After a sluggish couple of years, fintech appears to be making a comeback.
In the first quarter of 2025, fintech startups globally raised a combined $10.3 billion — marking the highest level of funding since the first quarter of 2023, according to CB Insights research. The average deal size of $17.7 million also marked the highest since 2021.
Notably, several crypto-related startups are among those raising larger rounds in 2025, a reflection of renewed investor appetite in the space.
But investors are also backing other types of financial technology companies, including some in the payments, banking, and fraud prevention sectors. Here are the U.S.-based fintech companies that raised $50 million or more so far in 2025, according to PitchBook data:
April
Plaid, which connects bank accounts to financial applications, sold approximately $575 million worth of common stock at a $6.1 billion post-money valuation. Franklin Templeton led the “oversubscribed” raise, which also included participation from new backers, including Fidelity Management and Research, BlackRock, and others, in addition to existing investors NEA and Ribbit Capital. The San Francisco-based company clarified that the financing was not, in fact, a Series E round, but rather a sale of common stock, which involves a company directly issuing new shares to raise capital. This differs from a secondary share sale, which occurs when existing shareholders sell their shares to other investors without the company receiving any new capital.
Felix, a chat-based platform that aids Latino immigrants in the U.S. to send money abroad, raised $75 million in a Series B round. QED Investors led the round, which also included participation from Monashees, Switch Ventures, Castle Island, HTwenty, General Catalyst Customer Value Fund, and Endeavor Catalyst.
Rain, a Los Angeles-based startup offering an employer-integrated earned wage access (EWA) app coupled with financial wellness features like overdraft alerts and spending trends, raised $75 million in a Series B round. The round was led by Prosus at a post-money valuation of $340 million.
Ethic, a New York City-based tech-enabled asset management startup, raised $64 million in Series D funding led by State Street Global Advisors. The round was raised at a $700 million post-money valuation, according to PitchBook.
Luna Technologies, a Cincinnati, Ohio-based wealth management platform, raised $63 million in a Series C round led by Sixth Street Growth. Existing backers Bank of America, Morgan Stanley, UBS, and TD Bank Group also participated.
Tapcheck, a Plano, Texas-based on-demand pay provider, secured $225 million in funding. The raise included a $25 million extension to its Series A round that was led by PeakSpan Capital, as well as a $200 million credit facility from Victory Park Capital.
March
Mercury, a digital banking startup, raised $300 million in primary and secondary funding at a $3.5 billion post-money valuation. New investor Sequoia led the latest round — a Series C — alongside existing backers Coatue, CRV, Andreessen Horowitz, and other new investors Spark Capital and Marathon.
Mesh, a crypto payments startup, raised $82 million in a Series B round led by Paradigm with participation from Consensys, QuantumLight, Yolo Investments, and others. The company touted that the financing was secured using PayPal USD (PYUSD) stablecoin. San Francisco-based Mesh was valued at $482 million post-money, according to PitchBook.
Flex, which offers personal finance software and payments infrastructure for business owners, raised $25 million in equity funding while securing a $200 million credit facility. The equity funds were raised at a valuation of “just under $250 million.” Titanium Ventures led Flex’s equity round, which included participation from Companyon Ventures, Florida Funders, MS&AD Ventures, AAF Management, and First Look Partners. Victory Park Capital provided the $200 million credit facility.
ONE Amazon, a Miami-based provider of crypto-powered project services intended to transform rainforest conservation into a market-driven investment opportunity, raised $105 million. Global Edge Worldwide Fund and Gorilla Technology provided the capital, according to PitchBook.
Zolve, a neobank that helps provide financial access to high-skilled and high-spending global citizens moving to the U.S., raised $251 million in a new funding round, comprising both equity and debt, as the startup aims to expand its presence and enter new geographies. Zolve raised $51 million in equity for its Series B round, led by Creaegis, with participation from HSBC, SBI, GMO, and DG Daiwa to support its expansion. Existing investors Accel, Lightspeed Venture Partners, Sparta Group, and DST Global Partners also participated. Additionally, the round involved a debt of $200 million to buy expats’ books from its partner banks to underwrite risks.
February
Bitwise, a San Francisco-based crypto-specialist asset manager, raised $70 million in a funding round led by Electric Capital at a post-money valuation of $670 million, according to PitchBook. Blockchain Coinvestors, Highland Capital, Khosla Ventures, MIT Investment Management Company, MassMutual, Haun Ventures, ParaFi Capital, General Catalyst, and a group of angel investors also participated in the financing.
Sardine, which describes itself as an AI risk platform for fraud, compliance, and credit underwriting, raised a $70 million Series C funding round led by Activant Capital. Andreessen Horowitz, Nyca Partners, Google Ventures, Geodesic Capital, Cross Creek Capital, Moody’s Analytics, Experian Ventures, and NAventures also participated in the financing. The San Francisco-based startup was valued at $680 million post-money, according to PitchBook.
Raise, an online gift card marketplace with an eye toward crypto, raised $63 million. Investors included Amber Group, Anagram (Cayman Islands), BlackPine, Borderless Capital, GSR, Haun Ventures Management, Karatage, Paper Ventures, and Pharsalus Capital, among others.
Candid Health, a revenue cycle management platform for healthcare providers, raised a $52.5 million Series C led by Oak HC/FT and existing investors. The round came six months after Candid’s $29 million Series B, which was led by 8VC with the participation of returning backers First Round Capital, BoxGroup, and Y Combinator. The Series C valued the company at $250 million post-money, according to PitchBook.
January
Phantom, a developer of a crypto wallet designed for decentralized finance and non-fungible tokens, raised a $150 million Series C round of funding at a $3 billion valuation. Sequoia Capital and Paradigm co-led the financing, which also included participation from a16z crypto and Variant.
Highnote, a San Francisco-based card issuing and embedded payments company, raised $90 million in a Series B round of funding led by Adams Street Partners with participation from existing investors including Oak HC/FT, Costanoa, WestCap, and Pinegrove Venture Partners. The round took the company’s valuation to over $750 million, according to Forbes.
Fundraise Up, a Brooklyn-based fundraising platform for nonprofits, raised $70 million in a minority growth investment led by Summit Partners, with participation from existing investor Telescope Partners.
Openly, a tech-enabled home insurance services provider, raised $193 million in a growth financing round co-led by Eden Global Partners and Allianz X, the strategic growth investments arm of Allianz. Existing backers such as Advance Venture Partners, Obvious Ventures, Clocktower Technology Ventures, and Point Judith Capital also participate in the financing.
