FT Partners：2025年度金融科技年鉴报告（英文版）

Core Insights - The FT Partners 2025 FinTech Almanac indicates a significant recovery in the global fintech sector, with total transaction volume reaching $334 billion, a 39% year-over-year increase, and the number of transactions totaling 5,443 [1][11][21]. FinTech Financing - Private financing volume reached $70 billion, marking a 33% increase, although the number of transactions decreased as capital concentrated on later-stage projects, with an average round size rising to $22 million [2][15][27]. - Early-stage funding (seed and Series A) saw only a 3% increase, with a 24% drop in deal count, indicating a shift towards larger funding rounds [16][32]. - The sectors of Wealth & Capital Markets Tech, Crypto & Blockchain, and InsurTech experienced over 50% year-over-year funding growth [18][19]. Investor Activity - Coinbase Ventures emerged as the most active strategic investor, with strategic investor participation across all fintech funding rounds remaining steady at 38%, while the Crypto & Blockchain sector saw a participation rate of 57% [3][17]. - The average time between Series A and B funding rounds remained at 28 months, reflecting a longer evaluation period for investors [3][15]. FinTech M&A - M&A activity reached a record high with a total volume of $251 billion, driven by 1,737 transactions, including 59 deals exceeding $1 billion, nearly matching the record set in 2021 [1][12][13]. - For the first time, scaled fintech companies conducted more acquisitions than traditional banks and tech firms, highlighting a trend towards industry consolidation [12][13]. - Cross-border M&A activity accounted for 40% of all strategic deals, emphasizing geographic expansion as a key strategy [13]. FinTech IPOs - The IPO market saw a resurgence with 26 fintech IPOs raising $13 billion, a 194% increase in proceeds compared to the previous year [2][19][29]. - Notable IPOs included Klarna and Circle, although stock performance varied significantly among different companies [19][29]. Regional Insights - The Middle East experienced a doubling of fintech funding to $2.8 billion, while the USA saw a 73% increase, contrasting with declines in Europe and Africa [19][21].