Global Fintech 2025: Scaled Winners and Emerging Disruptors

BOSTON, June 2, 2025—Global fintech is entering a new era of maturity and momentum. According to a new report from Boston Consulting Group (BCG) and QED Investors, Fintech’s Next Chapter: Scaled Winners and Emerging Disruptors, the sector has emerged from a tough funding environment stronger, more disciplined, and with greater growth prospects than ever.

In 2024, fintech revenues grew by 21%—up from 13% in 2023—marking a threefold acceleration over the financial services industry at large. Meanwhile, the average EBITDA margin of public fintechs climbed to 16%, and 69% of public fintechs are now profitable. Importantly, much of this performance is being driven by a new class of scaled players generating $500 million or more in annual revenue. These now account for approximately 60% of total fintech revenues.

“A class of scaled fintechs is coming of age. Investors are demanding greater maturity, and regulators want more accountability,” said Deepak Goyal, a managing director and senior partner at BCG. “Meanwhile, emerging disruptors are harnessing next-generation technologies like agentic AI and pioneering new business models, pushing established players to continuously innovate.”  

As Revenues Jump, Fintech Is Ready for Even More Growth

Among the key findings of the report:

• Fintech revenues surged 21% in 2024, outpacing the 6% growth rate of incumbent financial services players.

• Public fintech profitability jumped, with EBITDA margins rising from 12% to 16%, and 69% of public fintechs now in the black.

• AI is already reshaping the industry: Many early-stage fintechs are ahead of their larger peers in leveraging AI—particularly for software development. Agentic AI is the next wave of disruption, and will change the game in commerce, vertical SaaS, and personal financial management.

• Fintechs are IPO-ready, but patient: 150 private fintechs founded before 2016 with over $500 million in cumulative equity remain on the sidelines, with many poised to go public.

• Massive white space remains: Fintechs still penetrate only 3% of global banking and insurance revenue pools—leaving vertical and geographic gaps to be filled.

• Challenger banks are scaling fast: 24 institutions with over $500 million in annual revenues are growing deposits at 37% annually—30 percentage points higher than traditional banks.

• Private credit is emerging as a key tailwind for fintech lending, establishing itself as a core funding partner. A $280 billion white-space opportunity remains for private credit funds to acquire fintech-originated loans.

“Fintechs are winning in spaces where traditional banks have largely ceded the competitive ground, such as banking for lower-income households and buy now, pay later,” said Nigel Morris, managing partner at QED Investors. “Fintechs are growing three times faster than incumbents as they leverage digital distribution channels and increasingly utilize AI. Having emerged from the last two years with stronger fundamental unit economics and high net promoter scores, it’s easy to see why there’s an appetite for IPO-ready companies that deliver profitable growth. Fintech is ushering in a new era in financial services.”

Strategic Imperatives for the New Chapter of Fintech

The report outlines clear calls to action for fintech founders, investors, regulators, and banks—each critical to unlocking the next phase of industry growth:

• For Fintechs. Scaled leaders must double down on the fundamentals and focus on their home markets while embedding AI at the heart of their business models. Fintech players should also remain alert to the right M&A opportunities.  

• For Investors. Capital should diversify into underpenetrated areas like financial infrastructure and in regions that are primed for growth (Middle East, Africa, parts of Latin America and Asia-Pacific.). Investors should push for faster AI adoption and disciplined growth.  

• For Regulators. Clarity, speed, and harmonization are now essential. Without agile regulation around AI and digital assets, innovation is at risk of stagnating. Governments also have a unique opportunity to spur growth through digital public infrastructure.

• For Banks. Banks should partner with fintechs in areas like financial infrastructure where it makes strategic sense. At the same time, they must embrace AI with purpose and the desire for experimentation. Banks should also have a strategy for digital assets.

Media Contacts:

BCG

Eric Gregoire

+1 617 850 3783  

gregoire.eric@bcg.com  

QED Investors

Ashley Marshall

+1 518 577-9984

ashley@qedinvestors.com

About QED Investors

QED Investors is a global leading venture capital firm based in Alexandria, Va. Founded by Nigel Morris and Frank Rotman in 2007, QED Investors is focused on investing in disruptive financial services companies worldwide. QED Investors is dedicated to building great businesses and uses a unique, hands-on approach that leverages its partners’ decades of entrepreneurial and operational experience, helping companies achieve breakthrough growth. Notable investments include AvidXchange, Betterfly, Bitso, Caribou, ClearScore, Creditas, Credit Karma, Current, Flywire, Kavak, Klarna, Konfio, Loft, Mission Lane, Nubank, QuintoAndar, Remitly, SoFi, Wagestream and Wayflyer.

About Boston Consulting Group

Boston Consulting Group partners with leaders in business and society to tackle their most important challenges and capture their greatest opportunities. BCG was the pioneer in business strategy when it was founded in 1963. Today, we work closely with clients to embrace a transformational approach aimed at benefiting all stakeholders—empowering organizations to grow, build sustainable competitive advantage, and drive positive societal impact.

Our diverse, global teams bring deep industry and functional expertise and a range of perspectives that question the status quo and spark change. BCG delivers solutions through leading-edge management consulting, technology and design, and corporate and digital ventures. We work in a uniquely collaborative model across the firm and throughout all levels of the client organization, fueled by the goal of helping our clients thrive and enabling them to make the world a better place.