《CB Insights：2025年Q1全球金融科技狀況報告：私募市場交易、投融資和退出數據及分析（英文版）（174頁）.pdf》由會員分享，可在線閱讀，更多相關《CB Insights：2025年Q1全球金融科技狀況報告：私募市場交易、投融資和退出數據及分析（英文版）（174頁）.pdf（174頁珍藏版）》請在三個皮匠報告上搜索。

1、State of FintechGlobal|Q1 2025Global data and analysis on dealmaking,funding,and exits by private market fintech companiesState of Fintech2 2Make smartertech decisions.Our platform will help you discover,understand,and manage your response to emerging tech.Make confident tech decisions that drive gr

2、owth,improve operations,and beat the competition with CB Insights.IIIITry our platform free!Sign up for a free trialState of Fintech3 3“Steal”our data.Download the underlying data in this report.If you create any analysis or visualizations with this data,send it our way and you could be featured in

3、the CBI newsletter.us on social LinkedIn X(Twitter)InstagramIIIIDownload the raw dataSign up for a free trialTL;DR4Your rundown onfintech in Q12552%Digital asset companies share of the biggest early-stage deals.More than half of the top seed and Series A deals in Q125 went to companies developing cr

4、ypto,blockchain,and digital asset solutions.But crypto activity goes beyond the early stages:Among the 10 biggest fintech deals,3 went to crypto or blockchain companies.And digital asset bank Sygnum was one of the quarters 3 new fintech unicorns.See the data 16%AI companies share of all fintech deal

5、s in Q125.Following the trends in the broader venture market,AI companies are making up a growing share of all fintech dealmaking.AI companies targeting fintech raised 122 deals in Q125.AI companies share of fintech funding also ticked up in Q125,to 17%.Their share of fintech deals has more than dou

6、bled since OpenAI launched ChatGPT in 2022.See the data 559Digital banking companies average Mosaic score.Highest among sectors.Despite digital banking companies seeing declining funding and deals in the quarter,they remain resilient:Among major fintech verticals,they have the highest average CB Ins

7、ights Mosaic score,which measures business health and growth potential.Challenger banks are fueling the high scores:six of the 7 digital banking companies with Mosaic scores of 900+fall into the category.See the data$10.3BQuarterly fintech funding.Its highest level since Q123.Funding to fintech comp

8、anies increased 18%quarter-over-quarter to surpass$10B for the first time in 2 years.But 1 deal helped prop up the quarters funding:crypto exchange Binance raised a$2B corporate minority round from MGX.Meanwhile,dealmaking declined by 3%quarter-over-quarter to 777,marking a fourth straight quarterly

9、 decline.See the data Binances$2Bdeal gives fintech funding a boost in Q125TL;DR State of VentureEquity deals only.More fintech dealmakers are looking to AI companiesQuarterly share of fintech deals going to AI companies TL;DR State of VentureIIITrack fintech-focused AI companiesAs of 3/31/25Investo

10、rs are seeking out digital assets,especially in early-stage deals TL;DR State of VentureIIIExplore the Blockchain Expert CollectionAs of 3/31/25Challenger banks are driving digital banking momentumTL;DR State of VentureAs of 3/31/25ContentsGlobal Trends10Investment Trends11Unicorns34Exit Trends40Inv

11、estors44Collection Spotlights48Payments49Banking58Digital Lending67Wealth Tech76Insurtech85Capital Markets Tech94Geographic Trends103US104Silicon Valley110New York114Los Angeles118Asia122India128Singapore132Japan136Europe140United Kingdom146Germany150France154LatAm158Brazil164Africa1689State of Fint

12、echGlobal Trends10Investment Trends11Annual equity funding&deals12State of Fintech|Global Trends|Investment Trends$143.3B$80.9B$42.1B$34.4BFunding$10.3B6,9226,9394,5793,780Deals77701,0002,0003,0004,0005,0006,0007,000$0.0B$20.0B$40.0B$60.0B$80.0B$100.0B$120.0B$140.0B20212022202320242025YTDQuarterly e

13、quity funding&deals13State of Fintech|Global Trends|Investment Trends$29.9B$38.3B$36.1B$39.0B$32.5B$23.0B$14.2B$11.2B$16.3B$8.6B$8.1B$9.1B$7.8B$9.8B$8.0B$8.7BFunding$10.3B1,7031,6391,7701,8102,2881,7361,5561,3591,4711,1531,0219341,116998866800Deals77705001,0001,5002,000$0.0B$10.0B$20.0B$30.0B$40.0B$

14、50.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q12021202220232024202514State of Fintech|Global Trends|Investment TrendsUS$4.4B322 DealsEurope$1.7B198 DealsAsia$1.3B162 DealsLatAm$0.6B44 DealsAfrica$0.1B20 DealsCanada$0.1B14 DealsOceania$34M7 DealsAll Other Regions$2.0B10 DealsFunding&deals by global region in

15、 Q125Percent of quarterly deals by global region15State of Fintech|Global Trends|Investment Trends38%40%39%36%35%38%39%35%42%37%43%37%41%39%39%39%US,41%21%22%24%25%23%22%23%22%18%20%20%21%23%24%23%23%Asia,21%25%24%20%22%22%24%22%25%24%26%23%25%24%23%22%24%Europe,25%6%6%7%8%8%7%8%8%6%6%7%7%6%LatAm,6%

16、5%5%Africa,3%6%5%6%5%5%All Other Regions,3%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Percent of quarterly deals by investor group16State of Fintech|Global Trends|Investment Trends33%32%31%31%30%31%30%31%31%32%31%31%28%30%28%31%VC,30%17%16%15%17%16%17%17%18%18%19%20%20%19%19%20%18%Other,1

17、9%11%12%12%13%12%13%12%12%11%12%11%11%11%12%11%11%Angel,12%9%11%11%12%11%11%10%9%8%9%10%11%10%11%10%10%Asset/Investment Management,11%8%10%10%10%9%9%9%10%9%8%9%10%11%11%10%10%Corp,11%7%8%8%7%8%8%8%8%6%8%9%8%9%9%8%7%CVC,7%10%6%8%6%9%6%10%7%11%8%6%6%8%6%8%8%Incubator/Accelerator,6%5%5%5%Private Equity

18、,4%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Annual average&median deal size17State of Fintech|Global Trends|Investment Trends$27.5M$16.2M$13.0M$13.1M$17.7M20212022202320242025YTDAverage Deal Size$4.3M$3.6M$3.0M$3.9M$4.1M20212022202320242025YTDMedian Deal SizeAnnual median deal size by g

19、lobal region18State of Fintech|Global Trends|Investment Trends$5.3M$4.2M$4.7M202120232025YTDUS$4.0M$3.3M$3.5M202120232025YTDAsia$3.6M$3.5M$3.4M202120232025YTDEurope$3.0M$3.5M$5.0M202120232025YTDLatAm$1.0M$2.0M$8.0M202120232025YTDAfricaAnnual median deal size by investor group19State of Fintech|Globa

20、l Trends|Investment Trends$4.4M$3.2M$3.0M202120232025YTDAngel$14.4M$6.5M$6.8M202120232025YTDAsset/Investment Management$15.0M$9.0M$13.4M202120232025YTDCVC$6.4M$5.1M$5.0M202120232025YTDCorp$40.0M$15.6M$20.0M202120232025YTDPrivate Equity$9.1M$6.1M$6.8M202120232025YTDVCQuarterly funding&deals from mega

21、-rounds(deals worth$100m+)20State of Fintech|Global Trends|Investment Trends$19.0B$25.7B$22.3B$25.3B$17.8B$10.3B$4.7B$4.0B$9.2B$2.1B$2.8B$3.7B$1.8B$3.8B$3.1B$3.4BFunding$4.5B7410310796825820241614161411192022Deals14020406080100120140$0.0B$5.0B$10.0B$15.0B$20.0B$25.0B$30.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q

22、2Q3Q4Q12021202220232024202521State of Fintech|Global Trends|Investment TrendsUS$1.7B8 DealsEurope$0.3B2 DealsAsia$0.3B2 DealsLatAm$0.2B1 DealAll Other Regions$2.0B1 DealMega-round funding&deals by global region in Q125Quarterly mega-round deals by global region22State of Fintech|Global Trends|Invest

23、ment Trends5101111US,81331Asia,24335Europe,2223LatAm,1111Africa,011All Other Regions,0Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Quarterly mega-rounds as percent of funding23State of Fintech|Global Trends|Investment Trends64%67%62%65%55%45%33%36%57%25%34%41%23%39%39%38%Mega-rounds,44%36%3

24、3%38%35%45%55%67%64%43%75%66%59%77%61%61%62%Non-mega-rounds,56%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Global:Top equity deals in Q12524State of Fintech|Global Trends|Investment TrendsCompanyRound AmountRoundDateRound Valuation Select InvestorsCountry1Binance$2.0BCorporate Minority2025

25、-03-12N/A MGXCayman Islands2Mercury$300MSeries C2025-03-26$3.5BSequoia Capital,Andreessen Horowitz,Charles River Ventures,CoatueUnited States3Figure$200MUndisclosed2025-02-27N/A Sixth Street PartnersUnited States4Quantexa$175MSeries F2025-03-04$2.6B Teachers Venture Growth,British Patient CapitalUni

26、ted Kingdom5Plata$160MSeries A2025-03-12$1.5BCoatue,Greenoaks,Kora Management,Moore Strategic VenturesMexico5Tabby$160MSeries E2025-02-11$3.3BBlue Pool Capital,Hassana Investments,STV,Wellington ManagementUnited Arab Emirates7Phantom$150MSeries C2025-01-16$3.0BParadigm,Sequoia Capital,Variant Fund,A

