Fintech investment in the Americas fell considerably between H2’24 and H1’25 — falling from $35.7 billion to $26.7 billion; deal volume saw a more modest drop, from 1,150 in H2’24 to 1,092 in H1’25. The US accounted for four of the five largest deals in H1’25, including Next Insurance ($2.6 billion),¹ Ninja Trader ($1.5 billion),² Enfusion ($1.5 billion)³ and Hidden Road ($1.2 billion).⁴ The largest deals outside of the US included a $2 billion VC raise by Grand Cayman-based cryptocurrency exchange Binance,⁵ the $916.5 million take-private of Canada-based of cloud solutions company Converge Technology Solutions by H.I.G. Capital,⁶ and a $366 million VC raise by Argentina-based neobank Ualá Bank.⁷
US attracts largest share of fintech investment in Americas
The US accounted for $20.9 billion of the fintech investment across 889 deals in H1’25 — down from $26.7 billion across 929 deals in H2’24. After reaching a record-breaking $7.5 billion in H2’24, fintech investment in Canada fell to $1.6 billion in H1’25 — still a solid total compared to historical norms; deal volume in Canada remained steady at 60. Brazil, meanwhile, saw fintech investment fall from $541 million across 59 deals in H2’24 to 339.3 billion across 47 deals in H1’25.
Investors in Americas being very selective
In the Americas, fintech investors were highly selective in H1’25 across all deal types, prioritizing investments in companies with strong foundational fundamentals, real market share, and real profitability over speculative investments in companies with big ambitions. This selectivity was driven in part by global geopolitical tensions and related trends, but also by some sub-regional challenges. Latin America, for example, is seeing some investor uncertainty given concerns about upcoming elections in jurisdictions like Chile.
Trends to watch for in H2’25
- The impact of the passage of the GENIUS Act in the US driving additional interest into the crypto and stablecoin space.
- Resilient and relatively steady fintech investment, particularly in the US, with increasing transactions as uncertainties stabilize.
- Additional activity in the blockchain space given the proliferation of live and in-production solutions.
- Growing interest in specialized lending, including in areas like agro-lending.
- Corporates continuing to divest non-core assets to double down on their core competencies.
- Growing hyperfocus on vertical specialization.
- Non-bank institutions in Latin America entering the fintech space by expanding payment capabilities, such as integrating them into transit cards.
Explore the H1'25 report
¹ Next. “ERGO gains access to the U.S. market with the full acquisition of NEXT Insurance” 20 March 2025.
² NinjaTrader. “Kraken to Acquire NinjaTrader: Introducing the Next Era of Professional Trading,” 20 March 2025.
³ Reuters. “Clearwater to buy software maker Enfusion for $1.5 bln in expansion push,” 13 January 2025.
⁴ Reuters., “Crypto firm Ripple to buy prime broker Hidden Road for $1.25 billion,” 8 April 2025.
⁵ Fortune. “Binance nets biggest ever crypto investment as UAE-backed MGX puts in $2 billion,” 12 March 2025.
⁶ PR Newswire Canada. “Converge Technology Solutions to be Acquired by H.I.G. Capital,” 7 February 2025.
⁷ Ualá Bank. “Ualá Secures Additional $66M in Second Close, totalling $366M for its Series E Funding Round,” 20 March 2025.
Our people
Karim Haji
Global Head of Financial Services, KPMG International, Head of Financial Services, KPMG in the UK
KPMG in Luxembourg
