US Insights: Pulse of Fintech H2’2025
Fintech dealmaking remains robust, but still has evened out since the peaks of 2021.
In the second half of 2025, the US fintech landscape continues to demonstrate resilience and maturity as dealmaking activity and valuations stabilize following the peak of investment in 2021. While regulatory volatility around open banking and consumer protection presents ongoing challenges, capital remains healthy for established category leaders and key niches. High-profile liquidity events and substantial late-stage funding rounds underscore an appetite for B2B spend management and essential financing tools given current broader market and economic pressures. Download the perspective to learn more about the current state of fintech investment in the US.
Fintech VC, PE, and M&A activity in United States
Regulatory changes helped energize the IPO market for fintechs in 2025. We continue to see companies making moves and building market momentum. Crypto entities have probably seen the most benefit — and have moved quickest on the IPO front as a result. But we’re also seeing activity from other big fintechs. While the two-month SEC holdup delayed activity somewhat, we believe that will set us up for a good IPO market in 2026.
Jonathan Langlois
Principal, Advisory Financial Services Strategy, KPMG LLP.
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US Insights: Pulse of Fintech H2'2025
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