Key US FinTech investment stats in Q4 2025:
- US FinTech deal activity grew by 25% YoY
- Californian firms accounted for 35% of all US FinTech deals, reinforcing the states position as the main FinTech hub in the country
- Armis, a California-based RegTech platform focused on cyber exposure management and regulatory-grade risk visibility, secured one of the biggest FinTech deals of the quarter with a $435m funding round
US FinTech deal activity grew by 25% YoY
In 2025, the US FinTech market presented a mixed picture across funding and deal activity.
During Q4 2025, companies secured $16.1bn in funding, representing a 31% increase from the $12.3bn raised in Q4 2024.
In contrast, deal activity saw more moderate growth over the same period, with 525 deals recorded in Q4 2025, marking a 25% increase from the 421 deals completed in Q4 2024.
However, when compared with Q3 2025, funding rose by 41% from $11.4bn, while deal volume declined by 10% from 583 deals.
This indicates that while capital deployment strengthened towards the end of the year, it was concentrated across fewer transactions, suggesting a shift towards larger deal sizes.
Californian firms accounted for 35% of all US FinTech deals, reinforcing the states position as the main FinTech hub in the country
California remained the leading state for FinTech deal activity in Q4 2025, recording 186 deals (35% share), up 48% from 126 deals (30% share) in Q4 2024.
New York followed with 98 deals (19% share), reflecting an 11% increase from 88 deals (21% share) in the prior year.
Florida and Texas each accounted for 26 deals (5% share), with Florida seeing a 13% decline from 30 deals (7% share) in Q4 2024, while Texas emerged among the top states, replacing other regions.
Overall, California strengthened its dominance in terms of both volume and share, while New York maintained a stable position despite a slight reduction in its proportional share of total deal activity.
Armis, a California-based RegTech platform focused on cyber exposure management and regulatory-grade risk visibility, secured one of the biggest FinTech deals of the quarter with a $435m funding round
The round was led by Goldman Sachs Alternatives’ Growth Equity division alongside CapitalG and Evolution Equity Partners.
Founded in 2016, Armis has built a unified platform that delivers continuous asset discovery, compliance monitoring and real-time risk intelligence across IT, cloud and operational technology environments, enabling highly regulated organisations to meet increasingly stringent cybersecurity and operational resilience requirements.
The company recently surpassed $300m in annual recurring revenue, growing 50% year on year, and now protects more than 40% of Fortune 100 companies, including seven of the top ten, across sectors such as healthcare, financial services, manufacturing and government, where regulatory scrutiny is intensifying.
The new capital will support further product innovation, international expansion and strategic acquisitions, building on three deals completed in the past two years that have strengthened Armis’s capabilities in cloud security, AI-driven defence and operational technology, and reinforcing its position as a critical RegTech partner for enterprises managing complex compliance, risk and cyber resilience obligations in an increasingly perimeter-less and regulated digital environment.
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