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  "documentTitle": "Pulse of Fintech H1’21",
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      "text": "Given the geopolitical situation globally, much of the fintech investment we’ve seen so far in 2025 has been very strategic, rather than broad-brush speculative investments.",
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      "text": "Unless otherwise noted, all figures quoted in this report are based on data provided by PitchBook as of 30 June 2025. See page 64 for detailed methodology. All currency amounts are in US$ unless otherwise specified.",
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      "text": "Global fintech investment: $44.7 billion",
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      "text": "The Americas attracted more than half of the fintech investment seen globally during H1'25 ($26.7 billion), led by the $2.6 billion acquisition of US-based Next Insurance. The EMEA region came a distant second, attracting $13.7 billion in in fintech investment, led by the $3.2 billion buyout of UK-based Preqin, while the ASPAC region saw just $4.3 billion in investment, led by the acquisition of Japan-based WealthNavi for $571.3 million. The digital assets and currencies space was the brightest star in fintech investment globally during H1'25, attracting $8.4 billion, compared to the $10.7 billion seen during all of 2024. AI-focused fintech came a close second, with $7.2 billion in investment, compared to $8.9 billion during all of 2024. The payments space meanwhile saw investment falter amid the lack of significant consolidation megadeals, with just $4.6 billion in investment, compared to 2024's annual total of $30.8 billion.",
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      "text": "While many fintech investors were cautiously optimistic heading into 2025, the combination of headwinds from ongoing geopolitical tensions and rapidly evolving concerns over tariffs and trade policies saw many investors continuing to hold back from making large deals except in a few hot areas like digital assets and currencies and AI. During H1'25, the fintech market globally attracted $44.7 billion across 2,216 deals — down from $54.2 billion across 2,376 deals in H2'24. Q2'25 was particularly weak, with just $18.7 billion invested across 972 deals globally — hitting lows across 8 and 31 quarters respectively. Much of this slowdown came from continued declines in M&A activity and PE investment. Global fintech M&A deal value fell from $26.7 billion in H2'24 to $19.9 billion in H1'25, while PE growth investment in fintech fell from $4.4 billion to $1.4 billion. Global VC investment in fintech proved more resilient rising nominally from $23 billion to $23.4 billion between H2'24 and H1'25.",
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      "text": "Anton Ruddenklau\nLead of Global Fintech and Innovation, Financial Services\nKPMG International",
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      "text": "Given the geopolitical situation globally, much of the fintech investment we've seen so far in 2025 has been very strategic, rather than broad-brush speculative investments. Corporates were more focused on cost cutting and on divesting non-core and underperforming assets than new deals. The increase in AI-focused fintech investment dovetails with that. Both investors and institutional users are very keen on the potential of generative AI and agentic AI — and startups that can improve efficiencies and drive value through Gen AI will command premium valuations and significant investment. Fintech-focused AI is only going to get hotter headed into the back half of 2025.",
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      "text": "Given the geopolitical situation globally, much of the fintech investment we’ve seen so far in 2025 has been very strategic, rather than broad-brush speculative investments. Corporates were more focused on cost cutting and on divesting non-core and underperforming assets than new deals. The increase in AI-focused fintech investment dovetails with that. Both investors and institutional users are very keen on the potential of generative AI and agentic AI — and startups that can improve efficiencies and drive value through Gen AI will command premium valuations and significant investment. Fintech-focused AI is only going to get hotter headed into the back half of 2025. — Anton Ruddenklau, Lead of Global Fintech and Innovation, Financial Services, KPMG International",
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