The State of Fintech in 2026 (F-Prime Capital)

Summary

• In 2021 the F-Prime Fintech Index market cap rose to $1.3T, then bottomed out below $400B in 2022, and by the end of 2025 was almost back to $1T.§1
• The first months of 2026 eliminated over 80% of the Fintech Index market cap gain between year-end 2024 and 2025.§1
• Issuers such as Blackrock and Fidelity contributed to more than 75 new crypto ETFs launched in 2025.§2
• Stablecoins crossed $1T in monthly volume in 2025.§2
• Stablecoins could reduce the cost of remitting $200 from $20-30 via bank transfer to less than $1.§2
• Financial services is responsible for more than 20% of GDP in the US, but has one of the lowest adoption rates for AI agents.§2

Key insights

1. Fintech investments of the last decade have produced industry giants including Nubank, Affirm, Stripe, Toast and Robinhood.§1
2. Crypto has earned its seat next to traditional finance as regulators' posture shifted in 2025.§2
3. 2025 was not the year of AI in financial services, but adoption is coming quickly.§1
4. Tokenization is expected to expand across real estate, private credit and other private funds.§2
5. Financial services providers will ultimately benefit more from AI than be disrupted by it, while the outlook is less forgiving for legacy technology vendors.§1