The world of fintech is experiencing an unprecedented phase of growth, driven by two undisputed protagonists: neobanks and digital assets. According to the recent Global Fintech Report 2026 published by Boston Consulting Group (BCG) and FT Partners, the sector reached record profitability in 2025, with average EBITDA margins of 20% and 74% of major public players reporting profits. This result marks a turning point for the industry, which is now increasingly central to the global financial ecosystem.
Growing revenues and record investments
In 2025, fintech revenues exceeded 500 billion dollars, growing by 22% compared to the previous year. This pace of expansion is more than four times higher than that of traditional financial institutions, a sign of a profound transformation in market dynamics. Growth has been driven not only by access to capital, but above all by solid operational performance.
The renewed interest of investors led to 58 billion dollars raised in equity financing in 2025, an increase of 53% compared to 2024. IPO activity also recorded a 50% jump, reaching 42 deals, while the annual volume of mergers and acquisitions rose from 105 billion dollars in 2023 to as much as 251 billion in 2025.
Digital assets and AI: the new battlegrounds
The rise of digital assets
Digital assets are emerging as one of the main strategic drivers of fintech growth. Companies are focusing on targeted acquisitions to strengthen their capabilities in this area, as well as in artificial intelligence and compliance. Competition is becoming increasingly fierce and internal development timelines are shrinking, making acquisitions an almost mandatory choice to remain competitive.
In 2025, fintechs completed 659 acquisitions, surpassing for the first time the 589 deals closed by banks and other traditional players. Excluding 2023, this is the first time that fintechs have led the acquisitions market, marking a paradigm shift in the sector.
The impact of artificial intelligence
Artificial intelligence is proving to be a key differentiating factor. Fintechs that have successfully integrated AI into their processes have achieved developer productivity up to five times higher than average. Progress is evident in areas such as engineering, underwriting, compliance, and customer support. However, the real step change comes from redesigning workflows around AI, rather than simply adopting new tools.
Neobanks expand their scope
Beyond payments: towards multi-product platforms
Neobanks are undergoing a phase of profound evolution. They are no longer limited to payment services and new customer acquisition, but are building multi-product financial platforms. Among the new areas of expansion stand out wealth management, insurance, lending, investments, and cross-border payments.
Consumer credit represents a particularly interesting opportunity, as it allows neobanks to strengthen their relationship with customers thanks to alternative underwriting methodologies. In Europe, many neobanks have already introduced investment services, trading products, and mortgage offerings. In Latin America, by contrast, the focus is on credit products and personal loans.
The challenges of the US market
In the United States, however, conditions remain more complex. Customer acquisition costs are high, regulation is fragmented, and the market is dominated by established banks and a population that is already highly banked. In this context, foreign neobanks find it more difficult to establish themselves on a large scale and tend to focus on specific market segments. Domestic fintechs, on the other hand, aim to win over the highest-value customers, preparing for increasingly fierce competition.
Regulation and new growth strategies
An evolving regulatory framework
Regulatory developments are playing an increasingly central role in fintech growth strategies. The gap between banking regulation and fintech regulation is gradually narrowing in the United States, the United Kingdom, and the European Union. The paths to obtaining banking licenses and charters are becoming more accessible, even though compliance requirements remain stringent.
An increasing number of fintech companies have applied for US federal banking charters to gain advantages in terms of funding, greater control over product offerings, and the ability to manage the customer relationship directly.
A mature sector ready for new challenges
“Fintech has not simply recovered from the reset years, but has emerged on the other side as a fundamentally more mature sector,” says Inderpreet Batra, Managing Director and Senior Partner at BCG. The leading companies in the sector are now combining profitability with rapid expansion into new products and markets.
According to estimates by BCG and FT Partners, fintech currently accounts for around 4% of global financial services revenues. This figure highlights the sector’s growing importance and its transformative potential for the entire global financial system.
Conclusion: the new era of fintech
The growth of neobanks and digital assets marks the beginning of a new era for fintech. The integration of artificial intelligence, expansion into multi-product services, and adaptation to an evolving regulatory framework are redefining the rules of the game. Companies that are able to seize these opportunities will be the protagonists of the next phase of development in the global financial sector.