27、16z CryptoUnited States8ZENMEV$140MVenture Capital2025-03-10N/A VC VentureXUnited Kingdom9Different Technologies$134MUndisclosed2025-03-18N/A Undisclosed InvestorsUnited States10uSMART$130MCorporate Minority2025-03-18$296M Chow Tai Fook EnterprisesHong KongAnnual percent of deals by deal stage25Stat

28、e of Fintech|Global Trends|Investment Trends71%75%76%72%Early-stage,67%12%9%9%11%Mid-stage,12%10%7%7%8%Late-stage,10%7%8%9%9%Other,12%20212022202320242025YTDRegional deal share by deal stage in Q12526State of Fintech|Global Trends|Investment Trends39%48%28%62%22%20%29%8%27%20%29%17%5%7%8%6%Early-sta

29、geMid-stageLate-stageOtherUSAsiaEuropeLatAmAfricaAll Other RegionsAnnual median funding by deal stage27State of Fintech|Global Trends|Investment Trends$2.5M$2.5M$2.2M$3.0M$3.1M20212022202320242025YTDEarly-stage$38.0M$32.0M$20.0M$20.0M$24.0M202120232025YTDMid-stage$91.3M$45.5M$35.0M$30.0M$30.0M202120

30、232025YTDLate-stageGlobal:Top seed/angel deals in Q12528State of Fintech|Global Trends|Investment TrendsCompanyRound AmountRoundDateSelect InvestorsCountry1Humanity Protocol$20MSeed2025-01-27Jump Crypto,Pantera CapitalHong Kong1Cygnus Finance$20MPre-Seed2025-02-18G-20 Group,Manifold,Mirana Ventures,

31、OKX Ventures,OptimismUnited States11Money$20MSeed VC2025-01-15A100 x Ventures,Anagram,Bankless Ventures,Bing Ventures,BitGo VenturesBermuda4Town$18MSeed VC2025-03-14Todd Jackson,Alt Capital,Conviction Partners,Defy Partners,Depth Capital VenturesUnited States5Abound$14MSeed VC2025-03-27Near Foundati

32、on,Times Internet,Circle VenturesUnited States6Chronicle Labs$12MSeed VC2025-03-25Strobe Ventures,6MV,Brevan Howard Asset Management,Galaxy,Gnosis VCSwitzerland7Micro Mitti$10MSeed2025-01-16Undisclosed Private Equity Investors,Undisclosed Angel Investors,Undisclosed InvestorsIndia7Mica$10MSeed VC202

33、5-03-10MaQro Advisors,Moonshots CapitalUnited States7Cedar Money$10MSeed VC2025-01-31QED Investors,Lattice,North Island Ventures,Stellar Capital Services,Wischoff VenturesUnited Kingdom7Hyperline$10MSeed VC2025-01-16Index Ventures,AdelieFrance7PiggyCell$10MSeed2025-02-26Animoca Brands,Internet Compu

34、ter ProtocolSouth Korea7Pod$10MSeed VC2025-01-281kx,Crypto Startup Accelerator,Blockchain Builders Fund,Flashbots,ProtagonistUnited StatesGlobal:Top Series A deals in Q12529State of Fintech|Global Trends|Investment TrendsCompanyRound AmountRoundDateSelect InvestorsCountry1Plata$160MSeries A2025-03-1

35、2Coatue,Greenoaks,Kora Management,Moore Strategic VenturesMexico2Applied AI$55MSeries A2025-02-10G42,Bessemer Venture Partners,Accrete Capital,McKinsey&Company,PalantirUnited Arab Emirates3FreedX$50MSeries A2025-01-29Undisclosed InvestorsEl Salvador3VOOX$50MSeries A2025-01-10Pinnacle CapitalUnited S

36、tates5RedotPay$40MSeries A2025-03-14Lightspeed,Accel,DST Global,Galaxy VenturesHong Kong6Ethena$36MSeries A2025-03-12MEXC VenturesPortugal7Grain$33MSeries A2025-03-05Bain Capital Ventures,Aleph,Hanaco Ventures,Vessey VenturesIsrael7Truemed$33MSeries A2025-03-04Andreessen HorowitzUnited States9HashKe

37、y$30MSeries A2025-02-14Gaorong CapitalHong Kong9Taproot Wizards$30MSeries A2025-02-04Standard Crypto,Collider Ventures,Geometry,MasterKey,Newman CapitalIsrael9Unique$30MSeries A2025-02-27CommerzVentures,DN Capital,Pictet Group,VI PartnersSwitzerlandGlobal:Top Series B deals in Q12530State of Fintech

38、|Global Trends|Investment TrendsCompanyRound AmountRoundDateSelect InvestorsCountry1Highnote$90MSeries B2025-01-21Adams Street Partners,Costanoa Ventures,Oak HC/FT Partners,WestCap,Pinegrove Capital PartnersUnited States2Mesh$82MSeries B2025-03-11Paradigm,AltaIR Capital,Hike Ventures,QuantumLight,Co

39、nsensysUnited States3ToneTag$78MSeries B2025-02-11Iron Pillar,ValueQuest,Elevate CapitalIndia4Komainu$75MSeries B2025-01-16BlockstreamItaly5WithClutch$65MSeries B2025-01-23Alkeon Capital Management,Andreessen Horowitz,TruStage Ventures,Peterson PartnersUnited States673 Strings$55MSeries B2025-02-19G

40、oldman Sachs,Broadhaven Capital Partners,Blackstone Innovations Investments,Hamilton Lane,Golub CapitalFrance7Taktile$54MSeries B2025-02-27Balderton Capital,Index Ventures,Tiger Global Management,Y Combinator,Prosus VenturesGermany8Buk$50MSeries B2025-01-06Headline,Base10 Partners,Greenoaks,Endeavor

41、 Catalyst,Workday VenturesChile8Fay$50MSeries B2025-02-05Goldman Sachs,General Catalyst,1984 Ventures,Forerunner VenturesUnited States10Float$49MSeries B2025-01-13Goldman Sachs Growth Equity,Garage Capital,FJ Labs,OMERS Ventures,TeralysCanadaGlobal:Top Series C deals in Q12531State of Fintech|Global

42、 Trends|Investment TrendsCompanyRound AmountRoundDateSelect InvestorsCountry1Mercury$300MSeries C2025-03-26Sequoia Capital,Andreessen Horowitz,Charles River Ventures,CoatueUnited States2Phantom$150MSeries C2025-01-16Paradigm,Sequoia Capital,Variant Fund,A16z CryptoUnited States3BuildOps$127MSeries C

43、2025-03-21Meritech Capital Partners,Fika Ventures,Next47,Stepstone Group,Titanium VenturesUnited States4Nirvana$80MSeries C2025-03-10General Catalyst,Lightspeed Venture Partners,Valor Equity PartnersUnited States5Bitwise Asset Management$70MSeries C2025-02-25Electric Capital,General Catalyst,Blockch

44、ain Coinvestors,Khosla Ventures,ParaFi CapitalUnited States5InsuranceDekho$70MSeries C2025-01-27BNP Paribas Cardif General Insurance,Beams Fintech Fund,MUFG BankIndia5Sardine$70MSeries C2025-02-11Activant Capital,Andreessen Horowitz,Experian Ventures,Google Ventures,NAventuresUnited States8Fundment$

45、55MSeries C2025-01-17Highland Europe,ETFS CapitalUnited Kingdom9Candid Health$53MSeries C2025-02-12Oak HC/FT PartnersUnited States9Cashfree Payments$53MSeries C2025-02-05Krafton,Apis PartnersIndiaGlobal:Top Series D deals in Q12532State of Fintech|Global Trends|Investment TrendsCompanyRound AmountRo

46、undDateRound Valuation Select InvestorsCountry1Instabase$100MSeries D2025-01-17$1.2BQatar Investment Authority,Andreessen Horowitz,Greylock Partners,Index Ventures,New Enterprise AssociatesUnited States2smallcase$50MSeries D2025-03-28N/AElev8 Venture Partners,Faering Capital,Niveshaay,State Street G

47、lobal Advisors,Arkam VenturesIndia2Zeta$50MSeries D2025-02-10$2.0B OptumUnited States4Matic$30MSeries D2025-01-07N/A Vistara GrowthUnited States5Vouch$19MSeries D2025-02-13N/A Allegis CapitalUnited States6Ushur$15MSeries D2025-02-07N/A 8VC,Third Point VenturesUnited StatesGlobal:Top Series E+deals i

48、n Q12533State of Fintech|Global Trends|Investment TrendsCompanyRound AmountRoundDateRound Valuation Select InvestorsCountry1Quantexa$175MSeries F2025-03-04$2.6B Teachers Venture Growth,British Patient CapitalUnited Kingdom2Tabby$160MSeries E2025-02-11$3.3B Blue Pool Capital,Hassana Investments,STV,W

49、ellington ManagementUnited Arab Emirates3Openly$123MSeries E2025-01-30N/AEden Global Partners,Advance Venture Partners,Clocktower Technology Ventures,Obvious Ventures,PJCUnited States4Solaris$93MSeries G2025-01-06N/A Boerse Stuttgart,SBI GroupGermany5Uala$66MSeries E2025-03-20N/A Allianz X,TelevisaU

50、nivisionArgentina6Leap Finance$65MSeries E2025-01-29N/A Apis Partners,Jungle Ventures,Owl Ventures,Peak XV PartnersIndia7Curve$48MSeries E2025-03-14N/AHanaco Ventures,IDC Ventures,Outward VC,Fuel Ventures,Lord Stanley FinkUnited Kingdom8Varo$29MSeries G2025-02-14N/A 8VCUnited States9Clearcover$26MSe

51、ries E2025-01-29N/A American Family Ventures,OMERS VenturesUnited States10Quantifind$22MSeries H2025-01-16N/A Citi Ventures,DNS Capital,S&P Global,U.S.Venture PartnersUnited StatesUnicorns34Quarterly new&total unicorns(private companies valued at$1b+)35State of Fintech|Global Trends|Unicorns6323New

52、Unicorns,3318318320322Total Unicorns,324Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q12021202220232024202536State of Fintech|Global Trends|UnicornsUS1681 NewEurope651 NewLatAm231 NewAfrica60 NewOceania20 NewCanada80 NewAsia520 NewNew&total unicorns by global region in Q125Quarterly new unicorns by global region

53、37State of Fintech|Global Trends|Unicorns1221US,14Asia,011Europe,11LatAm,11Africa,0All Other Regions,0Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Global:Top unicorn births in Q12538State of Fintech|Global Trends|UnicornsCompanyLatest Valuation Country1Plata$1.5BMexico2Assured$1.0BUnited St

54、ates2Sygnum$1.0BSwitzerlandGlobal:Top unicorns by valuation in Q12539State of Fintech|Global Trends|UnicornsCompanyLatest Valuation Country1Stripe$70.0BUnited States2Revolut$45.0BUnited Kingdom3Chime$25.0BUnited States4Ripple$15.0BUnited States5Klarna$14.5BSweden6Rippling$13.5BUnited States7Ramp$13.

