VC fundraising for financial services software companies
Fintech infrastructure and financial services software has reset materially from 2021 highs. Capital is concentrated in operators with clear bank, broker-dealer or insurer commercial traction, and a smaller set of FIG-specialist firms does most of the underwriting. Regulator-aligned controls weigh alongside conventional SaaS metrics.
The active investor set is mostly FIG-specialist seed and growth funds, fintech-fluent generalists, and bank and insurer corporate venture arms that invest where there's a clear path to a commercial relationship. Flow has direct relationships with the FIG specialists and the bank, broker-dealer and insurer CVCs that fund financial services software.
Flow has experience running VC fundraising processes for financial services software companies across core banking and lending, capital markets and trading, wealth and asset management, risk and compliance technology, and treasury and back-office accounting. Our extensive investor network spans early-stage seed funds, growth-stage investors, and strategic and corporate VC arms.
"Financial services software" KPIs VC investors look at
The metrics venture investors benchmark before pricing a round - in diligence, at the IC table, on the term sheet.
ARR
Net retention
FI logo count
AUM- / tx-linked revenue
Implementation backlog
Renewal rate
Customer concentration
Gross margin
CAC payback
Compliance posture
Financial services software valuations in May 2026
Public financial services software comps trade at 3.7x EV/Revenue. Median revenue multiple across financial services software VC rounds was 15x in the last 12 months.
3.7x
Median EV/Revenue as of May 2026 for public financial services software companies
8.8x
S&P Global is the highest valued public financial services software company based on EV/Revenue (excluding outliers)
4.7x
Median EV/Revenue across financial services software M&A deals in the last 12 months
15x
Median EV/Revenue across financial services software VC rounds in the last 12 months
Key recent financial services software VC rounds
$175M Undisclosed stage raised by Paymentology was the largest financial services software VC round completed in the last six months.
See all financial services software VC rounds| Logo | HQ | Description | Investors | |||||
|---|---|---|---|---|---|---|---|---|
May-26 | Paymentology |  | Paymentology is a Johannesburg-headquartered global issuer-processor following its 2021 acquisition by SaltPay alongside Tutuka. The multi-cloud platform supports banks and fintechs issuing cards in 50 countries with 24/7 local support across 14 time zones. | Apis PartnersAspirity Partners | $175M | - | Undisclosed stage | |
Apr-26 | Rogo |  | Rogo is a generative AI platform designed for financial institutions including investment banks, asset managers, and private equity firms. The system processes deal documents, financial models, and market data to generate summaries, scenario analyses, and strategic recommendations while adhering to SOC 2 Type II and GDPR compliance standards. Rogo streamlines due diligence, pitch book creation, and portfolio monitoring for teams handling mergers, acquisitions, and capital raises. | BoxGroupEvantic Capital+8 | $160M | $2.0B | Series D | |
Dec-25 | Imprint | | Imprint is a financial technology company specializing in co-branded credit cards and loyalty programs. It collaborates with consumer brands to launch customized rewards cards featuring digital experiences and brand-specific perks integrated through its technology stack. | HedosophiaKhosla Ventures+5 | $150M | $1.2B | Series D | |
Apr-26 | Upstage |  | - | Axiom Asia Private CapitalHyundai+8 | $119M | $661M | Series C | |
Mar-26 | Upvest |  | - | Bessemer Venture PartnersMichael Spirito+2 | $90M | $735M | Series D | |
Jan-26 | Stream | | Stream is a UK-headquartered financial services company offering on-demand earned wage access through its mobile app at stream.co. Employees access up to 50% of accrued wages instantly without fees, employer advances, or credit checks. The service integrates with payroll systems like ADP and Xero, reducing reliance on payday loans and overdrafts while providing full payment control to combat debt cycles for hourly and salaried workers. | Ascension VenturesBalderton Capital+6 | $90M | - | Series D | |
