FT Partners：2025年度金融科技年鉴报告（英文版）

For the first time ever, scaled FinTech companies (those founded 2004 or later) made more FinTech acquisitions than other strategics (banks / FIs, legacy tech / FinTech players, etc.).The number of $1 billion+ M&A deals during the year (59) rivalled the record number reached in 2021 (62) and represented an increase of 40% over last year's count.Private company funding volume across all stages grew moderately in 2025, rising above the prior two years to reach more than $70 billion in t