55、0BUnited States8Devoted Health$12.9BUnited States9Plaid$12.7BUnited States10Deel$12.6BUnited StatesExit Trends40Quarterly exits41State of Fintech|Global Trends|Exit Trends7898IPO,5163159153200M&A,1892111SPAC,0Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Percent of quarterly exits by global

56、region42State of Fintech|Global Trends|Exit Trends46%41%42%35%35%34%34%36%36%38%36%33%34%34%37%38%US,35%7%9%10%11%16%18%9%10%18%16%18%17%13%17%17%17%Asia,13%33%35%30%35%32%32%37%39%30%32%30%33%37%34%35%30%Europe,37%5%8%10%8%10%5%8%5%10%7%8%8%7%7%6%LatAm,6%Africa,3%8%5%7%8%6%8%9%6%6%7%5%6%6%All Other

57、 Regions,7%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Global:Top M&A exits in Q12543State of Fintech|Global Trends|Exit TrendsCompanyRound ValuationAcquirerCountry1Next Insurance$2.6B ERGO GroupUnited States2Divvy Homes$1.0B Maymont HomesUnited States3SafeSend$600M Thomson ReutersUnited S

58、tates4Beacon$560M Clearwater AnalyticsUnited States5MANTL$400M Alkami TechnologyUnited States6TopBloc$340M ASGNUnited States7IDnow$295M Corsair CapitalGermany8LiquidityBook$247M FactSetUnited States9Coinmint$200M New York Digital Investment GroupPuerto Rico10Freetrade$195M IG Group HoldingsUnited Ki

59、ngdomInvestors44Global:Top investors by company count in Q12545State of Fintech|Global Trends|InvestorsInvestorCompany Count Investor GroupCountry1Andreessen Horowitz10VCUnited States1General Catalyst10VCUnited States3Illuminate Financial Management7VCUnited Kingdom4Coinbase Ventures6CVCUnited State

60、s4Picus Capital6VCGermany4QED Investors6VCUnited States4Robot Ventures6VCUnited States4Speedinvest6VCAustria98VC5VCUnited States9Nyca Partners5VCUnited States9OKX Ventures5CVCVirgin Islands(British)Global:Top VCs by company count in Q12546State of Fintech|Global Trends|InvestorsInvestorCompany Count

61、 Country1Andreessen Horowitz10United States1General Catalyst10United States3Illuminate Financial Management7United Kingdom4Picus Capital6Germany4QED Investors6United States4Robot Ventures6United States4Speedinvest6Austria88VC5United States8Nyca Partners5United StatesGlobal:Top corporate VCs(CVCs)by

62、company count in Q12547State of Fintech|Global Trends|InvestorsInvestorCompany Count Country1Coinbase Ventures6United States2OKX Ventures5Virgin Islands(British)3Citi Ventures4United States4BitGo Ventures3United States4Galaxy Ventures3United States4Kraken Ventures3United States4KuCoin Ventures3Seych

63、elles4Prosus Ventures3Netherlands4YZi Labs3United StatesCollection Spotlights48Payments49Quarterly equity funding&deals50State of Fintech|Collection Spotlights|Payments$7.3B$10.2B$9.9B$11.3B$8.5B$5.4B$4.0B$2.8B$8.2B$1.9B$1.1B$3.3B$1.2B$2.2B$1.6B$1.8BFunding$1.5B26124634434039230221521419618710112816

64、0138119114Deals105050100150200250300350400$0.0B$2.0B$4.0B$6.0B$8.0B$10.0B$12.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q12021202220232024202551State of Fintech|Collection Spotlights|PaymentsAsia$0.6B37 DealsUS$0.4B28 DealsLatAm$0.3B11 DealsEurope$0.1B21 DealsCanada$49M1 DealAfrica$18M3 DealsOceania$0.0M1 De

65、alAll Other Regions$23M3 DealsFunding&deals by global region in Q125Quarterly funding by global region52State of Fintech|Collection Spotlights|Payments33%42%38%32%35%35%40%33%39%35%46%33%36%34%31%39%US,27%28%22%26%27%26%26%24%25%16%21%22%20%23%28%23%23%Asia,35%23%22%18%20%15%22%18%19%21%26%17%25%27%

66、22%27%21%Europe,20%5%7%8%9%10%8%10%11%11%8%13%8%7%13%5%LatAm,10%5%6%7%6%7%8%7%6%5%Africa,3%7%6%5%5%All Other Regions,2%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Annual average&median deal size53State of Fintech|Collection Spotlights|Payments$40.2M$23.4M$29.8M$17.0M$17.5M20212022202320242

67、025YTDAverage Deal Size$6.5M$4.3M$4.3M$5.0M$6.7M20212022202320242025YTDMedian Deal SizeAnnual percent of deals by deal stage54State of Fintech|Collection Spotlights|Payments63%70%72%64%Early-stage,63%18%13%12%16%Mid-stage,16%14%9%9%12%Late-stage,12%6%8%8%8%Other,9%20212022202320242025YTDPayments:Top

68、 equity deals in Q12555State of Fintech|Collection Spotlights|PaymentsCompanyRound AmountRoundDateRound Valuation Select InvestorsCountry1Plata$160MSeries A2025-03-12$1.5BCoatue,Greenoaks,Kora Management,Moore Strategic VenturesMexico1Tabby$160MSeries E2025-02-11$3.3BBlue Pool Capital,Hassana Invest

69、ments,STV,Wellington ManagementUnited Arab Emirates3Highnote$90MSeries B2025-01-21N/AAdams Street Partners,Costanoa Ventures,Oak HC/FT Partners,WestCap,Pinegrove Capital PartnersUnited States4Mesh$82MSeries B2025-03-11N/AParadigm,AltaIR Capital,Hike Ventures,QuantumLight,ConsensysUnited States5Mindg

70、ate Solutions$80MCorporate Minority2025-03-20$250M PayUIndia6ToneTag$78MSeries B2025-02-11N/A Iron Pillar,ValueQuest,Elevate CapitalIndia7Cashfree Payments$53MSeries C2025-02-05N/A Krafton,Apis PartnersIndia8Float$49MSeries B2025-01-13N/AGoldman Sachs Growth Equity,Garage Capital,FJ Labs,OMERS Ventu

71、res,TeralysCanada9Curve$48MSeries E2025-03-14N/AHanaco Ventures,IDC Ventures,Outward VC,Fuel Ventures,Lord Stanley FinkUnited Kingdom10SellersFi$45MSeries C2025-01-13N/A NorthzoneUnited StatesQuarterly new&total unicorns56State of Fintech|Collection Spotlights|Payments1New Unicorns,199989899Total Un

72、icorns,99Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Quarterly exits57State of Fintech|Collection Spotlights|Payments111IPO,010161313M&A,2011SPAC,0Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Banking58Quarterly equity funding&deals59State of Fintech|Collection Spotlights|Banking$3

73、.6B$6.5B$6.2B$5.1B$3.4B$1.7B$1.4B$1.6B$0.8B$0.5B$0.7B$0.6B$1.1B$0.7B$0.5B$1.6BFunding$1.1B12011311188978086627149484656372360Deals55020406080100120140160$0.0B$1.0B$2.0B$3.0B$4.0B$5.0B$6.0B$7.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q12021202220232024202560State of Fintech|Collection Spotlights|BankingUS$0.

74、6B22 DealsEurope$0.2B14 DealsLatAm$0.1B4 DealsAsia$71M10 DealsCanada$70M2 DealsAfrica$29M3 DealsFunding&deals by global region in Q125Quarterly funding by global region61State of Fintech|Collection Spotlights|Banking39%42%32%25%35%34%37%35%41%41%40%37%34%51%48%35%US,40%17%12%18%19%15%13%16%18%8%6%15

75、%15%20%8%23%Asia,18%26%25%26%25%25%29%24%23%35%39%27%22%29%27%30%20%Europe,25%11%9%13%18%10%11%7%13%15%13%7%8%13%8%LatAm,7%5%5%5%6%9%6%10%8%8%9%7%7%Africa,5%5%5%6%8%10%7%All Other Regions,4%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Annual average&median deal size62State of Fintech|Collec

76、tion Spotlights|Banking$56.8M$29.7M$15.3M$28.0M$23.9M20212022202320242025YTDAverage Deal Size$10.0M$10.0M$5.0M$7.4M$10.0M20212022202320242025YTDMedian Deal SizeAnnual percent of deals by deal stage63State of Fintech|Collection Spotlights|Banking59%61%67%51%Early-stage,53%20%20%15%19%Mid-stage,25%15%

77、9%19%Late-stage,15%6%11%14%11%Other,7%20212022202320242025YTDBanking:Top equity deals in Q12564State of Fintech|Collection Spotlights|BankingCompanyRound AmountRoundDateRound Valuation Select InvestorsCountry1Mercury$300MSeries C2025-03-26$3.5B Sequoia Capital,Andreessen Horowitz,Charles River Ventu

