FinTech IPO Outlook: Profits and Platforms May Matter More Than Ever in 2025

By any stretch of the imagination, for the FinTech IPO Index, the last 12 months have been largely kind.

Headed into 2025, the index was up more than 58% through the previous year, far outpacing the Nasdaq’s 28.6% advance through the same period.

With those gains in the rearview mirror, the question remains: What’s next? In an environment where volatility is the norm — most of our names (33 out of 45) trade still below their initial public offering (IPO) prices — profits and platforms...