Apr-26 | Modus | | Modus is a platform that develops AI tools for audits and acquires CPA firms to complete them faster than traditional methods. It combines workflows with IT and security services for accounting firms. | Comma CapitalGarry Tan+1 | $85M | - | Series A | |
Jan-26 | Superstate | | Superstate is a New York-based developer of blockchain-enabled investment products, including tokenized U.S. Treasury bill funds accessible via cryptocurrency wallets. Its Superstate U.S. Government Money Market Fund holds short-term securities compliant with SEC regulations, allowing on-chain redemptions and yields settled in stablecoins. The platform partners with custodians like Fireblocks for secure storage and integrates with DeFi protocols. Superstate targets institutional and retail crypto investors seeking regulated fixed-income exposure on blockchains like Ethereum. | 1kxBain Capital Crypto+10 | $83M | - | Series B | |
May-26 | Moment | | Moment is a New York-headquartered fixed-income platform that unifies trading, research, portfolio management, compliance, and risk reporting for institutional investors and fintech firms. The system provides order and execution management, real-time analytics, portfolio accounting, automated bond execution, smart order routing, and fractional bond access through SOC-2 certified infrastructure with API integrations. | Andreessen HorowitzAvra Capital+1 | $78M | - | Series C | |
Jan-26 | Rogo | | Rogo is a generative AI platform designed for financial institutions including investment banks, asset managers, and private equity firms. The system processes deal documents, financial models, and market data to generate summaries, scenario analyses, and strategic recommendations while adhering to SOC 2 Type II and GDPR compliance standards. Rogo streamlines due diligence, pitch book creation, and portfolio monitoring for teams handling mergers, acquisitions, and capital raises. | Alt CapitalBoxGroup+10 | $75M | $750M | Series C | |
Nov-25 | Model ML | | Model ML is a New York-based provider of AI workspaces for investment banks, private equity, and consultancies analyzing finance data from emails, SEC filings, CRM systems, and third-party sources. The platform deploys AI agents for automated research, pitch deck generation, and earnings reports in single-tenant cloud environments ensuring SOC 2 compliance. | 13books CapitalFinancial Technology Partners+4 | $75M | - | Series A | |
Apr-26 | Wealth.com | | Wealth.com is a San Francisco-based digital estate planning platform that centralizes asset visualization, management, and beneficiary access for individuals and families. Users build interactive plans encompassing real estate, investments, insurance, and digital holdings stored securely online. The service facilitates updates for life events and grants emergency access protocols. Offered as an employee benefit by corporations, Wealth.com enhances workforce financial wellness through employer-sponsored subscriptions. | 53 StationsAlumni Ventures+10 | $65M | - | Series B | |
Dec-25 | Aztec | | Aztec is a London-headquartered protocol enabling private transactions on Ethereum using zero-knowledge proofs. The Aztec Network powers zk.money for shielded DeFi and supports PLONK proving system for fast scalability. Deployed as a layer-2 rollup, it processes confidential payments and smart contracts compatible with Ethereum Virtual Machine. Launched in 2021, Aztec collaborates with Polygon and Optimism on interoperability standards. | - | $61M | - | Undisclosed stage | |
Apr-26 | MillTechFX by Millennium Global | | MillTechFX by Millennium Global is an FX-as-a-service platform offering independent execution, hedging, settlement, and margin management for fund managers, institutional investors, corporates, and global businesses. Users access preferential rates and credit from more than 10 Tier 1 banks through a single marketplace. The service handles regulatory reporting, reconciliation, and transaction cost analysis. | Apax Partners | $60M | $325M | Undisclosed stage | |
Mar-26 | Alacriti | | Alacriti develops SaaS payment processing solutions for financial services, insurance, healthcare, and utilities. The company provides software, services, and outsourcing to large organizations. | - | $50M | - | Undisclosed stage |
VC investors active in financial services software
Y Combinator is the most active VC investor across financial services software, having invested in 77 startups in the last three years.
