What’s Inside?

We are pleased to be sharing our latest report with you. In this report, we look at the emerging trends and notable M&A transactions in Financial Technology during the second half of 2025.

During this half year we saw significant interest in the Asset & Wealth Management space (Francisco Partners et al.’s acquisition of Clearwater, a cloud-based investment accounting and analytics platform, along with Carlyle’s acquisition of Intelliflo, the financial advisory software provider). We also saw notable deals in Data and Analytics (S&P Global’s purchase of data and research provider With Intelligence, along with TA Associates’ acquisition of analytics, insights, and trading technology provider FD Technologies).

• Payments experienced a high level of M&A in H2 2025, with 69 companies acquired in this sector, representing 28% of total deals reported. Data and Analytics was in second place at 32 transactions, representing 13% of deals reported. Banking Software earned the third place at 30 transactions, representing 12%.
• Overall, deal volumes increased markedly in H2 2025 vs H1 2025, with 245 in the current half versus 118 in the prior half.
• Average deal values, where reported, saw a marked overall increase in H2, with a roughly $30 million increase when excluding deals larger than $1 billion as outliers. H2 saw ten transactions valued at $1 billion or more.
• Public company valuations decreased during the half-year, dropping from the highs of late 2024.
• Overall, the M&A market for Financial Technology saw a heightened level of activity compared to the previous half-year, with the number of acquisitions notably increasing in Payment deals. Acquisition numbers increased across other sectors as well.

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