Fintech IPOs Are Booming Again in the US: Is Europe Set to Follow?

In H1 2025, the global IPO pipeline experienced a significant uptick, with 539 deals raising approximately $61.4 billion in total, driven in good part by AI and fintech companies. Notably, fintech-specific IPO activity rebounded in early 2025 after virtually disappearing in 2024, with overall deal volumes hitting the highest level since late 2021.

Global market context underscores the fintech surge.

According to EY, the United States and Greater China dominated IPO in the first half of this year, while Europe’s IPO market remained subdued. In fact, European listings have been scarce: H1 2025 saw only 50 IPOs raising $5.9B in Europe, a 15% decrease by deal count and a 58% decline by proceeds year-on-year.

Nonetheless, industry experts note a growing sense that the IPO window is reopening for fintechs in Europe as well. Many companies are taking advantage of easing market volatility and the fading shock from earlier trade-war disruptions, following the April 2025 tariffs announcements by US President Donald Trump that briefly paused some IPO roadshows.

Retail investors' interest in public listings of companies powering the future of fintech and banking is gaining traction, with anything from digital payments and embedded finance to stablecoins and crypto currencies coming strong into focus.

Overall, the US market has shown that fintech can return to public exchanges with profitability, momentum, and investor appetite firmly in place. The question for Europe is: can it, and will it, follow suit?

US Fintech IPOs Leading the Rebound

Recent data illustrate the fintech IPO revival. eToro, a stock and crypto trading platform, raised about $620 million in its May 2025 IPO on the Nasdaq Global Select Market. Its shares closed 29% above the $52 offer price on day one, pushing the company's valuation to $6 billion.

Similarly, Chime, the digital bank founded in 2012 by Chris Britt and Ryan King with the mission to provide fee-free banking access and promote financial inclusion, filed its S‑1 in May 2025 after reporting its first profitable quarter, with about $12.9 million in net income. In June, Chime made a splash on Wall Street, pricing its IPO at $27 per share and opening at $43, with a 59% increase on day one. The listing gave Chime a valuation of $18.4 billion. Market watchers see Chime’s performance as a potential bellwether for other high-profile fintech IPOs in the pipeline.

A breakout was also made by the Circle Internet Group, issuer of the USDC stablecoin. Its June 2025 IPO debuted at $31 per share on the New York Stock Exchange, with the stock soaring 168% on the first day to close above $83. The debut and the following rally were fueled by new US stablecoin legislation, the Senate’s passage of the GENIUS Act, which investors hailed as a major regulatory milestone for crypto markets.

Another notable listing was Bullish, the crypto exchange backed by Peter Thiel, which made a strong debut on the New York Stock Exchange (NYSE) on August 13, 2025. The company priced its upsized IPO at $37 a share, above earlier estimates, and quickly surged to a high of $118 before closing its first day at $68, with an 83% gain. Bullish raised $1.1 billion through the sale of 30 million shares, attracting significant institutional demand from investors including BlackRock and ARK Investment.

These IPOs come amid surging investor appetite for digital asset stocks, underpinned by positive market sentiment and record highs in crypto currencies like Bitcoin and Ether. Industry leaders also point to regulation as a key driver of renewed confidence. “We’re seeing a major upswell in activity and investment in the digital asset space. Regulations are starting to come into focus in a number of jurisdictions — giving both startups and investors more confidence,” said Karim Haji, Global Head of Financial Services at KPMG International. Looking ahead to H2 2025, Haji expects digital assets and currencies to see even more growth, with Circle’s successful IPO potentially setting the stage for further crypto exits.

Ultimately, these deals illustrate the diversity of fintech trends and verticals, from consumer neobanks to crypto rails, now strongly attracting public investors and underscoring renewed fintech innovation, from mobile banking and digital assets to the surge of AI in fintech products.

Europe’s Fintech IPO Opportunity: Which Unicorns Could Lead the Way?

While Europe’s fintech IPO market remains relatively quiet, interest is growing. Several European fintech companies may consider going public in the coming year, including:

• Klarna, the Stockholm-based BNPL giant, has already filed for an IPO in March this year, but with the plan to go public on the NYSE in the US, with analysts estimating the company’s valuation in the $15 billion range. This move highlights the choices European fintechs face: access to deeper capital pools in the US versus listing domestically.
• Monzo, the UK-based digital bank, reported its second consecutive profitable year, with pre-tax profits rising 335% to £60.5 million and revenue surpassing £1 billion. The company is reportedly exploring a £6 billion IPO in 2026 with Morgan Stanley.
• Revolut, a popular European fintech super app valued at between $65 to 75 billion, is growing fast and has long been rumored for an IPO, while it's still unclear where it will be, as they haven't apparently yet decided whether to do it in London or New York.
• Other UK fintechs like ClearScore and OakNorth are also under active consideration by regulators and advisors to encourage domestic listings. Vienna-based Bitpanda, a crypto trading platform valued at around €4 billion, has also been reported exploring an IPO in Germany for this year. German digital bank N26 remains as well a potential IPO candidate, though the timeline now appears more distant following the resignation of co-CEO Valentin Stalf amid criticism from BaFin. Speaking to Handelsblatt, Stalf, who retains a significant stake in N26, reiterated that a listing remains plausible within the next two to five years.

Building the Conditions for a European IPO Wave

For Europe’s fintech champions to match the renewed IPO momentum seen in the US, structural hurdles must be addressed: smaller institutional investor bases, lower liquidity, and fragmented regulatory frameworks continue to limit the appeal of local exchanges. Yet these obstacles are not insurmountable, and the same market conditions that fueled the US fintech IPO resurgence could eventually catalyze a similar wave on this side of the Atlantic.

Fintech innovation remains strong in Europe, supported by factors that can enable successful public listings. By deepening capital markets, harmonizing regulations, and enhancing investor engagement, Europe can really foster an environment where high-growth fintechs choose to go public locally, strengthening the region’s financial services sector, and helping our ecosystem to scale and further accelerate.