78、res,CoatueUnited States2Solaris$93MSeries G2025-01-06N/A Boerse Stuttgart,SBI GroupGermany3Sardine$70MSeries C2025-02-11N/AActivant Capital,Andreessen Horowitz,Experian Ventures,Google Ventures,NAventuresUnited States4Uala$66MSeries E2025-03-20N/A Allianz X,TelevisaUnivisionArgentina5WithClutch$65MS

79、eries B2025-01-23N/AAlkeon Capital Management,Andreessen Horowitz,TruStage Ventures,Peterson PartnersUnited States6Zeta$50MSeries D2025-02-10$2.0B OptumUnited States7Float$49MSeries B2025-01-13N/AGoldman Sachs Growth Equity,Garage Capital,FJ Labs,OMERS Ventures,TeralysCanada8Swan$44MSeries B2025-01-

80、30N/A Eight Roads Ventures,Accel,Bpifrance,Creandum,HexaFrance9Mendel$35MSeries B2025-03-27N/ABase10 Partners,Hi Ventures,Industry Ventures,Endeavor Catalyst,Infinity VenturesMexico10NymCard$33MSeries B2025-03-18N/A QED Investors,Dubai Future District Fund,Endeavor,FJ Labs,Mashreq BankUnited Arab Em

81、iratesQuarterly new&total unicorns65State of Fintech|Collection Spotlights|Banking12New Unicorns,046464648Total Unicorns,48Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Quarterly exits66State of Fintech|Collection Spotlights|Banking1IPO,05328M&A,8SPAC,0Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212

82、022202320242025Digital Lending67Quarterly equity funding&deals68State of Fintech|Collection Spotlights|Digital Lending$5.9B$7.3B$4.8B$6.7B$5.9B$2.8B$2.4B$1.8B$2.0B$1.5B$1.9B$1.3B$1.0B$0.9B$1.5B$1.6BFunding$1.0B23822023721526818217515715815696838410290109Deals79050100150200250300$0.0B$1.0B$2.0B$3.0B$

83、4.0B$5.0B$6.0B$7.0B$8.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q12021202220232024202569State of Fintech|Collection Spotlights|Digital LendingUS$0.6B27 DealsLatAm$0.2B7 DealsEurope$0.1B18 DealsAsia$0.1B21 DealsAfrica$16M6 DealsFunding&deals by global region in Q125Quarterly funding by global region70State o

84、f Fintech|Collection Spotlights|Digital Lending39%40%39%39%34%36%38%34%37%39%41%23%43%37%34%31%US,34%26%23%19%23%24%23%22%24%22%24%25%33%27%27%28%35%Asia,27%18%19%16%20%21%20%18%15%22%21%13%22%17%25%12%19%Europe,23%9%8%12%10%10%8%13%18%7%9%6%13%7%14%8%LatAm,9%7%7%8%6%5%10%10%6%Africa,8%6%5%6%5%6%All

85、 Other Regions,0%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Annual average&median deal size71State of Fintech|Collection Spotlights|Digital Lending$34.4M$20.8M$18.4M$17.4M$17.4M20212022202320242025YTDAverage Deal Size$6.0M$5.0M$4.3M$5.5M$5.0M20212022202320242025YTDMedian Deal SizeAnnual p

86、ercent of deals by deal stage72State of Fintech|Collection Spotlights|Digital Lending65%69%68%58%Early-stage,62%15%14%11%20%Mid-stage,15%13%7%9%12%Late-stage,14%6%10%12%10%Other,9%20212022202320242025YTDDigital Lending:Top equity deals in Q12573State of Fintech|Collection Spotlights|Digital LendingC

87、ompanyRound AmountRoundDateRound Valuation Select InvestorsCountry1Figure$200MUndisclosed2025-02-27N/A Sixth Street PartnersUnited States2Plata$160MSeries A2025-03-12$1.5BCoatue,Greenoaks,Kora Management,Moore Strategic VenturesMexico3Solaris$93MSeries G2025-01-06N/A Boerse Stuttgart,SBI GroupGerman

88、y4Leap Finance$65MSeries E2025-01-29N/AApis Partners,Jungle Ventures,Owl Ventures,Peak XV PartnersIndia4WithClutch$65MSeries B2025-01-23N/AAlkeon Capital Management,Andreessen Horowitz,TruStage Ventures,Peterson PartnersUnited States6Zeta$50MSeries D2025-02-10$2.0B OptumUnited States7SellersFi$45MSe

89、ries C2025-01-13N/A NorthzoneUnited States8Method Financial$42MSeries B2025-01-23N/AEmergence Capital,Andreessen Horowitz,Ardent Venture Partners,Y Combinator,AvraUnited States9Wisetack$25MUndisclosed2025-01-30N/A Trinity CapitalUnited States10Rain$20MSeries B2025-02-21N/A Picus Capital,QED Investor

90、sUnited States10Worth$20MSeries A2025-03-11N/ATTV Capital,Florida Funders,Deepwork Capital,Florida Opportunity Fund,Ingeborg InvestmentsUnited StatesQuarterly new&total unicorns74State of Fintech|Collection Spotlights|Digital Lending11New Unicorns,156565757Total Unicorns,57Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1

91、Q2Q3Q4Q120212022202320242025Quarterly exits75State of Fintech|Collection Spotlights|Digital Lending2IPO,0681120M&A,1911SPAC,0Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Wealth Tech76Quarterly equity funding&deals77State of Fintech|Collection Spotlights|Wealth Tech$5.6B$4.1B$3.2B$3.6B$3.4B$

92、2.7B$1.5B$1.7B$1.3B$0.9B$0.6B$1.3B$0.7B$0.6B$1.0B$0.9BFunding$0.7B164179211198189185154172134965678611028972Deals75050100150200$0.0B$1.0B$2.0B$3.0B$4.0B$5.0B$6.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q12021202220232024202578State of Fintech|Collection Spotlights|Wealth TechAsia$0.2B14 DealsEurope$0.2B22 D

93、ealsUS$0.1B32 DealsCanada$25M3 DealsOceania$16M1 DealLatAm$3M1 DealAfrica$0.3M2 DealsFunding&deals by global region in Q125Quarterly funding by global region79State of Fintech|Collection Spotlights|Wealth Tech40%40%44%37%36%39%42%35%43%41%57%40%54%35%45%44%US,43%25%24%24%31%25%27%31%22%16%15%16%22%2

94、1%21%25%15%Asia,19%24%27%22%23%23%24%23%27%29%32%20%28%25%30%25%31%Europe,29%5%LatAm,1%5%Africa,3%6%5%7%5%7%8%8%10%7%All Other Regions,5%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Annual average&median deal size80State of Fintech|Collection Spotlights|Wealth Tech$28.2M$16.3M$13.7M$13.4M$1

95、1.7M20212022202320242025YTDAverage Deal Size$4.0M$3.8M$2.5M$3.9M$3.3M202120232025YTDMedian Deal SizeAnnual percent of deals by deal stage81State of Fintech|Collection Spotlights|Wealth Tech69%69%71%65%Early-stage,65%13%9%10%15%Mid-stage,13%10%10%9%11%Late-stage,5%8%12%10%8%Other,16%20212022202320242

96、025YTDWealth Tech:Top equity deals in Q12582State of Fintech|Collection Spotlights|Wealth TechCompanyRound AmountRoundDateRound Valuation Select InvestorsCountry1uSMART$130MCorporate Minority2025-03-18$296M Chow Tai Fook EnterprisesHong Kong2Fundment$55MSeries C2025-01-17$183M Highland Europe,ETFS C

97、apitalUnited Kingdom3smallcase$50MSeries D2025-03-28N/AElev8 Venture Partners,Faering Capital,Niveshaay,State Street Global Advisors,Arkam VenturesIndia4Validus$45MGrowth Equity2025-02-10N/A FTV CapitalUnited Kingdom5Unique$30MSeries A2025-02-27N/A CommerzVentures,DN Capital,Pictet Group,VI Partners

98、Switzerland6Weefin$27MSeries B2025-03-31N/A BlackFin Capital Partners,IRIS,Ring Capital,Asterion VenturesFrance7Trust&Will$25MSeries C2025-03-11N/AModerne Ventures,Erie Strategic Ventures,Northwestern Mutual Future Ventures,UBS NextUnited States8Flock$22MSeries B2025-03-18N/A Andreessen Horowitz,Pri

99、mary Venture Partners,Renegade PartnersUnited States9Jump$20MSeries A2025-02-03N/A Battery Ventures,Pelion Venture Partners,Citi Ventures,Sorenson CapitalUnited States9OneVest$20MSeries B2025-01-01N/ASalesforce Ventures,Deloitte Ventures,Fin Capital,Luge Capital,OMERS VenturesCanada9RockFi$20MSeries

100、 A2025-03-24N/A Partech,Varsity Ventures,Arthur Waller,Felix BlossierFranceQuarterly new&total unicorns83State of Fintech|Collection Spotlights|Wealth Tech11New Unicorns,136373737Total Unicorns,38Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Quarterly exits84State of Fintech|Collection Spotl

101、ights|Wealth TechIPO,0521424M&A,151SPAC,0Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Insurtech85Quarterly equity funding&deals86State of Fintech|Collection Spotlights|Insurtech$3.0B$5.1B$3.7B$5.4B$2.7B$2.5B$2.3B$1.2B$1.4B$1.1B$1.2B$1.2B$0.9B$1.5B$1.4B$0.8BFunding$1.3B2112061951972111811961

102、35144119135109119898383Deals98050100150200250$0.0B$1.0B$2.0B$3.0B$4.0B$5.0B$6.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q12021202220232024202587State of Fintech|Collection Spotlights|InsurtechUS$0.7B57 DealsEurope$0.4B26 DealsAsia$81M4 DealsLatAm$63M6 DealsAfrica$37M1 DealOceania$11M2 DealsCanada$0.1M2 Deal

