Fintech Outlook 2026 (Portage)
Summary
- Portage is a global fintech investment platform managing $6.4B of AUM with more than 130 portfolio companies.p.2
- Public fintech valuations faced a reset in early 2026, with the Portage Fintech Index down 24.8% year to date through early April.p.3
- Global venture dry powder remained high at $164.7 billion in 2025, up from $148.8 billion in 2024.p.4
- Alternative reinsurance capital reached a record level approaching $120 billion in 2025.p.11
- Embedded insurance gross written premiums are projected to exceed $70 billion by 2030, compared to $13 billion today.p.11
- Wealthtech venture funding grew roughly 80% year-over-year in 2025 to $6.3 billion.p.20
Key insights
- Software multiples compressed in early 2026, bringing SaaS EV/revenue trading multiples to 4.4x, close to payments at 4.3x.p.3
- AI disruption risk is lowest in mission-critical, highly regulated platforms such as policy administration and core banking.p.4
- Fintech exit markets are gradually reopening through strategic M&A and sponsor-backed transactions rather than IPOs.p.5
- FedNow processed over 8 million payments in 2025, representing a nearly 5x increase year-over-year.p.14
- Crypto scams accounted for $17 billion in losses in 2025, with AI-enabled scams yielding 4.5 times the profits of traditional scams.p.14
- Average SEC penalties per enforcement action in the U.S. rose from approximately $5 million in 2015 to nearly $14 million in 2024.p.17
- Generational wealth transfer is expected to drive the movement of over $170 trillion in global assets by 2045.p.20
Investors in this report
Topics and entities
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