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The Future of Fintech 2025
Nick Christian, Brian Foley, Josh Pherigo, Eli Oftedal
Key takeaways
Amid regulatory, economic and technological disruption, the fintech sector is showing signs of relative stability and promise. It’s also among the least-saturated spaces when it comes to AI.
$4M
Median revenue benchmark for raising Series A capital
Revenue thresholds for raising capital are rising across the board, particularly at Series A, where the median is up 4x from 2021.
-12%
Median year-over-year change in cash burn in Q2 2025
Three years after hitting their funding peak, fintech companies are still cutting burn rates.
49%
Of fintech M&A buyers are VC-backed companies
The number of M&A deals that involve VC-backed companies buying out other VC-backed fintechs is rising.
The data
Drawing from our proprietary data, deep sector expertise and conversations with top voices in fintech, our 2025 Future of Fintech report unpacks fintech’s resiliency and stability within the innovation economy.
FUNDRAISING
Revenue thresholds are rising
Fintech companies raising Series A funding in the past 24 months had $4M in median annual revenue, up from just $1M four years ago.
Today’s median revenue levels would have put fintechs in the top quartile of Series A companies from 2020 to 2021.
Notes: Revenue at time of raise reflects the nearest quarter or month’s financial statement. It is not the run rate of revenue at the time of raise. Source: SVB proprietary data, SVB proprietary taxonomy, PitchBook Data, Inc. and SVB analysis.
CASH BURN
Fintechs are still cutting burn rates
Median net cash burn is down 12% year-over-year for US VC-backed fintech companies—marking the eighth quarter in a row of cuts.
With revenue growth slowing and late-stage investment less plentiful, companies are pushing toward profitability.
Notes: Excludes companies that are profitable. Source: SVB proprietary data, SVB proprietary taxonomy, PitchBook Data, Inc. and SVB analysis.
M&A
Fintech buyers are increasingly acquiring other startups
In 2025, nearly half of VC-backed fintech acquisitions were made by other VC-backed companies, up from roughly a quarter in 2021.
As late-stage companies continue to struggle with value overhang from the era of zero interest rates, private consolidation is becoming a more viable strategy for achieving a public exit.
Notes: “Corporations” include formerly VC-backed public companies such as Coinbase. Source: PitchBook Data, Inc. and SVB analysis.
Read the full Future of Fintech report
Explore the trends shaping innovation in the fintech industry.
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