Hello fintech friends,

The story of the last year is that fintech fundraises continued to fall from the 2020 / 2021 high-water mark.

The story often lags the reality a bit – in reality, after a sharp drop-off in 2022, fintech deal counts have remained pretty consistent:

And fundraising is trending up, with bright spots like higher Series A valuations:

Carta, FT Partners, and CB Insights always publish great end-of-year data on the fintech capital market. In advance of those reports, we're sharing the 10 largest fintech fundraises of 2025.

To make the cut on this list, you had to raise $250 million in equity. That means a lot of $100 to $150 million rounds weren't in the top 10 (or even top 15).

(And this list doesn't include secondary rounds like Stripe or Revolut's tender offers.)

We always break down fundraise trends in Sophie Vo's quarterly Signals writeups to analyze common themes: what products are hot? Which rounds are crowded and which are quiet? Are down-rounds trending up? Our Q4 wrapup will be out soon, but in the meantime you can see the three other wrapups from 2024 here:

Signals Q3’24: Can fintechs bank on brokered deposits?

A roundup of fintech fundraises, exits, and product launches in Q3. Also: Regulatory takeaways from Synapse’s collapse, digital ID wallets, and $MOODENG.

This Week in FintechSophie Vo

Signals Q2’24: Later-stage fintech rounds are SO back

A roundup of fintech fundraises, exits, and product launches in Q2. Also: Trends in AI, alternative investments, and the debate on how to regulate earned wage access.

This Week in FintechSophie Vo

Signals Q1’24: The EU illegalized crypto laundering

A roundup of fintech fundraises, exits, and product launches in Q1. Also, PE firms are honing in on key sectors, free tax filing is finally here, and how the EU’s new AML rules impact crypto.

This Week in FintechSophie Vo

Here they are – the 10 largest fintech fundraises of 2024:

1. AlphaSense, a financial markets intelligence and question/answer platform, raised a fresh round of $650 million at a $4 billion valuation and announced its acquisition of intelligence rival Tegus for $930 million in cash and stock. Alphasense is used by over 4,000 enterprise customers, including a majority of the S&P 500. The acquisition will provide customers with a comprehensive combined public and private content offering, further consolidating its leadership in market intelligence.

AlphaSense hits $4B valuation (TWIF 6/15)

Hello Fintech Friends, Join us over the next couple weeks across three continents of fintech events in Boston, London, and Bangalore: TWIF x Silicon Valley Bank Happy Hour · LumaWho: Boston’s best early-stage founders and operators What: Fintech Happy Hour with drinks, light bites and thought-provoking discussions! Where: 53 State

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2. Mynt, the firm that manages the Philippines-based neobank and payments app GCash, raised $393 million from Japanese bank Mitsubishi UFJ Financial Group at a $5 billion valuation. GCash boasts 94 million users in a nation with a population of 112 million.

Mynt raises $393M and Bilt raists $150M (TWIF 8/3)

Hello Fintech Friends, We’re bringing our popular NYC Fintech Coffees to San Francisco! ☕ Join us on September 5th from 8-10am for our first monthly Fintech Coffee, co-hosted with Silicon Valley Bank 👇 San Francisco Fintech Coffee · LumaPlease note - Given the demand and limited capacity, registration and approval are required for

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3. Monzo, the UK neobank, raised a total £340 million Series I round. The first tranche of the Series I round saw Alphabet’s CapitalG and Google’s GV make a rare co-investment; the extension saw existing investors such as CapitalG throwing more cash into the pot, alongside new backer Hedosophia, which had previously backed Monzo rival, Wise. The bank plans to make inroads into the US in 2025.

Monzo outMonzos itself (TWIF 5/11)

Hello Fintech Friends, Monzo’s £150 million Series I round continues to grow – we’ll probably be covering it again next week – and it’s not even the largest fundraise of the week. ‘Phantom debt’ from ‘buy now, pay later’ schemes is a $700 billion black hole that economists aren’t accounting forExperts

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4. (Tied) Ualá, Argentina's mobile payments and debit card provider, secured $300 million at a $2.75 billion valuation to expand its financial services across Latin America. The company offers a mobile application for managing a Mastercard prepaid debit card, among other services.

Come for the happy hour, stay for the founder journey (TWIF 11/16)

Hello Fintech Friends, One of my favorite stories from our fintech events is about the Affiniti founders, who are building an SMB banking and payments platform. They came to a TWIF event in 2021, which they couldn’t get into as Berkeley undergrads due to the venue’s age restrictions. Instead of

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5. (Tied) Quantinuum, a quantum computing startup with financial services institutions as customers, raised $300 million at a $5 billion valuation from JP Morgan.