103、sFunding&deals by global region in Q125Quarterly funding by global region88State of Fintech|Collection Spotlights|Insurtech50%43%51%41%46%48%46%50%51%50%59%50%55%48%49%54%US,58%18%21%19%19%13%12%18%15%10%11%14%18%11%11%13%17%Asia,4%26%25%19%26%24%28%23%29%24%24%19%22%24%34%22%20%Europe,27%5%5%7%6%5%

104、8%7%LatAm,6%6%Africa,1%7%8%6%6%All Other Regions,4%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Annual average&median deal size89State of Fintech|Collection Spotlights|Insurtech$25.7M$15.5M$11.8M$14.9M$15.6M202120232025YTDAverage Deal Size$5.8M$4.3M$4.1M$5.4M$4.0M202120232025YTDMedian Deal

105、SizeAnnual percent of deals by deal stage90State of Fintech|Collection Spotlights|Insurtech66%71%65%62%Early-stage,58%19%14%18%19%Mid-stage,16%11%7%8%10%Late-stage,12%5%7%9%10%Other,13%20212022202320242025YTDInsurtech:Top equity deals in Q12591State of Fintech|Collection Spotlights|InsurtechCompanyR

106、ound AmountRoundDateRound Valuation Select InvestorsCountry1Quantexa$175MSeries F2025-03-04$2.6B Teachers Venture Growth,British Patient CapitalUnited Kingdom2Openly$123MSeries E2025-01-30N/AEden Global Partners,Advance Venture Partners,Clocktower Technology Ventures,Obvious Ventures,PJCUnited State

107、s3Instabase$100MSeries D2025-01-17$1.2BQatar Investment Authority,Andreessen Horowitz,Greylock Partners,Index Ventures,New Enterprise AssociatesUnited States4Wefox$83MPrivate Equity2025-01-01N/A Chrysalis CapitalGermany5Nirvana$80MSeries C2025-03-10$830M General Catalyst,Lightspeed Venture Partners,

108、Valor Equity PartnersUnited States6InsuranceDekho$70MSeries C2025-01-27N/ABNP Paribas Cardif General Insurance,Beams Fintech Fund,MUFG BankIndia7Taktile$54MSeries B2025-02-27N/ABalderton Capital,Index Ventures,Tiger Global Management,Y Combinator,Prosus VenturesGermany8Fay$50MSeries B2025-02-05$500M

109、Goldman Sachs,General Catalyst,1984 Ventures,Forerunner VenturesUnited States9HDVI$40MSeries C2025-02-12N/A8VC,Autotech Ventures,Munich Re Ventures,Weatherford Capital ManagementUnited States10Naked$37MSeries B2025-01-21N/ABlueOrchard,DEG,Hollard Insurance,International Finance Corporation,Yellowwoo

110、dsSouth AfricaQuarterly new&total unicorns92State of Fintech|Collection Spotlights|Insurtech1New Unicorns,137353636Total Unicorns,37Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Quarterly exits93State of Fintech|Collection Spotlights|Insurtech2IPO,061558M&A,16SPAC,0Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1

111、Q2Q3Q4Q120212022202320242025Capital Markets Tech94Quarterly equity funding&deals95State of Fintech|Collection Spotlights|Capital Markets Tech$0.7B$1.0B$1.5B$2.1B$1.3B$1.5B$1.0B$0.4B$0.6B$0.7B$0.3B$0.2B$0.3B$1.0B$0.3B$0.2BFunding$0.2B46505660615151445525242326282335Deals2601020304050607080$0.0B$0.5B$

112、1.0B$1.5B$2.0B$2.5BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q12021202220232024202596State of Fintech|Collection Spotlights|Capital Markets TechUS$92M14 DealsEurope$79M7 DealsCanada$2M1 DealAsia$1M2 DealsLatAm$0.0M2 DealsFunding&deals by global region in Q125Quarterly funding by global region97State of Fintec

113、h|Collection Spotlights|Capital Markets Tech43%46%50%53%44%57%35%34%45%56%50%39%54%50%57%49%US,54%24%20%14%20%13%14%12%9%15%12%25%17%23%7%14%Asia,8%30%20%29%20%28%25%41%39%33%16%17%30%19%32%30%31%Europe,27%6%9%7%LatAm,8%Africa,0%10%5%5%10%11%5%12%8%9%All Other Regions,4%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q

114、3Q4Q120212022202320242025Annual average&median deal size98State of Fintech|Collection Spotlights|Capital Markets Tech$31.3M$24.5M$18.5M$25.2M$12.4M20212022202320242025YTDAverage Deal Size$6.3M$7.4M$5.8M$5.9M$3.4M20212022202320242025YTDMedian Deal SizeAnnual percent of deals by deal stage99State of F

115、intech|Collection Spotlights|Capital Markets Tech61%58%50%57%Early-stage,46%20%19%20%25%Mid-stage,19%11%11%13%9%Late-stage,12%8%11%17%9%Other,23%20212022202320242025YTDCapital Markets Tech:Top equity deals in Q125100State of Fintech|Collection Spotlights|Capital Markets TechCompanyRound AmountRoundD

116、ateRound Valuation Select InvestorsCountry1Validus$45MGrowth Equity2025-02-10N/A FTV CapitalUnited Kingdom2Capital Markets Gateway$30MSeries C2025-03-25N/A StageDotOUnited States3Weefin$27MSeries B2025-03-31N/A BlackFin Capital Partners,IRIS,Ring Capital,Asterion VenturesFrance4Persefoni$23MSeries C

117、2025-03-28N/AClearvision Ventures,NGP Energy Technology Partners,Prelude Ventures,Rice Investment Group,The Rise FundUnited States5LeapXpert$20MSeries B2025-01-21N/APortage Ventures,Partnership Fund for New York City,Rockefeller Asset Management,Uncorrelated VenturesUnited States6InvestNext$15MSerie

118、s B2025-02-07N/A BeringeaUnited States7Semeris$4MSeed2025-02-03N/A Puma Growth PartnersUnited Kingdom8Brickken$3MSeed VC2025-01-15$23M Blue Bay Ventures,Ergodic,Hodl Ventures,Mocha VenturesSpain9Praxis Solutions$2MVenture Capital2025-02-27N/A Naples Technology VenturesUnited States9Stratosphere$2MSe

119、ed2025-02-26N/A VanEckCanadaQuarterly new&total unicorns101State of Fintech|Collection Spotlights|Capital Markets TechNew Unicorns,114141414Total Unicorns,15Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Quarterly exits102State of Fintech|Collection Spotlights|Capital Markets Tech1IPO,0710311

120、M&A,11SPAC,0Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Geographic Trends103US Trends104Quarterly funding&deals105State of Fintech|Geographic Trends|US Trends$16.9B$16.3B$17.6B$20.9B$16.3B$10.6B$6.1B$4.5B$10.9B$3.9B$3.8B$4.1B$3.5B$5.2B$4.0B$4.0BFunding$4.4B654658685652806660603481618429436

121、341454385339314Deals3220100200300400500600700800900$0.0B$5.0B$10.0B$15.0B$20.0B$25.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Annual percent of deals by deal stage106State of Fintech|Geographic Trends|US Trends66%71%72%67%Early-stage,62%14%10%9%12%Mid-stage,14%10%7%7%7%Late-stage,7%10%1

122、2%12%13%Other,17%20212022202320242025YTDUS:Top equity deals in Q125107State of Fintech|Geographic Trends|US TrendsCompanyRound AmountRoundDateRound Valuation Select Investors1Mercury$300MSeries C2025-03-26$3.5B Sequoia Capital,Andreessen Horowitz,Charles River Ventures,Coatue2Figure$200MUndisclosed2

123、025-02-27N/A Sixth Street Partners3Phantom$150MSeries C2025-01-16$3.0B Paradigm,Sequoia Capital,Variant Fund,A16z Crypto4Different Technologies$134MUndisclosed2025-03-18N/A Undisclosed Investors5BuildOps$127MSeries C2025-03-21$1.0BMeritech Capital Partners,Fika Ventures,Next47,Stepstone Group,Titani

124、um Ventures6Openly$123MSeries E2025-01-30N/AEden Global Partners,Advance Venture Partners,Clocktower Technology Ventures,Obvious Ventures,PJC7Instabase$100MSeries D2025-01-17$1.2BQatar Investment Authority,Andreessen Horowitz,Greylock Partners,Index Ventures,New Enterprise Associates8Highnote$90MSer

125、ies B2025-01-21N/AAdams Street Partners,Costanoa Ventures,Oak HC/FT Partners,WestCap,Pinegrove Capital Partners9Mesh$82MSeries B2025-03-11N/A Paradigm,AltaIR Capital,Hike Ventures,QuantumLight,Consensys10Nirvana$80MSeries C2025-03-10$830M General Catalyst,Lightspeed Venture Partners,Valor Equity Par

126、tnersQuarterly exits108State of Fintech|Geographic Trends|US Trends2122IPO,057585977M&A,671SPAC,0Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025US:Top investors by company count in Q125109State of Fintech|Geographic Trends|US TrendsInvestorCompany Count Investor Group1Andreessen Horowitz10VC1

127、General Catalyst10VC3Coinbase Ventures6CVC3QED Investors6VC3Robot Ventures6VC68VC5VC6Nyca Partners5VC8Alumni Ventures4VC8Citi Ventures4CVC8Clocktower Technology Ventures4VC8Dewhales Capital4VC8Lightspeed Venture Partners4VC8Quona Capital4VCSilicon Valley110Quarterly funding&deals111State of Fintech|

128、Geographic Trends|Silicon Valley$7.3B$5.4B$6.7B$5.7B$4.9B$3.1B$1.6B$1.1B$8.1B$0.8B$1.2B$0.7B$1.1B$1.6B$0.9B$1.2BFunding$1.5B15616017813817213412193156759846101666765Deals71050100150200$0.0B$1.0B$2.0B$3.0B$4.0B$5.0B$6.0B$7.0B$8.0B$9.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Annual perce

