Don’t forget to save your spot with the F-Prime team for a virtual presentation and discussion of our findings on Tuesday, February 24 at 12pm ET / 9am PT.
By Sarah Lamont
A decade ago, Robinhood was dismissed as a toy trading app, Nubank was “just another neobank,” and Shopify was viewed as a website builder for side hustles. But by the end of 2025, those three companies had contributed nearly 80% of the $200B+ market cap gain in the F-Prime Fintech Index over the last year. 2025 is the year we can definitively say that new financial services giants were forged over the last ten years.
Consider what these companies have become:
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With nearly $30B in deposits each, Revolut, SoFi, and Nubank now rank in the top 1.5% of US banks by deposits
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Klarna and Affirm’s GMV put the BNPL players in the top 25 US credit card issuers by purchase volume
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Stripe and Adyen — each with $1.4T in TPV in 2024 — are now tied as the fifth-largest global merchant acquirers
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Toast now processes ~15% of restaurant payment volume, ranking third by market share
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Coinbase and Robinhood rank among the top 10 US online brokerages by assets
These disruptors are no longer “breaking into” the industry. They have arrived and are re-defining their categories.
Much like Uber, PayPal, and Square were initially dismissed and eventually became leaders in their respective categories, so too have companies like Nubank, Affirm, Stripe, Toast, and Robinhood become leaders in theirs. Furthermore, F-Prime Fintech Index companies are only continuing to improve on the core fundamentals: these 54 companies grew revenue at an average 29% last year, while marching towards profitability; all sectors meaningfully improved net income margin since the ‘growth-at-all-costs’ era five years ago.
The first months of 2026 brought sharper market discipline than many expected, eliminating over 80% of the Fintech Index market cap gain between year-end 2024 and 2025. Despite the Q1 2026 sell-off, we believe financial services providers will ultimately benefit more from AI than be disrupted by it. Scaled fintechs still capture less than 10% of total US financial services revenue, and there is so much more to build. The last decade forged the next generation of great financial services companies, and AI is going to create the next.
Check out our full State of Fintech 2026 report at the F-Prime Fintech Index.