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Table of contents
Q1 2024
PitchBook Analyst Note: Financial Fusion: Fintech’s M&A Landscape Unveiled
February 15, 2024
Fintech on the auction block
Valuation expectations from fintech buyers and sellers were stuck at an impasse throughout 2023, when the US recorded a 46% dip in fintech M&A value year over year. But as the sector enters the fifth inning of its failure wave, cash crunches will drive more distressed acquisitions and fire sales, according to our latest Emerging Tech Research.
Dive into the likely acquisition targets across the industry—and takeaways from interviews with over 30 fintech founders, bankers, and investors who have their eye on what happens next in M&A.
Table of contents
| Key takeaways | 1 |
| Fintech M&A overview | 4 |
| Breakdown of M&A activity | 6 |
| B2B and B2C trends | 6 |
| M&A by segment | 8 |
| M&A by subsegment | 19 |
| Exit predictions | 20 |
| Valuations and M&A liquidity | 23 |
| Interviews with fintech founders | 24 |
| What startups look for in an acquisition | 24 |
| Who founders want to sell to | 27 |
| How top companies prepare to be acquired | 28 |
| M&A calculus for large incumbent financial institutions | 29 |
| Views on fintech M&A in 2024 and 2025 | 30 |
| Survey results | 33 |
| Additional resources | 35 |
| Appendix | 36 |