129、nt of deals by deal stage112State of Fintech|Geographic Trends|Silicon Valley66%71%76%75%Early-stage,62%19%16%13%14%Mid-stage,18%11%5%6%5%Late-stage,11%8%5%5%Other,8%20212022202320242025YTDSilicon Valley:Top equity deals in Q125113State of Fintech|Geographic Trends|Silicon ValleyCompanyRound AmountR

130、oundDateRound Valuation Select Investors1Mercury$300MSeries C2025-03-26$3.5B Sequoia Capital,Andreessen Horowitz,Charles River Ventures,Coatue2Phantom$150MSeries C2025-01-16$3.0B Paradigm,Sequoia Capital,Variant Fund,A16z Crypto3Instabase$100MSeries D2025-01-17$1.2BQatar Investment Authority,Andrees

131、sen Horowitz,Greylock Partners,Index Ventures,New Enterprise Associates4Highnote$90MSeries B2025-01-21N/AAdams Street Partners,Costanoa Ventures,Oak HC/FT Partners,WestCap,Pinegrove Capital Partners5Mesh$82MSeries B2025-03-11N/A Paradigm,AltaIR Capital,Hike Ventures,QuantumLight,ConsensysNew York114

132、Quarterly funding&deals115State of Fintech|Geographic Trends|New York$4.3B$3.7B$4.9B$6.0B$5.1B$2.5B$1.8B$1.2B$1.1B$0.9B$1.0B$1.9B$0.9B$1.5B$1.5B$1.1BFunding$0.4B15415014413920315113610512793727796878576Deals65050100150200250300$0.0B$1.0B$2.0B$3.0B$4.0B$5.0B$6.0B$7.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q

133、120212022202320242025Annual percent of deals by deal stage116State of Fintech|Geographic Trends|New York68%73%74%64%Early-stage,69%14%12%10%15%Mid-stage,14%10%7%7%8%Late-stage,2%8%8%9%13%Other,15%20212022202320242025YTDNew York:Top equity deals in Q125117State of Fintech|Geographic Trends|New YorkCo

134、mpanyRound AmountRoundDateRound Valuation Select Investors1Norm Ai$48MSeries B2025-03-11N/ACoatue,Blackstone Innovations Investments,Citi Ventures,New York Life Ventures,Bain Capital2Rogo$40MSeries B2025-03-24$350M Thrive Capital3Camber$30MSeries B2025-02-26N/AAndreessen Horowitz,Y Combinator,ACME C

135、apital,Craft Ventures,K.Ventures3Capital Markets Gateway$30MSeries C2025-03-25N/A StageDotO5Anchor$20MSeries A2025-01-29N/AAndre Iguodala,Zeev Ventures,Entree Capital,Amy Banse,TAL Ventures5LeapXpert$20MSeries B2025-01-21N/APortage Ventures,Partnership Fund for New York City,Rockefeller Asset Manage

136、ment,Uncorrelated VenturesLos Angeles118Quarterly funding&deals119State of Fintech|Geographic Trends|Los Angeles$312M$947M$536M$693M$977M$525M$382M$633M$122M$484M$190M$68M$78M$807M$34M$257MFunding$225M40444041525240362327211821221410Deals1801020304050607080$0.0B$0.1B$0.2B$0.3B$0.4B$0.5B$0.6B$0.7B$0.

137、8B$0.9B$1.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Annual percent of deals by deal stage120State of Fintech|Geographic Trends|Los Angeles73%72%72%64%Early-stage,50%10%5%9%Mid-stage,17%7%12%9%15%Late-stage,11%10%12%10%18%Other,22%20212022202320242025YTDLos Angeles:Top equity deals in Q

138、125121State of Fintech|Geographic Trends|Los AngelesCompanyRound AmountRoundDateRound Valuation Select Investors1BuildOps$127MSeries C2025-03-21$1.0BMeritech Capital Partners,Fika Ventures,Next47,Stepstone Group,Titanium Ventures2Rain$25MSeries A2025-03-24N/ANorwest Venture Partners,Lightspeed Ventu

139、re Partners,Coinbase Ventures,Bertelsmann Digital Media Investments,Canonical Crypto3PopID$13MSeries C2025-03-14N/A Undisclosed Investors4FairPlay$10MSeries B2025-02-28N/A Nyca Partners,Infinity Ventures,J.P.Morgan Chase4Sunfish$10MSeries A2025-01-23N/AHaymaker Ventures,Fiat Ventures,Hannah Grey,Wal

140、kabout Ventures,Allegis CapitalAsia Trends122Quarterly funding&deals123State of Fintech|Geographic Trends|Asia Trends$3.7B$5.7B$6.3B$8.2B$4.9B$4.9B$3.1B$3.1B$1.9B$1.6B$2.3B$2.1B$1.2B$1.6B$1.5B$1.0BFunding$1.3B360354428445530381356294262233203196256244200186Deals1620100200300400500$0.0B$1.0B$2.0B$3.0

141、B$4.0B$5.0B$6.0B$7.0B$8.0B$9.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Annual percent of deals by deal stage124State of Fintech|Geographic Trends|Asia Trends70%75%76%75%Early-stage,70%15%11%10%10%Mid-stage,11%12%9%8%10%Late-stage,14%6%Other,4%20212022202320242025YTDAsia:Top equity deal

142、s in Q125125State of Fintech|Geographic Trends|Asia TrendsCompanyRound AmountRoundDateRound Valuation Select InvestorsCountry1Tabby$160MSeries E2025-02-11$3.3BBlue Pool Capital,Hassana Investments,STV,Wellington ManagementUnited Arab Emirates2uSMART$130MCorporate Minority2025-03-18$296M Chow Tai Foo

143、k EnterprisesHong Kong3Mindgate Solutions$80MCorporate Minority2025-03-20$250M PayUIndia4ToneTag$78MSeries B2025-02-11N/A Iron Pillar,ValueQuest,Elevate CapitalIndia5InsuranceDekho$70MSeries C2025-01-27N/ABNP Paribas Cardif General Insurance,Beams Fintech Fund,MUFG BankIndia6Leap Finance$65MSeries E

144、2025-01-29N/AApis Partners,Jungle Ventures,Owl Ventures,Peak XV PartnersIndia7Applied AI$55MSeries A2025-02-10$355MG42,Bessemer Venture Partners,Accrete Capital,McKinsey&Company,PalantirUnited Arab Emirates8Cashfree Payments$53MSeries C2025-02-05N/A Krafton,Apis PartnersIndia9smallcase$50MSeries D20

145、25-03-28N/AElev8 Venture Partners,Faering Capital,Niveshaay,State Street Global Advisors,Arkam VenturesIndia10RedotPay$40MSeries A2025-03-14N/A Lightspeed,Accel,DST Global,Galaxy VenturesHong KongQuarterly exits126State of Fintech|Geographic Trends|Asia Trends4554IPO,417232032M&A,22111SPAC,0Q1Q2Q3Q4

146、Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Asia:Top investors by company count in Q125127State of Fintech|Geographic Trends|Asia TrendsInvestorCompany Count Investor GroupCountry1Antler4VCSingapore1DWF Labs4VCSingapore3BingX3CorpSingapore3Presto Labs3CorpSingapore3Taisu Ventures3VCSingaporeIndia1

147、28Quarterly funding&deals129State of Fintech|Geographic Trends|India$0.6B$1.4B$2.3B$2.9B$1.7B$1.6B$0.8B$0.4B$0.5B$0.6B$0.7B$0.3B$0.4B$0.4B$0.8B$0.5BFunding$0.5B84861131201509993665553423855564441Deals37050100150200$0.0B$0.5B$1.0B$1.5B$2.0B$2.5B$3.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242

148、025Annual percent of deals by deal stage130State of Fintech|Geographic Trends|India73%74%76%68%Early-stage,65%13%12%9%13%Mid-stage,16%11%10%9%15%Late-stage,19%7%Other,0%20212022202320242025YTDIndia:Top equity deals in Q125131State of Fintech|Geographic Trends|IndiaCompanyRound AmountRoundDateRound V

149、aluation Select Investors1Mindgate Solutions$80MCorporate Minority2025-03-20$250M PayU2ToneTag$78MSeries B2025-02-11N/A Iron Pillar,ValueQuest,Elevate Capital3InsuranceDekho$70MSeries C2025-01-27N/ABNP Paribas Cardif General Insurance,Beams Fintech Fund,MUFG Bank4Leap Finance$65MSeries E2025-01-29N/

150、AApis Partners,Jungle Ventures,Owl Ventures,Peak XV Partners5Cashfree Payments$53MSeries C2025-02-05N/A Krafton,Apis PartnersSingapore132Quarterly funding&deals133State of Fintech|Geographic Trends|Singapore$0.5B$1.3B$1.1B$1.3B$0.9B$1.1B$0.3B$1.2B$0.8B$0.2B$0.1B$0.2B$0.2B$0.4B$0.2B$0.2BFunding$0.1B5

151、3585973825662524939344055463133Deals280102030405060708090100$0.0B$0.2B$0.4B$0.6B$0.8B$1.0B$1.2B$1.4B$1.6BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Annual percent of deals by deal stage134State of Fintech|Geographic Trends|Singapore79%80%80%82%Early-stage,79%9%9%8%7%Mid-stage,11%7%6%8%8%L

152、ate-stage,7%Other,4%20212022202320242025YTDSingapore:Top equity deals in Q125135State of Fintech|Geographic Trends|SingaporeCompanyRound AmountRoundDateRound Valuation Select Investors1Finmo$19MSeries A2025-02-12N/A PayPal Ventures,Quona Capital,Citi Ventures2Endowus$18MSeries C2025-01-09N/AMUFG Inn

