From Recovery to Resurgence

BCG

Deepak Goyal

Research

40 Pages

Boston Consulting Group and FT Partners argue fintech has moved from reset to resurgence, but with higher expectations for profitability and scale. Global fintech revenue reached $504bn in 2025, growing 22% and still representing only about 4% of financial services revenue.

Key Takeaways

Revenue Reaccelerated: Global fintech revenue reached $504bn in 2025, growing 22% year over year and more than 4 times faster than incumbents.
Profitability Improved: Among the largest 85 public fintechs, EBITDA margins rose 4 percentage points to 20%, while profitable firms reached 74%.
Capital Returned Selectively: Fintech equity funding rose 53% to $58bn in 2025, while IPOs increased 50% from 28 to 42.
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