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The Asian FinTech sector experienced a notable downturn in funding during Q3 2025, with overall investment volume shrinking year-on-year. While deal activity showed a modest recovery compared to the previous quarter, a significant shift away from high-value transactions underscored a more cautious investment climate. Amidst this backdrop, Click, Uzbekistan’s premier digital payments and financial services platform, secured one of the quarter’s most significant deals through a strategic partnership with JSC Halyk Bank.
Q3 2025: A Pullback in Asian FinTech Funding
The third quarter of 2025 witnessed a clear retrenchment in capital deployed across the Asian FinTech landscape. Total funding reached $1.6 billion, representing a 19% year-on-year decline from the $2 billion recorded in Q3 2024. This also marked a substantial 35% decrease from the $2.5 billion raised in Q2 2025, highlighting a sequential slowdown in investment.
Despite the dip in total funding, deal activity presented a mixed picture. The quarter saw 117 deals, an 11% reduction from the 131 deals completed in Q3 2024. However, this represented an encouraging 18% increase compared to the 99 deals observed in Q2 2025, suggesting a slight uptick in the number of transactions, even if their cumulative value was lower.
The average deal size in Q3 2025 contracted to $13.7 million, down from $15.1 million in Q3 2024 and significantly below the $25.1 million reported in Q2 2025. This trend points to a discernible shift in investor preference, moving away from mega-rounds towards smaller and potentially earlier-stage financing commitments within the FinTech ecosystem.
High-Value FinTech Deals Plummet as Investor Caution Prevails
An in-depth look at funding patterns by deal size further emphasizes the prevailing investor caution. Deals valued at less than $100 million collectively amounted to $1.3 billion in Q3 2025. This segment surprisingly saw a 6% increase from the $1.2 billion in Q3 2024 and a 32% rise from the $1 billion raised in Q2 2025, indicating continued appetite for mid-sized and smaller FinTech transactions.
In stark contrast, large-scale deals of $100 million or more experienced a dramatic decline. These high-value transactions plunged to just $278 million, a staggering 62% drop from the $726 million recorded in Q3 2024 and an even more significant 81% decline from the $1.5 billion seen in Q2 2025. This steep fall in late-stage, high-capital commitments illustrates a more conservative funding environment across Asia, with investors tightening their purse strings and potentially re-evaluating risk in larger FinTech ventures.
Click and Halyk Bank Forge Landmark $237M Strategic Alliance in Uzbekistan
Defying the broader market trends, Click, Uzbekistan’s prominent FinTech platform offering digital payments and financial services to millions, secured one of Asia’s most substantial deals of the quarter. This landmark $237 million strategic partnership with Kazakhstan’s JSC Halyk Bank is set to reshape the financial services landscape in Uzbekistan.
The intricate agreement involves Halyk acquiring a 49% stake in Click for $176.4 million. Simultaneously, Click’s shareholders will obtain a 49% stake in Tenge Bank, Halyk’s Uzbek subsidiary, valued at $60.76 million. This innovative transaction represents the largest private sector deal ever recorded in Uzbekistan, highlighting its monumental significance for the region’s economic development.
By synergizing Click’s robust FinTech ecosystem with Halyk Bank’s established banking presence, the partnership aims to catalyze the development of cutting-edge digital financial services for both retail and SME customers. This collaboration is expected to fuel product innovation, expand market reach, and accelerate the digitalization of financial services across the region. The transaction is currently awaiting regulatory approval from authorities in both Kazakhstan and Uzbekistan.