153、ovation Partners,Prosus Ventures,UBS,JLIN,OSK Ventures International3Sign$16MSeries A2025-01-28N/A YZi Labs,Altos Ventures,Hack VC,Amber4SoSoValue$15MSeries A2025-01-08$200M HSG,SmallSpark,Mirana Ventures,SafePal5SignalPlus$11MSeries B2025-01-24N/A AppWorks Ventures,OKX Ventures,Avenir Group,HashKey

154、Japan136Quarterly funding&deals137State of Fintech|Geographic Trends|Japan$313M$282M$164M$102M$218M$118M$82M$129M$115M$56M$121M$35M$32M$215M$206M$90MFunding$23M23242126342929252417272314213024Deals17051015202530354045$0M$50M$100M$150M$200M$250M$300M$350MQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1202120222023

155、20242025Annual percent of deals by deal stage138State of Fintech|Geographic Trends|Japan61%59%47%54%Early-stage,53%11%15%18%12%Mid-stage,18%24%21%25%24%Late-stage,18%5%10%10%Other,12%20212022202320242025YTDJapan:Top equity deals in Q125139State of Fintech|Geographic Trends|JapanCompanyRound AmountRo

156、undDateRound Valuation Select Investors1Bloomo$13MSeries A2025-03-20N/AGlobal Brain,Angel Bridge,MUFG Innovation Partners,Scrum Ventures,Spiral Ventures2Logiless$6MSeries B2025-02-28N/AMonoful Venture Partners,CommerceMedia,Mitsubishi UFJ Capital,Mizuho Capital,Toshiba Tec3SmartBank$2MSeries B2025-0

157、1-16N/A SMBC Venture Capital,Z Venture Capital4Akari Hosho$1MSeed VC2025-02-26N/A Bengo4,Incubate Fund,Kyoto Capital Partners,Saison Ventures4Tokenz$1MSeed VC2025-03-25N/A New Enterprise Associates,Coral Capital,Global Brain,Shinhan Venture Investment6AgatycaN/AConvertible Note2025-02-05N/A Quantum

158、Leap Ventures6GivearthN/AAngel2025-03-10N/A Masaaki Tanaka,Masahiro Suda,Mine Ogawa,Nobuaki Tanaka,Tomoyuki Kizaki6TradomN/ASeries A2025-02-04N/A Kiraboshi Capital,Taiyo GroupEurope Trends140Quarterly funding&deals141State of Fintech|Geographic Trends|Europe Trends$6.5B$8.9B$6.4B$6.4B$8.2B$5.2B$3.8B

159、$2.2B$2.2B$2.1B$1.3B$1.6B$2.3B$2.0B$1.4B$2.0BFunding$1.7B421390349392502418348335359304234237265227190193Deals1980100200300400500$0.0B$1.0B$2.0B$3.0B$4.0B$5.0B$6.0B$7.0B$8.0B$9.0B$10.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Annual percent of deals by deal stage142State of Fintech|Geog

160、raphic Trends|Europe Trends74%78%78%73%Early-stage,72%10%8%8%11%Mid-stage,9%10%8%7%8%Late-stage,12%6%6%7%7%Other,8%20212022202320242025YTDEurope:Top equity deals in Q125143State of Fintech|Geographic Trends|Europe TrendsCompanyRound AmountRoundDateRound Valuation Select InvestorsCountry1Quantexa$175

161、MSeries F2025-03-04$2.6B Teachers Venture Growth,British Patient CapitalUnited Kingdom2ZENMEV$140MVenture Capital2025-03-10N/A VC VentureXUnited Kingdom3Solaris$93MSeries G2025-01-06N/A Boerse Stuttgart,SBI GroupGermany4Wefox$83MPrivate Equity2025-01-01N/A Chrysalis CapitalGermany5Komainu$75MSeries

162、B2025-01-16N/A BlockstreamItaly673 Strings$55MSeries B2025-02-19N/AGoldman Sachs,Broadhaven Capital Partners,Blackstone Innovations Investments,Hamilton Lane,Golub CapitalFrance6Fundment$55MSeries C2025-01-17$183M Highland Europe,ETFS CapitalUnited Kingdom8Taktile$54MSeries B2025-02-27N/ABalderton C

163、apital,Index Ventures,Tiger Global Management,Y Combinator,Prosus VenturesGermany9Curve$48MSeries E2025-03-14N/AHanaco Ventures,IDC Ventures,Outward VC,Fuel Ventures,Lord Stanley FinkUnited Kingdom10Validus$45MGrowth Equity2025-02-10N/A FTV CapitalUnited KingdomQuarterly exits144State of Fintech|Geo

164、graphic Trends|Europe Trends1221IPO,162525561M&A,701SPAC,0Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Europe:Top investors by company count in Q125145State of Fintech|Geographic Trends|Europe TrendsInvestorCompany Count Investor GroupCountry1Illuminate Financial Management7VCUnited Kingdom

165、2Picus Capital6VCGermany2Speedinvest6VCAustria41kx4VCNetherlands4BlackFin Capital Partners4Private EquityFrance4Fuel Ventures4VCUnited Kingdom4Generative Ventures4VCUnited Kingdom4Outlier Ventures4VCUnited KingdomUnited Kingdom146Quarterly funding&deals147State of Fintech|Geographic Trends|United Ki

166、ngdom$3.4B$2.7B$3.5B$2.8B$3.8B$2.0B$0.8B$0.9B$0.6B$0.9B$0.6B$0.6B$1.3B$0.8B$0.6B$1.1BFunding$0.7B16113413513117814510910810592798795796065Deals61020406080100120140160180$0.0B$0.5B$1.0B$1.5B$2.0B$2.5B$3.0B$3.5B$4.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Annual percent of deals by deal

167、stage148State of Fintech|Geographic Trends|United Kingdom72%75%74%71%Early-stage,66%10%9%9%11%Mid-stage,5%12%9%9%11%Late-stage,15%6%7%8%7%Other,15%20212022202320242025YTDUnited Kingdom:Top equity deals in Q125149State of Fintech|Geographic Trends|United KingdomCompanyRound AmountRoundDateRound Valua

168、tion Select Investors1Quantexa$175MSeries F2025-03-04$2.6B Teachers Venture Growth,British Patient Capital2ZENMEV$140MVenture Capital2025-03-10N/A VC VentureX3Fundment$55MSeries C2025-01-17$183M Highland Europe,ETFS Capital4Curve$48MSeries E2025-03-14N/AHanaco Ventures,IDC Ventures,Outward VC,Fuel V

169、entures,Lord Stanley Fink5Validus$45MGrowth Equity2025-02-10N/A FTV CapitalGermany150Quarterly funding&deals151State of Fintech|Geographic Trends|Germany$0.4B$2.1B$0.7B$1.4B$0.5B$0.8B$0.6B$0.1B$0.2B$0.2B$0.1B$0.2B$0.3B$0.2B$0.0B$0.2BFunding$0.3B40322938283631223324181829181016Deals150510152025303540

170、$0.0B$0.5B$1.0B$1.5B$2.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Annual percent of deals by deal stage152State of Fintech|Geographic Trends|Germany63%79%76%77%Early-stage,73%17%6%11%12%Mid-stage,13%16%11%10%8%Late-stage,13%Other,0%20212022202320242025YTDGermany:Top equity deals in Q125

171、153State of Fintech|Geographic Trends|GermanyCompanyRound AmountRoundDateRound Valuation Select Investors1Solaris$93MSeries G2025-01-06N/A Boerse Stuttgart,SBI Group2Wefox$83MPrivate Equity2025-01-01N/A Chrysalis Capital3Taktile$54MSeries B2025-02-27N/A Balderton Capital,Index Ventures,Tiger Global

172、Management,Y Combinator,Prosus Ventures4Integral$7MSeed VC2025-02-12N/A Cherry Ventures,General Catalyst,Puzzle Ventures5Flexvelop$4MSeries A2025-03-20N/A IFB Innovationsstarter,Seventure PartnersFrance154Quarterly funding&deals155State of Fintech|Geographic Trends|France$0.3B$1.3B$0.4B$0.5B$1.6B$0.

173、8B$0.2B$0.3B$0.3B$0.2B$0.2B$0.2B$0.2B$0.4B$0.5B$0.2BFunding$0.2B41412536574531403837342519262325Deals23010203040506070$0.0B$0.2B$0.4B$0.6B$0.8B$1.0B$1.2B$1.4B$1.6B$1.8BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Annual percent of deals by deal stage156State of Fintech|Geographic Trends|Fra

174、nce78%82%78%70%Early-stage,52%9%10%10%14%Mid-stage,26%7%6%10%Late-stage,17%6%7%6%Other,4%20212022202320242025YTDFrance:Top equity deals in Q125157State of Fintech|Geographic Trends|FranceCompanyRound AmountRoundDateRound Valuation Select Investors173 Strings$55MSeries B2025-02-19N/AGoldman Sachs,Bro

175、adhaven Capital Partners,Blackstone Innovations Investments,Hamilton Lane,Golub Capital2Swan$44MSeries B2025-01-30N/A Eight Roads Ventures,Accel,Bpifrance,Creandum,Hexa3Flowdesk$42MSeries B2025-03-03N/A HV Capital,Cathay Innovation,Eurazeo,ISAI4Weefin$27MSeries B2025-03-31N/A BlackFin Capital Partne

176、rs,IRIS,Ring Capital,Asterion Ventures5RockFi$20MSeries A2025-03-24N/A Partech,Varsity Ventures,Arthur Waller,Felix BlossierLatAm Trends158Quarterly funding&deals159State of Fintech|Geographic Trends|LatAm Trends$1.4B$5.5B$2.9B$2.0B$1.3B$1.3B$0.6B$0.6B$0.3B$0.3B$0.3B$0.5B$0.4B$0.5B$0.5B$1.1BFunding$

