition of US-based NextInsurance. The EMEA region came a distant second,attracting $13.7 billion in in fintech investment, led by the$3.2 billion buyout of UK-based Preqin, while the ASPACregion saw just $4.3 billion in investment, ledby the acquisition of Japan-based WealthNavi for$571.3 million. While many fintech investors were cautiously optimisticheading into 2025, the combination of headwinds fromongoing geopolitical tensions and rapidly evolvingconcerns over tariffs and trade policies saw manyinvestors continuing to hold back from making large dealsexcept in a few hot areas like digital assets andcurrencies and AI. Given the geopolitical situation globally,much of the fintech investment we’ve seenso far in 2025 has been very strategic,rather than broad-brush speculativeinvestments. Corporates were morefocused on cost cutting and on divestingnon-core and underperforming assets thannew deals. The increase in AI-focusedfintech investment dovetails with that. Bothinvestors and institutional users are verykeen on the potential of generative AI andagentic AI — and startups that can improveefficiencies and drive value through Gen AIwill command premium valuations andsignificant investment. Fintech-focused AIis only going to get hotter headed into theback half of 2025. During H1’25, the fintech market globally attracted$44.7 billion across 2,216 deals — down from$54.2 billion across 2,376 deals in H2’24. Q2’25 wasparticularly weak, with just $18.7 billion invested across972 deals globally — hitting lows across 8 and31 quarters respectively. Much of this slowdown camefrom continued declines in M&A activity and PEinvestment. Global fintech M&A deal value fell from $26.7billion in H2’24 to $19.9 billion in H1’25, while PE growthinvestment in fintech fell from $4.4 billion to $1.4 billion.Global VC investment in fintech proved more resilientrising nominally from $23 billion to $23.4 billion betweenH2’24 and H1’25. The digital assets and currencies space was the brighteststar in fintech investment globally during H1’25, attracting$8.4 billion, compared to the $10.7 billion seen during allof 2024. AI-focused fintech came a close second, with$7.2 billion in investment, compared to $8.9 billion duringall of 2024. The payments space meanwhile sawinvestment falter amid the lack of significant consolidationmegadeals, with just $4.6 billion in investment, comparedto 2024’s annual total of $30.8 billion. Anton RuddenklauLead of Global Fintech andInnovation, Financial ServicesKPMG International Welcomemessage Looking ahead to the second half of the year, fintechinvestors are likely to remain quite selective withtheir dealmaking after resetting performance andreturn expectations over the last 3 years. Thepassing of the GENIUS Act in the US during the firstfew weeks of July has also set the stage for furtheractivity and investment in the digital asset space,particularly around the use of stablecoins andassociated investment in digital asset marketinfrastructure. Looking back over H1’25, it’s clear that fintech investors were incredibly selective with their dealmaking. Key trends wesaw during H1’25 included: Whether you’re the founder of an emerging fintechor the CEO of a large financial institution, it’simportant to consider what your company can do tomake sure you’re well positioned to get aheaddespite the uncertain future. As you read this editionof Pulse of Fintech, ask yourself:What can we do toenhance our value and profitability, and where dowe selectively invest, so that we can better navigatethe path to success? A growing focuson AI-enablementof fintechs, eitherAI native or AItransformation ofexisting fintechplatforms. A rise in IPO exitactivity in the USwith expectationfor moresignificant listingsin H2. A surge in digitalasset investmentsglobally. Regtech gainingtraction asinstitutions look toreduce costs. Contents • Payments• Insurtech• Cybersecurity• Digital assetsand currencies• Regtech• Wealthtech 62Authorsandcontributors • Americas• EMEA• ASPAC AbouttheKPMGglobalfintechpractice 01 GlobalfintechfundinginH12025recorded$44.7Bwith2,216deals Globalinsights Global fintech market attracts $44.7 billion in investment in H1’25 based Preqin by BlackRock2— and the $1.7 billion take-private of France-based Esker by Bridgepoint.3TheASPAC region saw just $4.3 billion in fintech investment,led by the acquisition of Japan-based WealthNavi byMUFG for $571.3 million.4 Global fintech investment experiences lowestsix-month period in five years The global fintech market saw $44.7 billion investmentduring H1’25 — the lowest six-month period since H1’20.The impact of higher interest rates on the cost of capitaland expectation of returns has removed more speculativeinvesting and reset f