See all financial services software VCs| Logo | HQ | Description | Key portfolio | |||
|---|---|---|---|---|---|---|
Y Combinator | | Y Combinator is a San Francisco-headquartered startup accelerator that funds and mentors early-stage technology companies across sectors like software, biotechnology, and fintech. Since its inception in 2005, it has propelled alumni including Airbnb, Dropbox, and Stripe through intensive three-month programs featuring Demo Days and investor networks. | GreenboardCopperlaneKita Technologies+2 | 77 | Pre-seed | |
Andreessen Horowitz | | Andreessen Horowitz is a Menlo Park-headquartered venture capital firm founded in 2009 that targets seed through late-stage investments in software infrastructure, consumer internet, enterprise applications, fintech, cryptocurrency, and biohealthcare. The firm has backed Airbnb, Coinbase, GitHub, Lyft, and Stripe, maintaining offices in San Francisco and Santa Clara. | MomentStitchSegura+2 | 22 | Seed | |
Techstars | | Techstars is a Boulder-headquartered global network founded in 2006 that operates over 50 accelerators annually across 15 countries. It invests $120,000 in exchange for 6 percent equity in 500 startups yearly, spanning AI, sustainability, and healthcare. The firm manages a venture fund deploying capital into alumni companies and runs corporate partnerships with brands like Amazon and Barclays for innovation pilots. Techstars portfolio exceeds 3,500 companies valued over $15 billion collectively. | UpwardliFintaloCariqa+2 | 22 | Pre-seed | |
Antler |  | Antler is a Singapore-headquartered global venture capital firm founded in 2017 that invests in early-stage tech companies. It operates day-zero programs in 27 cities, backing 1,000+ startups with $100 million deployed annually across AI, fintech, and sustainability. Portfolio includes unicorns like Hold One and Tiqets, with a network of 3,000 mentors and 700+ investors for follow-ons. | HarperNCSpeechCreem+2 | 20 | Pre-seed | |
QED Investors | | QED Investors is a global venture capital firm focused on fintech, providing early- and growth-stage capital to companies across banking, lending, payments, insurance, real estate technology, and B2B financial software. Founded in 2007 by Nigel Morris, co-founder of Capital One, and Frank Rotman, the firm is headquartered in Alexandria, Virginia and invests across the United States, Latin America, Europe, the United Kingdom, Southeast Asia, and Africa. QED has backed many of the sector's most prominent companies, including Nubank, Credit Karma, SoFi, Klarna, Remitly, Avant, Kavak, Bitso, Konfío, Creditas, ClearScore, and Flutterwave, and is widely recognized as one of the most active specialist fintech investors globally. | AstradaZocksModel ML+2 | 15 | Series A | |
Lightspeed Venture Partners | | Lightspeed Venture Partners is a Menlo Park-headquartered venture capital firm investing in seed through growth stages across enterprise software, consumer tech, and fintech sectors. The firm has funded companies like Snapchat, MuleSoft acquired by Salesforce for 6.5 billion dollars, and Rubrik. Lightspeed Venture Partners manages over 18 billion dollars across global funds, with offices in Silicon Valley, New York, Israel, and India. Its enterprise portfolio features ThoughtSpot and Thoughtworks. | ZocksCasapMoment+2 | 12 | Series A | |
Plug and Play | | Plug and Play is a Sunnyvale-headquartered venture builder founded in 2006 that operates accelerator programs in 40 industries including fintech, insurtech, and mobility across 50 global offices. It connects over 3,000 startups annually with partners like Google, Visa, and Mercedes-Benz through demo days and corporate innovation challenges. The platform invests in seed and Series A rounds while providing co-working spaces in hubs from Silicon Valley to Singapore. | StitcherAIPredictiLendAPI+2 | 11 | Pre-seed | |
Ribbit Capital | | Ribbit Capital is a Palo Alto-headquartered venture capital firm targeting financial technology and services companies. It invests in infrastructure builders across lending, payments, insurance, banking, and digital assets, with portfolio companies including Coinbase, Robinhood, Affirm, and Brex. The firm supports early-stage to growth investments transforming global financial access and delivery models. | OutpostImprintCoPlane+2 | 10 | Series A | |
Khosla Ventures | | Khosla Ventures is a Menlo Park-headquartered venture capital firm investing in early-stage companies across AI, climate technologies, digital health, and enterprise software. Founded in 2004 by Vinod Khosla, it has backed over 1,000 startups including DoorDash, Square, and Impossible Foods, managing more than $15 billion in assets committed. | RogoImprintAnrok+2 | 10 | Series C | |
Alumni Ventures | | Alumni Ventures is a Manchester, New Hampshire-headquartered venture capital firm managing diversified portfolios for 10,000 accredited investors. Operations run 50 funds targeting seed through Series B stages in AI, biotech, and climate tech. Sourcing draws from 1,000 university alumni networks with co-investments alongside Sequoia and a16z across 1,400 portfolio firms. | Wealth.comAAZZURKontigo+2 | 10 | Seed |
Founders and investors we've worked with
We've supported winning builders across financial services software and beyond.
Ziik
We acted as fundraising advisor to Ziik, a Copenhagen-based all-in-one social intranet and internal communication SaaS platform, on its growth funding round.
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Sentryc
We led the capital raising process for Sentryc, a Berlin-based AI-driven brand protection and IP software provider, on its growth round led by Seventure Partners.
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Picus Security
We advised PE firm Turkven on its $24m Series B investment into Picus Security, an Istanbul-based breach and attack simulation (BAS) cybersecurity platform.
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sevDesk
We advised New York-based crossover investor Arena Holdings on its €50m growth investment into sevDesk, a leading German cloud-native accounting platform for SMEs and freelancers.
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Orka
We advised Elysian Fields on its investment into Orka, a Reykjavik-based portfolio of online consumer lending platforms, supporting deal structuring and growth-capital deployment in the Icelandic fintech market.
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