A polarization illustrated by the increase in the average ticket, which goes from 17 million euros for the first half of 2025 to 45 million euros for the first half of 2026.
This July 7, the Observatory of Fintech unveils “The Fintech Semester”, a study which provides an overview of the French ecosystem over the first half of 2026. The opportunity to learn several lessons.
First of all, funding for the sector is increasing. In the first half of the year, French fintechs raised 1.25 billion euros, compared to 827 million euros for the same period in 2025, an increase of 51%.
This increase must, however, be interpreted with caution because it occurs in a context of a sharp decline in the number of operations. Indeed, the ecosystem recorded 28 fundraisings for the first six months of the year, compared to 48 for the first half of 2025. Unsurprisingly, the average ticket increased, going from 17 million euros for the first half of 2025 to 45 million euros for the first half of 2026.
The amounts collected therefore increased, but they were distributed among a reduced number of actors. For example, Alan, Pennylane and Morpho alone raised 930 million euros, or 74% of the half-year total. “Funding remains available to the most visible, mature or strategic companies, but it is not diffused evenly across the entire ecosystem,” the report notes.
On the sector side, insurtech has raised the most funds, helped by Alan who obtained 580 million euros via two funding rounds. Behind, the “middle and back office” and “blockchain and cryptos” complete the podium with respectively 263 million euros and 196 million euros. Note that these three sectors represent 87% of the amounts raised by the French fintech in the first half.
Another lesson from the study to note is that the number of M&A is in decline. It amounts to 16 operations, compared to 23 in the first half of 2025 and 32 in the first half of 2024. “The transactions recorded do not necessarily reflect a withdrawal from M&A, but above all an evolution of its drivers. Acquirers are now targeting more specialized assets, capable of completing an existing offering, accelerating a product roadmap, strengthening a sectoral position or providing a differentiating regulatory or technological brick”, explains the Observatory of Fintech. A trend that can be illustrated by the acquisition of Slope by Akur8 which allows the insurtech to complete its pricing and risk analysis offering with a component dedicated to life insurance.
Finally, the report notes that the first half of 2026 marks a clear acceleration in activity cessations. There are 20, compared to 6 at the same period in 2025. Nothing to panic according to the study: “This increase should not be interpreted solely as a signal of crisis. It also reflects a phase of consolidation after several years of strong business creation, abundant fundraising and then progressive tightening of financing conditions.”
