Fintech M&A soars toward record levels in H1 2025
H1 2025 disclosed fintech deal value for $100m+ transactions reached $3.9 billion, as momentum builds across Europe’s maturing middle tier
European fintech M&A is accelerating in 2025, with disclosed deal value for transactions over $100m in the first half of the year already close to double the total for all of 2024, according to new analysis from investment bank Artis Partners. Based on PitchBook data, Artis estimates that as of June 2025, disclosed deal value stands at $3.9bn, compared to $2bn for the whole of 2024 — and the current pace suggests this figure could double again by year end.
“This marks the inflection point we predicted. The consolidation wave is no longer coming — it’s already reshaping the market in real time,” said Victor Basta, managing partner at Artis Partners. “Fintech M&A is being driven by buyers targeting the maturing middle tier: profitable, commercially proven companies that are no longer breakout IPO stories but hold strong strategic value.”
These are not unicorns like Klarna or Revolut, nor early-stage single-product fintechs. Instead, buyers are focusing on companies generating up to £100m in revenue, growing steadily, and often already profitable or break-even after cost-cutting and tighter capital conditions.
Recent deals reflect this trend. Transactions include Freetrade’s £160m acquisition by IG Group and the sale of Ravelin to Worldpay, (AB1) both advised by Artis. Of the six disclosed fintech M&A deals over $100m in 2025, strategic buyers accounted for c. 95% of total deal value.(AB2) (SB3)
“These exits are being driven by clear strategic logic on both sides,” said Basta. “For successful middle tier fintechs, growth has become more expensive. This is particularly true for consumer facing players where customer acquisition costs have risen, and also in the payments space where beyond a certain size, growth stage fintechs find it harder to compete with much larger incumbents. These problems associated with hitting a natural ceiling, and that’s exactly where strategic buyers see opportunity. They’re acquiring platforms they can scale further or fold into broader ecosystems.”
Artis’ analysis includes only publicly disclosed fintech transactions over $100m. The firm expects deal activity to continue through the second half of the year, with both strategic and private equity buyers increasingly focused on sector-defining assets across capital markets/trading, consumer and SME financing, payments, and regtech.
“This is the next chapter in the European fintech story,” said Basta. “It’s not about the next unicorn. It’s about the next wave of exits — and the reshaping of the ecosystem that will follow.”