177、0.6B109961261371741141201139374487051446148Deals44020406080100120140160180$0.0B$1.0B$2.0B$3.0B$4.0B$5.0B$6.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Annual percent of deals by deal stage160State of Fintech|Geographic Trends|LatAm Trends76%81%85%73%Early-stage,61%11%6%6%10%Mid-stage,14%

178、8%6%6%8%Late-stage,14%7%9%Other,11%20212022202320242025YTDLatAm:Top equity deals in Q125161State of Fintech|Geographic Trends|LatAm TrendsCompanyRound AmountRoundDateRound Valuation Select InvestorsCountry1Plata$160MSeries A2025-03-12$1.5B Coatue,Greenoaks,Kora Management,Moore Strategic VenturesMex

179、ico2Uala$66MSeries E2025-03-20N/A Allianz X,TelevisaUnivisionArgentina3Buk$50MSeries B2025-01-06$850M Headline,Base10 Partners,Greenoaks,Endeavor Catalyst,Workday VenturesChile3FreedX$50MSeries A2025-01-29N/A Undisclosed InvestorsEl Salvador5Paytrack$41MSeries B2025-01-22N/A Riverwood CapitalBrazil6

180、Mendel$35MSeries B2025-03-27N/ABase10 Partners,Hi Ventures,Industry Ventures,Endeavor Catalyst,Infinity VenturesMexico7Azos$31MSeries B2025-02-19N/ALightrock,Kaszek Ventures,Maya Capital,Propel Venture Partners,Prosus VenturesBrazil8Alice$22MSeries C2025-02-11N/A Canary VC,Globo Ventures,Kaszek Vent

181、ures,ThornTree Capital PartnersBrazil9NeoSpace$18MSeries A2025-01-29N/A Itau,Hans Morris,Martin Escobari,Micky Malta,Nigel MorrisBrazil10Payface$10MUndisclosed2025-02-06$20M BTG PactualBrazilQuarterly exits162State of Fintech|Geographic Trends|LatAm TrendsIPO,01312512M&A,11Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1

182、Q2Q3Q4Q120212022202320242025LatAm:Top investors by company count in Q125163State of Fintech|Geographic Trends|LatAm TrendsInvestorCompany Count Investor GroupCountry1Kaszek Ventures3VCArgentina1Norte Ventures3VCBrazil3Hi Ventures2VCMexico3Honey Island Capital2VCBrazil3Itau2Asset/investment managemen

183、tBrazil3Maya Capital2VCBrazilBrazil164Quarterly funding&deals165State of Fintech|Geographic Trends|Brazil$1.2B$4.1B$1.4B$1.1B$0.8B$0.4B$0.3B$0.2B$0.1B$0.2B$0.3B$0.3B$0.1B$0.2B$0.3B$0.5BFunding$0.2B57576378604856524235252920213429Deals230102030405060708090100$0.0B$0.5B$1.0B$1.5B$2.0B$2.5B$3.0B$3.5B$4

184、.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Annual percent of deals by deal stage166State of Fintech|Geographic Trends|Brazil72%76%81%70%Early-stage,65%12%7%8%12%Mid-stage,13%10%9%8%9%Late-stage,9%6%7%10%Other,13%20212022202320242025YTDBrazil:Top equity deals in Q125167State of Fintech|

185、Geographic Trends|BrazilCompanyRound AmountRoundDateRound Valuation Select Investors1Paytrack$41MSeries B2025-01-22N/A Riverwood Capital2Azos$31MSeries B2025-02-19N/ALightrock,Kaszek Ventures,Maya Capital,Propel Venture Partners,Prosus Ventures3Alice$22MSeries C2025-02-11N/ACanary VC,Globo Ventures,

186、Kaszek Ventures,ThornTree Capital Partners4NeoSpace$18MSeries A2025-01-29N/A Itau,Hans Morris,Martin Escobari,Micky Malta,Nigel Morris5Payface$10MUndisclosed2025-02-06$20M BTG PactualAfrica Trends168Quarterly funding&deals169State of Fintech|Geographic Trends|Africa Trends$161M$69M$1,125M$388M$466M$

187、373M$168M$166M$467M$182M$129M$115M$131M$35M$266M$139MFunding$117M634163651186753566346533325292418Deals20020406080100120140160$0.0B$0.2B$0.4B$0.6B$0.8B$1.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Annual percent of deals by deal stage170State of Fintech|Geographic Trends|Africa Trends89

188、%90%83%86%Early-stage,70%5%6%Mid-stage,10%5%Late-stage,5%7%Other,15%20212022202320242025YTDAfrica:Top equity deals in Q125171State of Fintech|Geographic Trends|Africa TrendsCompanyRound AmountRoundDateRound Valuation Select InvestorsCountry1Naked$37MSeries B2025-01-21N/ABlueOrchard,DEG,Hollard Insur

189、ance,International Finance Corporation,YellowwoodsSouth Africa2Khazna$16MSeries A2025-02-04N/ADisruptech Ventures,Khwarizmi Ventures,Nclude,Quona Capital,SpeedinvestEgypt3Raenest$11MSeries A2025-02-11N/AQED Investors,Norrsken22,P1 Ventures,Seedstars,Ventures PlatformNigeria4Furaha$10MSeries A2025-01

190、-24N/A SC Ventures,YabxUganda4Moniepoint$10MSeries C2025-01-23N/A VisaNigeria6SeamlessHR$9MSeries A2025-01-20N/A Helios Digital Ventures,Bill&Melinda Gates FoundationNigeria7Affinity$8MSeed VC2025-02-11N/ABacked VC,Grazia Equity,Attijariwafa Bank,Enza Capital,FINCA InternationalGhana8Enza$7MSeed VC2

191、025-03-24N/A Algebra Ventures,Quona CapitalEgypt9Amwal$4MSeed VC2025-01-13N/AShorooq Partners,Outlier Ventures,TA Ventures,WAED Ventures,Fintech SaudiEgypt10Jem$2MSeed VC2025-03-25N/A Next176South Africa10Rivy$2MSeed VC2025-03-26N/A All On,EchoVC PartnersNigeriaQuarterly exits172State of Fintech|Geo

192、graphic Trends|Africa TrendsIPO,03434M&A,5Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q120212022202320242025Africa:Top investors by company count in Q125173State of Fintech|Geographic Trends|Africa TrendsInvestorCompany Count Investor GroupCountry1KuCoin Ventures3CVCSeychelles2Disruptech Ventures2VCEgypt2Unreal

193、 Capital2VCSeychellesReport MethodologyYou can download the underlying data found in this report here:https:/ you have questions about the definitions or methodological principles used,or if you feel that your firm has been underrepresented,please reach out to .What is included:Equity financings int

194、o private companies only.Funding rounds raised by public companies of any kind on any exchange(including Pink Sheets)are excluded from our numbers,even if they received investment from a venture firm.Only includes the investment made in the quarter for tranchedinvestments.If a company does a second

195、closing of its Series B round for$5M and previously had closed$2M in a prior quarter,only the$5M is reflected.Round numbers reflect what has closed,not what is intended.If a company indicates the closing of$5M out of a desired raise of$15M,our numbers reflect only the amount which has closed.Only ve

196、rifiable fundings are included.Fundings are verified via(1)various federal and state regulatory filings;(2)direct confirmation with firm or investor;(3)press release;or(4)credible media sources.Equity fundings to joint ventures and spinoffs/spinouts are included.Unicorn data includes private compani

197、es valued at$1B or more in the private markets globally,per the same 4 sources listed above and relied on for funding events,which include valuations disclosed in credible media sources.The list is maintained publicly and updated in real time at https:/ notes:Israel funding figures are classified in

198、 Europe;funding to Oceania is included in global figures but not spotlighted in this report.Rounds to private companies that may be majority-or minority-owned subsidiaries of other private companies.Valuation data includes estimates to calibrate median and average valuations based on current and pre

199、vious quarter disclosed valuations gathered from the aforementioned foursources.The estimating method will control for the over-sampling of large rounds that are reported quickly versus a comparative lag in valuations obtained from other sources.Valuation data reflects post-money valuations.Exits in

200、clude IPOs,SPACs,publicly announced M&A deals,and other liquidity events;only first exits are counted.Headquarters are determined by publicly available sources including company-owned websites and profiles,legal filings,and press releases.All figures in the report are in USD.US financing trends foll

201、ow the combined statistical area(CSA)methodology.Silicon Valley refers to the San Jose-San Francisco-Oakland CSA.What is excluded:No contingent funding.If a company receives a commitment for$20M subject to hitting certain milestones but first gets$8M,only the$8M is included in our data.No business d

202、evelopment/R&D arrangements,whether transferable into equity now,later,or never.If a company signs a$300M R&D partnership with a larger corporation,this is not equity financing nor is it from venture capital firms.As a result,it is not included.No buyouts,consolidations,or recapitalizations.All thre

203、e of these transaction types are commonly employed by private equity firms and are tracked by CB Insights.However,they are excluded for the purposes of this report.No private placements.These investments,also known as PIPEs(Private Investment in Public Equities),are not included even if made by a ve

204、nture capital firm.No debt/loans of any kind(except convertible notes).Venture debt or any kind of debt/loan issued to emerging,startup companies,even if included as an additional part of an equity financing,is not included.If a company receives$3M with$2M from venture investors and$1M in debt,only

205、the$2M is included in these statistics.No non-equity government funding.Grants or loans by the federal government,state agencies,or public-private partnerships to emerging,startup companies are not included.No fundings to subsidiaries of a larger parent corporation unless that subsidiary is a privat

206、e entity and meets other criteria for inclusion.Accelerators,incubators,business-plan competitions,economic-development entities are excluded from rankings of most active investors,even if making equity financings.Rankings for top investors are calculated according to“company count,”or the number of unique companies an investor funds in a quarter,and so excludes follow-on deals.174State of Fintech