PitchBook年二季度零售金融科技风投趋势（英）

EMERGING TECH RESEARCHRetail Fintech VC TrendsVC activity across the retail fintech ecosystemQ22025REPORT PREVIEWThe full report is available through the PitchBook Platform.CONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 2ContentsQ2 2025 Retail Fintech VC TrendsInstitutional Research GroupAnalysisDataMatthew Nacionales Senior Data Analystpbinstitutionalresearch@pitchbook.comPublishingReport designed by Adriana Hansen and Sarah Schwab Published on August 8, 2025Retail fintech landscape 3Retail fintech VC ecosystem market map 4VC activity 5Retail fintech VC deal summary 26Deal-sourcing insights 27Appendix 29Rudy Yang Senior Research Analyst, Enterprise Fintech and Retail Fintech rudy.yang@pitchbook.comCONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 3Q2 2025 Retail Fintech VC Trends$X,XXX$X,XXX$X,XXX$X,XXX$X,XXXBNPL$XXX.XX$XXX,XXXRetail fintech landscapeAlternative lendingCredit & bankingConsumer paymentsWealthtechCONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 4Q2 2025 Retail Fintech VC TrendsRetail fintech VC ecosystem market mapCONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 5Q2 2025 Retail Fintech VC TrendsVC activityQ2 delivered a mixed picture for retail fintech. VC funding rose 17% QoQ to $2.2 billion but remains down 49% YoY. Deal volume remained soft, holding steady at 140 transactions as investors continue to favor B2B over B2C in fintech. The funding landscape reveals a clear bifurcation. The YTD median deal size for retail fintech grew 24% to $5.1 million—still lagging enterprise fintech, which posted a higher median of $6.5 million. One reason for this lag is that AI technology has been slower to be integrated in consumer fintech product offerings. AI has been a key driver of higher enterprise valuations, where 80% of companies are AI-enabled versus only 36% in retail. The disparity is most pronounced at early stages, where the enterprise fintech median YTD deal value of $20.2 million significantly outpaces retail’s $5.1 million.Exit activity painted a more positive picture, however. VC exit value surged 546% YoY to $13.2 billion, driven by eToro’s and Chime’s long-awaited IPOs valued at $4 billion and $9.1 billion, respectively. As of this report, only Circle trades above its listing price among other fintech companies that have completed an IPO, creating caution for companies waiting in the broader fintech pipeline. M&A activity remains sluggish, with just 13 acquisitions in Q2, although strong bank earnings and potential rate cuts signal a potential rebound in dealmaking.Source: PitchBook • Geography: Global • As of June 30, 2025Retail fintech VC deal activity$23,556.9$20,163.8$42,375.6$23,572.5$9,025.5$11,292.1$4,055.39048871,3631,1277345742792019202020212022202320242025Deal value ($M)Deal countSource: PitchBook • Geography: Global • As of June 30, 2025Retail fintech VC exit activity$3,860.1$20,340.3$258,634.0$6,179.0$3,266.5$3,504.7$15,197.84657119747164322019202020212022202320242025Exit value ($M)Exit countCONFIDENTIAL. NOT FOR REDISTRIBUTION.