PitchBook年一季度零售金融科技风险投资趋势（英）

EMERGING TECH RESEARCHRetail Fintech VC TrendsVC activity across the retail fintech ecosystemQ12025REPORT PREVIEWThe full report is available through the PitchBook Platform.CONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 2ContentsQ1 2025 Retail Fintech VC TrendsInstitutional Research GroupAnalysisRudy Yang Senior Research Analyst, Enterprise Fintech and Retail Fintech rudy.yang@pitchbook.comDataNick Zambrano Data Analystpbinstitutionalresearch@pitchbook.comPublishingReport designed by Josie Doan, Sarah Schwab, and Julia MidkiffPublished on April 30th, 2025Retail fintech landscape3Retail fintech VC ecosystem market map4VC activity5Retail fintech VC deal summary24Appendix25CONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 3Q1 2025 Retail Fintech VC Trends$X,XXX$X,XXX$X,XXX$X,XXX$X,XXXBNPL$XXX.XX$XXX,XXXRetail fintechlandscapeAlternative lendingCredit & bankingConsumer paymentsWealthtechCONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 5Q1 2025 Retail Fintech VC TrendsVC activityRetail fintech VC funding reached $1.9 billion in Q1 2025, showing a 45.3% YoY growth that appears impressive until compared against Q1 2024’s historically depressed levels. Despite booming AI adoption and anticipated regulatory relief under the Trump administration, the 37.8% decline in VC deal value from Q4 2024 signals deepening investor caution toward B2C models. The shift is further evidenced by enterprise fintech’s 75.8% share of overall fintech VC deal value in Q1.Credit & banking was the quarter’s leading segment with $1.3 billion in funding, followed by wealthtech with $275.3 million. Most retail fintech VC deals were seen at the early stage and the late stage, but the venture-growth stage captured 53.7% of the quarter’s total deal value. Based on our sparse dataset of disclosed valuations in Q1, the median pre-money valuation for the retail fintech sector fell 41.2% from the full-year 2024 figure, with the pre-seed/seed stage experiencing the steepest decline. Only venture growth bucked this trend with a 62.9% increase, though this was heavily influenced by outliers such as Klarna’s $12 billion valuation.With mounting tariff-related headwinds and heightened consumer-sector vulnerability, we expect funding to remain restrained through mid-2025, as evidenced by suspended IPOs from Klarna and eToro and the steep 47.8% drop in quarterly exit count.Source: PitchBook • Geography: Global • As of March 31, 2025Retail fintech VC deal activity$23.6$20.4$42.4$23.2$9.1$11.1$1.99038831,3601,1267275651292019202020212022202320242025Deal value ($B)Deal countSource: PitchBook • Geography: Global • As of March 31, 2025Retail fintech VC exit activity$3.9$20.3$193.4$6.2$3.3$3.9$1.64757119747067122019202020212022202320242025Exit value ($B)Exit countCONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 6Q1 2025 Retail Fintech VC TrendsVC ACTIVITYVC fundraisingVC deal value and count: Retail fintech companies secured $1.9 billion across 129 deals in Q1 2025, representing a 37.8% drop in funding value from the p