Author
ARTHUR PORRé
Date
Apr. 01st, 2026
The European fintech ecosystem is entering a new phase in 2025, marked by a confirmed recovery in capital deployment and a sharp reacceleration of exit activity
Fundraising activity continued to recover in 2025, supported by c.€8.7bn (+36% YoY) raised across c.600 rounds, despite a market where capital is increasingly concentrated in larger transactions.
Unsurprisingly, UK continues to lead European fintech funding, and reliance on international capital is increasing. North American investors accounted for 44.5% of total deal value in 2025 (vs. 37.8% in 2024). Market structure remains early-stage driven in volume (c.75–80% of deals), but capital deployment is concentrated in late-stage transactions, with mega-rounds such as Revolut (€2.6bn) and FNZ (€561m).
Valuations have rebounded materially, with median EV/Revenue multiples reaching c.15.3x in 2025 (vs. 7.9x in 2024), returning to 2021–2023 levels.
Exit activity has reaccelerated significantly, with 2025 reaching new highs in both deal count and value, and H2-25 marking a peak. Over 90% of exits were strategic, with North American acquirers accounting for more than 50% of deal value. At the same time, the IPO window has started to reopen, restoring a credible path to liquidity for scaled platforms.
Overall, 2025 seems to mark a turning point, with the return of exit liquidity, valuation normalization, and the reopening of IPO markets re-establishing a more functional capital cycle and supporting a more selective, mature fintech ecosystem.
Arthur Porré, Founding Managing Partner, March 2026