波士顿咨询&QED投资者：2025年全球金融科技报告：规模化赢家与新兴颠覆者（英文版）（38页）.pdf

1、FINANCIAL INSTITUTIONSGLOBAL FINTECH REPORT 20253RD EDITION,COAUTHORED BY BCG AND QED INVESTORSFintechs Next Chapter Scaled Winners and Emerging DisruptorsJune 202503 12 Key Highlights04 Introduction05 Despite Current Volatility,a Fintech Spring Is Underway09 Fintech Penetration Resembles Swiss Chee

2、se:Plenty of Holes 13 Forecast:Five Trends That Will Shape the Next Chapter in Fintech31 Where We Go from Here:Calls to Action35 ConclusionContentsBOSTON CONSULTING GROUP +QED INVESTORSFINTECHS NEXT CHAPTER:SCALED WINNERS AND EMERGING DISRUPTORS 312 Key HighlightsGlobal fintech revenues grew robustl

3、y at 21%in 2024(versus 13%in 2023),driven by impressive results from challenger banks and trading and investment fintechs.The pace at which fintechs outgrew incumbents in 2024.Increase in average EBITDA margins of public fintechs in 2024as fintechs continued to shift from a“growth at all costs”to a“

4、sustainable growth”mindset.The number of fintechs,globally,founded before 2016 that have raised more than$500 million in cumulative equity funding and that have not yet gone public.21%25%1503xTotal revenue generated by fintechs with more than$500 million in annual revenuerepresenting approximately 6

5、0%of the global fintech industrys total revenue.Share of global banking and insurance revenue pools penetrated by fintechswith many holes remaining by both vertical and geography.Segments out of 23 in which fintech success has been concentrated so far:digital wallets,acquiring and vertical SaaS,chal

6、lenger banking,crypto trading,and BPNL.The number of profitable challenger banks globally with at least$500 million in annual revenue.Their odds of success are higher in product and customer expansion than in global expansion.$231B5243%Future fintech growth will be driven by B2B(2X),financial infras