Mergers Change the Game: A Look Back at 10 Years of M&A in Fintech, L’Année du M&A
November 18, 2025Morgan Lewis, together with L’Observatoire de la Fintech, has released The Year in M&A, a study analyzing mergers and acquisitions within the French fintech ecosystem, with contributions from key players across the banking, insurance, investment, and technology industries.
The report provides a comprehensive overview of the dynamics affecting French fintechs.
“The fintech sector has reached a new stage of maturity,” said partner Alexandre Omaggio. “After a period of dynamic expansion, the focus is now on rationalization and consolidation. Mergers and acquisitions (M&A) are playing an increasingly crucial role, either as a tool for growth and technology acquisition, or as a means of ensuring the long-term viability of some companies.”
Findings of the report include:
- Nearly one M&A deal occurred per week in 2024, compared with one per month in 2020.
- 43% of transactions involve other fintechs—reflecting the sector’s growing self-sufficiency.
- Software and IT service providers account for almost 20% of acquirers.
- All verticals are active: payments, lending, regtech, insurtech, crypto, and beyond.
- The average age of targets is 10 years, aligning with the creation wave of 2016–2018.
“Fintech, traditionally funded by specialized players such as technology investment funds, is now attracting the attention of more traditional investors with considerable resources. This influx of capital will significantly boost the sector’s innovation capacity by enabling massive investments,” said partner Hubert de Vauplane. “Acquisitions will reshuffle the deck between established players and new entrants, raising competitive challenges.”