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Fintech momentum meets moderation
Equity public markets stayed hot in Q3 2025. Fintech, however, encountered a more uneven stride as investors rotated toward AI megacaps and sectors with clearer earnings visibility. Insurtech and proptech led outperformance, posting median gains of 26.9% and 20.7%, respectively, on easing rate pressure and growing confidence in AI-driven efficiency. Neobanks and neobrokers squeezed out a 6.9% median gain, while most payments, lending, and legacy fintech companies are facing the weight of rising infrastructure and compliance costs.
The broader rally has kept the IPO window open, bringing Klarna and Figure to market. Weak aftermarket performance, however, shows that investors remain highly selective. At the same time, 2025 growth forecasts are cooling. High-growth fintech estimates have slipped to the high teens, while value names are trending in the low single digits as optimism gives way to discipline. Separately, a regional bank consolidation wave is reshaping the financial landscape, with $24.7 billion in disclosed M&A deal value this quarter.
Our Q3 2025 Fintech & Payments Public Comp Sheet and Valuation Guide tracks metrics for key publicly traded companies that include stock performance, changes in valuation, historical valuations, revenue growth, EBITDA growth, and EBITDA margins. It is constructed using the PitchBook Excel plugin available to subscribers.
