PitchBook：2025年一季度金融科技与支付公开报表和估值指南报告（英文版）

Market-wide concerns bleed into fintech returns: Despite a strong start to the year, initially fueled by solid Q4 2024 bank earnings and optimism following President Donald Trump’s election, shares of most public fintech companies posted negative YTD returns in Q1 2025. The shift comes from tariff fears: Concerns over a global trade war, inflation, and lower consumer spending have prompted investors to re-evaluate fintech stocks, many of which were likely overpriced at the end of 2024. • Top-per