Y Combinator Amps Up Investing In Fintech Startups In 2025, Data Shows

Venture funding to fintech companies has grown this year and concentrated into fewer companies, Crunchbase data shows. Leading the way in backing those startups is a mix of private equity and alternative investors, with venture capital firms next in line.

Global venture funding to financial technology startups has already reached $31.6 billion across 2,558 deals in 2025 as of Sept. 11, per Crunchbase data. That’s a 17.5% increase in dollars raised compared to the $26.9 billion raised across 3,508 deals during the same time period in 2024.

When it comes to leading or co-leading rounds of $100 million or more, private equity firms including MGX, T. Rowe Price, SurgoCap Partners and Franklin Templeton are the top investors in fintech companies so far this year, Crunchbase data shows.

In March, cryptocurrency exchange Binance received a massive $2 billion investment from Abu Dhabi-based investment firm MGX. In April, Plaid, which connects user bank accounts to fintech apps, raised a $575 million round led by Franklin Templeton at a $6.1 billion valuation.

And in July, iCapital, a fintech platform for alternative investments and investors, announced that it had raised more than $820 million in a funding round co-led by SurgoCap Partners and accounts advised by T. Rowe Price Associates and T. Rowe Price Investment Management. The financing took iCapital’s valuation to over $7.5 billion.

Venture capital firms that led or co-led rounds larger than $100 million include Sequoia Capital, Founders Fund, Paradigm and Ribbit Capital.

One fintech company in particular was a recipient of funding from both private equity and venture capitalists: expense management startup Ramp. In July, the buzzy startup announced it had raised a $500 million Series E-2 at a $22.5 billion valuation led by Iconiq Capital. That round came weeks after Ramp announced it had raised $200 million in a Series E round led by Founders Fund, at a valuation of $16 billion.

YC picks up the pace

This year accelerator Y Combinator has overall invested in 100 fintech companies through Sept. 11 — far more than any other investor.

Other active investors in the space include the usual suspects, per Crunchbase data: Antler, FJ Labs, General Catalyst, Andreessen Horowitz, Coinbase Ventures, Accel and QED Investors.

Y Combinator isn’t just backing small deals, either. When it comes to rounds greater than $5 million, YC was still the most-active investor this year, participating in 43 fintech funding deals. That’s up 65.4% compared to the 26 deals that YC participated in during all of 2024, signaling a renewed interest on the accelerator’s part in the space.

Andreessen Horowitz, which has been a busy startup investor overall in recent years, was next, writing checks across 20 rounds, already more than the 19 fintech deals it participated in during all of 2024. General Catalyst is not too far behind, participating in 17 deals. Sequoia, Accel, QED Investors and FJ Labs each took part in 15 deals for fintech startups.

Meanwhile, QED Investors also led or co-led the most post-seed rounds for fintech-related startups.