2025年下半年金融科技脉搏_68页_2mb

KPMG Pulse of Fintech H2 2025 Summary

Core Content

The KPMG Pulse of Fintech H2 2025 report provides an in-depth analysis of the global fintech investment landscape, highlighting a significant recovery after three years of decline. The report emphasizes the growth in investment, the resurgence of exits, and the emergence of key trends such as digital assets, AI, and payments.

Main Points

Global Fintech Investment Trends

• Investment Growth: Global fintech investment increased from $95.5 billion in 2024 to $116 billion in 2025, marking a recovery after a prolonged decline.
• H2 2025 Performance: H2 2025 saw $56.3 billion in investment across 2,169 deals, showing relatively consistent activity compared to H1 2025.
• Deal Volume Decline: Despite the increase in investment, deal volume fell to an eight-year low of 4,719 in 2025, indicating a more selective investment environment.
• Regional Breakdown:
  • Americas: The largest fintech investment region in 2025 with $66.5 billion, of which the US accounted for $56.6 billion.
  • EMEA: $29.2 billion in investment, with the US and UK leading in deal activity.
  • ASPAC: $9.3 billion in investment, showing slower growth but increasing interest in digital assets and AI.

Digital Assets

• Dominant Trend: Digital assets dominated investor attention in 2025, with investment nearly doubling from $11.2 billion to $19.1 billion.
• Regulatory Impact: The passage of the GENIUS Act in the US and MiCA in the EU provided regulatory clarity, boosting investor confidence.
• Key Deals:
  • Revolut raised $3 billion in VC funding.
  • Sapiens International was acquired for $2.5 billion.
  • Advent and Intercontinental Exchange invested $2 billion in Polymarket.
• Future Outlook: Digital assets are expected to continue gaining momentum in 2026, especially in stablecoins and real-world asset tokenization.

AI in Fintech

• Investment Surge: AI-focused fintechs attracted $16.8 billion in global investment in 2025, up from $12.1 billion in 2024.
• Deal Volume: The number of deals grew to 1,334 in 2025, a near-record level.
• Corporate Focus: Corporates are prioritizing AI solutions that improve operational efficiencies and reduce costs, often partnering with big tech firms rather than investing in startups.
• Fintech AI Startups: To stand out, AI-focused fintech startups need to develop unique intellectual property and drive real business model transformation.

Payments Sector

• Investment Stability: Payments received $19.2 billion in investment in 2025, slightly lower than 2024's $20.4 billion, but with a focus on B2B payments and real-time payments.
• Deal Volume: The number of deals in the payments space dropped to a nine-year low of 542 in 2025.
• Key Deals:
  • Revolut raised $3 billion.
  • PhonePe raised $600 million.
  • Ripple raised $500 million.
  • GTreasury was acquired by Ripple for $1 billion.
• Emerging Markets: South America attracted significant attention, driven by regulatory progress and digital payment growth. Africa and Southeast Asia also showed continued traction.
• Real-Time Payments: Real-time payments evolved from infrastructure development to adoption and monetization, with ISO 20022 standards playing a key role.
• Future Trends: Interoperability, stablecoins, and AI integration are expected to shape the payments landscape in H1'26.

Insurtech Trends

• Investment Recovery: Insurtech investment rose to $8.6 billion in 2025, up from $2.9 billion in 2024.
• Deal Volume: Insurtech deal volume hit a 10-year low of 291 in 2025, reflecting a shift in investor focus.
• Key Deals:
  • Next Insurance was acquired by Ergo for $2.6 billion.
  • Sapiens International was taken private by Advent for $2.5 billion.
  • Kin raised $250 million, Wefox $175 million, and Federato $100 million in H2'25.
• Investor Preferences: Investors are moving away from high-capital-insurtechs, favoring those with proven scalability and profitability.
• AI Adoption: AI is reshaping the insurance sector, with traditional companies focusing on back-office efficiencies (e.g., claims processing) in the EU and broader adoption in the US and Singapore.

Key Risks and Opportunities

• Risks: Geopolitical conflicts, potential recession, and concerns about an AI bubble remain significant challenges.
• Opportunities:
  • Digital Assets: Continued growth with regulatory clarity.
  • AI: Strong investment potential, especially in transformative solutions.
  • Payments: Focus on B2B and real-time payments.
  • Emerging Markets: Increasing interest in South America, Africa, and Southeast Asia.

Outlook for H1'26

• Digital Assets: Momentum will continue, especially in stablecoins and real-world asset tokenization.
• Payments: Consolidation is expected, with a focus on mid-sized, capability-driven deals.
• AI: Corporates will prioritize partnerships with big tech firms, while fintech startups need to offer unique value propositions.
• WealthTech and Asset Management: Gaining attention due to alternative assets and fractionalization.
• IPO Market: Expected to reopen, with VC-backed fintechs seeing strong results.

Conclusion

The fintech market is showing signs of recovery in 2025, with increased investment and improved exit environments. While deal volume remains low, the focus on scalable platforms, regulatory clarity, and innovation is driving confidence. In 2026, the sector is expected to enter a more balanced phase with selective growth, greater profitability, and increased liquidity. Key areas to watch include digital assets, AI, payments infrastructure, and emerging markets.