In financial services, quantum computing is big business 🖥️ (TWIF 1/20)

Hello Fintech Friends, Are you not entertained? That’s how we feel looking at 23 new fintech funding announcements this week, including $75 million for an earned wage access provider, $100 million for a Chinese digital asset exchange, and $300 million for a bank-focused quantum computing platform. All in all, fintechs

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6. (Tied) One, the consumer fintech platform mostly owned by Walmart, raised a funding round over $300 million at a $2.5 billion pre-money valuation.

One is Enough for $300 Million (TWIF 12/14)

Hello Fintech Friends, Fintech capital markets are picking up, as companies rush to finalize (and announce) their fundraises before the end of the year. 25 new fundraises were announced this week, with 1 upcoming announce raised. And these were not tiny rounds: Walmart-backed One secured another $300 million at a

This Week in FintechNik Milanović

7. Zepz, the cross-border money transfer service formerly known as WorldRemit, raised an additional $267 million of capital – from backers including the World Bank.

Zepz brings the World Bank into its $267M round (TWIF 10/5)

Today’s newsletter is brought to you by: Hello Fintech Friends, Business Insider just released their list of the 49 promising fintechs; it was great to see a lot of friendly companies that made it this year, as well as Fintech Fund portco’s Cascading AI, Coast, Confido, and TransFi. (h/t

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8. Human Interest, a startup that lets smaller companies offer retirement plans and 401k's, raised $267 million at a $1.33 billion valuation.

The return of late-stage rounds (TWIF 10/12)

Hello Fintech Friends, This week saw the roaring return of later-stage financing rounds in fintech, with 5 fundraises over $70 million, led by Human Interest’s $267 million raise at a $1.3 billion valuation. Brazilian financial software provider Asaas and event payments platform atVenu also both pulled in over $100

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9. Sikich, a professional services company that provides accounting technology, received a $250 million private equity investment.

Monzo outMonzos itself (TWIF 5/11)

Hello Fintech Friends, Monzo’s £150 million Series I round continues to grow – we’ll probably be covering it again next week – and it’s not even the largest fundraise of the week. ‘Phantom debt’ from ‘buy now, pay later’ schemes is a $700 billion black hole that economists aren’t accounting forExperts

This Week in FintechNik Milanović

10. Rise Growth Partners, which conducts enterprise readiness assessments of RIAs, raised $250 million.

In the wake of FTX, new crypto exchange competition heats up (TWIF 2/3)

Hello Fintech Friends, New centralized and decentralized exchanges are on a fundraising tear at the moment, as a perceived gap in the market opens up to win trading business from incumbents. This week alone, Cube Exchange – a new type of hybrid on/off-chain exchange – raised funding from our friends at

This Week in FintechNik Milanović

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Honorable Mentions

• Svatantra Microfin, an Indian non-bank lender, raised $230 million.

Monzo’s Revenge (TWIF 3/9)

Hello Fintech Friends, Fintech’s comeback era is on display in this week’s fundraises: Monzo brought in $400 million at a $5 billion valuation, Indian microfinance lender Svatantra raised $230 million, and Saudi payments firm Salla raised $130 million. Our portfolio company Argyle,* which offers a unified income and employment verification

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• Bilt Rewards, which allows consumers to earn rewards on rent and daily neighborhood spend, raised $200 million at a $3.1 billion valuation.

Bilt Rewards raises $200M and doubles valuation to over $3B (TWIF 1/27)

Hello Fintech Friends, I admit I am an embarrassingly bad podcast listener, but I am very, very excited for Julie’s upcoming Fintech OG’s interview series, in partnership with FS Vector. Julie has always been a masterful interviewer, but she now has a great group with her, including many fintech people

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• Rippling, the global payroll, HR, and benefits platform, raised $200 million in Series F funding at a $13.5 billion valuation and tendered an offer to repurchase up to $590 million of equity from shareholders.

QI Tech becomes the next Brazilian unicorn; Rippling hits $13.5B (TWIF 4/27)

Hello Fintech Friends, I enjoyed the Financial Times’ coverage of the resurgence in fintech valuations and financial performance this year: Fintech finally starts to add up for investorsMore firms may be seeking listings in the next year I still believe that many of the world’s next unicorns are being built

This Week in FintechNik Milanović

• Earned Wealth, a startup that advises doctors on their professional and personal finances, raised $200 million in order to pursue acquisitions.

Nala raises $40M Series A to expand into B2B payments (TWIF 7/13)

Hello Fintech Friends, Coming to Fintech Devcon in Austin? (You should.) We’ll see you there! We are excited to invite you to an exclusive happy hour event, hosted in collaboration with our wonderful partners at Method & Rutter. Join us for an evening of great conversations and networking with top

This Week in FintechNik Milanović