GCG’s FinTech Year in Review Market Update provides a detailed analysis including public comparable company data, valuation trends, and notable M&A and growth equity transactions that shaped the market throughout the year.

This report covers the following 10 subsectors:

• BankTech
• Payments
• Capital Markets Technology
• WealthTech
• InsurTech
• Mortgage Tech
• Real Estate Tech
• Financial SaaS
• GRC Software
• Data & Information Services

Key findings include the following:

• For just the second time on record, Scaled FinTech – not incumbent banks and financial institutions – led FinTech M&A in 2025. Scaled FinTech deals climbed 4.4x since 2015 to a record 659, (representing 47% of all deals) while incumbents’ share of deal count fell from ~67% to a record-low 42%.
• AI is raising the floor across the sector, but unevenly. FinTech incumbents adopting AI into their proprietary workflows stand to gain the most versus AI-native entrants, as rising compliance and explainability requirements favor platforms with existing regulatory infrastructure over new entrants building from scratch.
• The market is treating the 2025 secondaries surge as a temporary bridge to renewed IPO activity. It is underwriting the wrong cycle. With more than 20,000 companies founded before 2017 still without an exit, and secondary volume up 3.7x to $864M in 2025 concentrated in just 10 names, this is a structural liquidity mechanism, not a stopgap.

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