硅谷银行-金融科技的未来（英）

October 2025FUTURE OF FINTECH 202523Executive Summary5VC and Founder Perspectives6Macro Environment11Capital: VC Fundraising and Investment17Sector Spotlights: AI and Stablecoins20ExitsThe job of fintech founders is to harness tech shifts while balancing regulatory changes and rate cycles. That’s easier when you have money in the bank, and increasingly, the best fintechs do. Investment is up, cash burn is down, profitability is improving, and revenue growth — while slower than the go-go years of 2020-21 — has stabilized.”FUTURE OF FINTECH 20253Nick ChristianHead of National Fintech and Specialty Financenchristian@svb.com If you’re looking for a respite from AI-mania, you’re in the right report. Despite promising use cases, fintech founders are operating in one of the least saturated spaces for AI adoption, with AI-enabled startups taking about 30 cents of every venture capital (VC) dollar in the sector — half the rate of VC overall. While other sectors are riding an updraft of AI exuberance to dizzying heights, fintech founders have their feet, and their valuations, on solid ground. If only that ground would stop shifting. Our latest Future of Fintech report finds the sector tilted by three dominant forces. Government regulations, which tightened during the Biden administration, are rapidly unspooling under a Trump term keen on cutting enforcement and rolling back rules. Interest-rate cuts — driven by a weakening economic outlook — promise to unlock capital but could require a shift in revenue streams. Finally, there’s technology disruption. While AI offers long-term transformation, the more immediate impact is in blockchain, where stablecoins are ascending as a potential replacement for conventional payment rails. The job of fintech founders is to harness tech shifts while balancing regulatory changes and rate cycles. That’s always easier when you have money in the bank, and increasingly, the best fintechs do. Investment is up, cash burn is down, profitability is improving, and revenue growth — while slower than the go-go years of 2020-21 — has stabilized. This momentum is helping to create exit velocity. Successful IPOs, such as Circle and Klarna, are encouraging more public offerings and, in the AI era’s answer to the private equity (PE) style roll-up, more VC-backed companies are becoming buyers. M&A deals are pacing toward a historic high. The sum of these parts suggests that fintech has quietly matured into a promising but perhaps more stable pocket of the innovation economy. Right now, that’s a quality worth banking on.Brian FoleyMarket Manager, Fintech and Warehouse Lendingbfoley@svb.com FUTURE OF FINTECH 20254Navigating rate cuts amid weak labor signals.Jump to PageJump to PageRegulatory shifts clear the deck for fintechs. But can you bank on them? Jump to PageJump to PageAfter ZIRP1, fintechs embrace new strategies for profitability. Jump to PageJump to PageDelinquencies tick higher as student loan debt looms.Jump to PageJump to PageFU