Editor’s Note: In July 2025, CB Insights and the Global FinTech Network (GFTN) released the State of Fintech Q2 2025 and FinTech Investments 1H 2025, respectively. These reports provide a systematic review of global fintech trends in fundraising, mergers and acquisitions, and initial public offerings, while comparing performance across verticals—such as payments, wealthtech, and blockchain—and across regions.

The reports conclude that global fintech investment activity is experiencing a cyclical recovery alongside structural realignment. Following a trough during 2022–2023, total funding has broadly stabilized and begun to rebound. Certain segments and geographies have posted faster growth; however, the recovery remains uneven, with pronounced differentiation across the market. The trajectory increasingly reflects a shift from “quantity” to “quality.”

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