Consolidation in the fintech sector is happening at pace, with disclosed deal value for transactions over $100 million in the first half of the year already close to double the total for all of 2024, according to new analysis from investment bank Artis Partners.
Based on PitchBook data, Artis estimates that as of June 2025, disclosed deal value stands at $3.9 billion, compared to $2 billion for the whole of 2024 — and the current pace suggests this figure could double again by year end.
"The consolidation wave is no longer coming — it’s already reshaping the market in real time,” says Victor Basta, managing partner at Artis Partners. “Fintech M&A is being driven by buyers targeting the maturing middle tier: profitable, commercially proven companies that are no longer breakout IPO stories but hold strong strategic value.”
These are not unicorns like Klarna or Revolut, nor early-stage single-product fintechs. Instead, buyers are focusing on companies generating up to £100 million in revenue, growing steadily, and often already profitable or break-even after cost-cutting and tighter capital conditions.
Says Basta: “For successful middle tier fintechs, growth has become more expensive. This is particularly true for consumer facing players where customer acquisition costs have risen, and also in the payments space where beyond a certain size, growth stage fintechs find it harder to compete with much larger incumbents. These problems associated with hitting a natural ceiling, and that’s exactly where strategic buyers see opportunity. They’re acquiring platforms they can scale further or fold into broader ecosystems.
"This is the next chapter in the European fintech story. It’s not about the next unicorn. It’s about the next wave of exits — and the reshaping of the ecosystem that will follow.”