Top 25 fintech investments of 2024

A Silicon Valley Bank report released at the end of 2024 revealed that venture capital investment in US fintech remains muted, hovering near a six-year low for the sector. Deal flow has shifted toward the early stage, with more than three seed investments for every one Series A. In 2021, fintech deals over $100 million accounted for 65% of activity in the sector. In 2024, this number has dropped to 34%.

Beyond this, fintech-inclined VC fundraising has dropped 91% since its peak in 2021, with funds raising $5 billion through September. Announced funds, including those that have not yet closed, totalled $9 billion, the lowest since 2020. Further, just one in 12 VC dollars went to a fintech company in 2024, down from one in five dollars in 2021.

VC firms have slowed their pace of deployments in fintech. In 2021, the most active 100 US fintech investors were closing more than two deals per month. That pace has dropped to less than one deal per month this year.

In the UK, Innovate Finance predicted that the decline in fintech investment that continued in the first half of 2024 will bottom out. The total capital invested into fintech globally reached $15.9 billion in H1 2024, a decrease of 19% compared to H2 2023 when total investment amounted to $19.5 billion.

The capital invested in fintech in the first half of 2024 was spread across 1,566 deals compared to 1,661 deals in H2 2023. There was a shift towards earlier stage deals and the average deal size was $10.2 million, reflecting a return to early-stage investments.

Overall, the US received the most investment in H1 2024, bringing in $7.3 billion in fintech capital across 599 deals, with the UK firmly in second place with $2 billion and 183 deals, rounded off by India with $837 million and 78 deals, China with $589 million invested across 30 deals and Germany with $462 million invested across 37 deals.

In the first half of 2024 the UK received $2 billion of investment, 37% down on the previous six months. However this was still more investment than all other European countries combined, representing 12.7% share of the global market. Over the last 12 months, UK investment was also above pre-Covid investment levels of 2018 and 2019.

Across the top 10 global markets, the top three countries continue to be the United States, United Kingdom and India, whilst France is no longer in the top 10. Here’s a summary of the biggest investments into fintech firms of 2024 as covered by Finextra. Comment below if we’ve missed any.

Monzo - $501 million

British challenger bank Monzo completed a heavily-trailed $400 million funding round, boosting its valuation to $5 billion. The round, a reward for pushing the bank towards profitability, was led by Alphabet-owned Capital G, with support from Google Ventures, HongShan Capital, as well as existing backers including Passion Capital and Tencent. Monzo last raised money in late 2021, securing $500 million at a $4.5 billion valuation - three times the £1.1 billion price tag it attracted in its previous discounted capital-raise earlier that year. News of the deal came as Monzo reports more than nine million personal account customers, making it the 7th biggest retail bank in the UK by customer numbers. After a rocky post-pandemic, the lender has bounced back strongly, rolling out a series of new services for pension and investment and preparing for a move into the insurance segment. After years of losses, the bank is expecting to finally hit profitability in 2024.

Iwoca - $338 million

iwoca, one of Europe’s largest SME lenders, announced a new £270 million package of debt funding, taking total gross investment in the company to over £1 billion since it was founded in 2012. iwoca has received £150 million in debt financing commitments from Citibank and Insight Investment to support the company’s growth in Germany, and a further £120 million from Barclays and Värde for the UK business, as it responds to mounting demand for finance from small businesses. The new investment follows £200 million in funding from Barclays and Värde Partners in October last year, and £170 million from Pollen Street Capital in January 2023.

Quantinumm - $300 million

JPMorgan Chase anchored a $300 million investment round in quantum computing startup Quantinuum, valuing the business at $5 billion. Additional participants include Mitsui & Co., Amgen and Honeywell, which remains the company’s majority shareholder. This investment brings the total capital raised by Quantinuum since inception to approximately $625 million. JPMorgan Chase has been working with Quantinuum and its predecessor companies since 2020. The company was one of the earliest experimental users of Quantinuum’s H-Series quantum processor and is also one of the most active corporate partners that employs Quantinuum’s software development kit.

Tyme - $250 million

Brazil's Nubank led a $250 million investment round in Tyme Group, a digital bank with operations in South Africa and the Philippines. Tyme Group is head-quartered in Singapore with 15 million customers in Africa and South-East Asia. The Series D investment round comes after Tyme reached its first months of profitability at the start of the year and gives the five-year old digital-only bank a $1.5 billion unicorn valuation. Nubank invested $150 million, M&G’s Catalyst $50 million and existing shareholders a further $50 million.

Bilt Rewards - $200 million

Defying the downturn in fintech, US loyalty platform Bilt Rewards scored a massive $200 million fundraise, catapulting the value of the company to $3.1 billion. The equity raise was led by General Catalyst, with significant contributions by Eldridge, alongside existing investors Left Lane Capital, Camber Creek and Prosus Venturesv. Previous investors include the likes of Mastercard and Wells Fargo. Alongside the new funding, Bilt has also welcomed Ken Chenault, former chairman and CEO of American Express, as chairman. Joining him on the Board is Roger Goodell, the Commissioner of the NFL, who takes on the role of Independent Director. Launched in April 2022, Bilt began as the first platform enabling US consumers to earn valuable rewards on their largest monthly expenditure - rent. The platform enables rewards at any residential rental property in the United States.

Zest AI - $200 million

Zest AI, a leader in AI lending technology, announced a $200 million growth investment from global software investor Insight Partners to support the company's next phase of transformation. The growth capital will enable Zest AI to double down on its current product portfolio, continuing to advance fraud protection and generative AI - all to build the future of lending through AI. Zest AI transforms credit underwriting by using AI to provide more sophisticated and accurate scoring methods while also making the technology easy to use and explainable for all financial institutions.

Current - $200 million

US personal finance app Current is aiming for profitability in 2025, raking in $200 million in fresh capital after reporting a 90% increase in revenue over the past year. The funding round featured continued support from existing investors Andreessen Horowitz, Wellington Management, and Avenir, with new participation from General Catalyst and Cross River. Founded by Wall Street veteran Stuart Sopp, Current started out with a family-friendly debit card that parents can connect to their bank accounts and give to their kids. It has since expanded to offer banking services to the third of Americans living paycheck to paycheck, offering savings pods, a dynamic secured charge card connected to customers' spending balances, and earned wage access.

Zip - $190 million

Zip, the AI-powered procurement orchestration platform, announced $190 million in Series D funding led by BOND. This landmark investment — one of the largest for an enterprise SaaS company this year — brings Zip's valuation to $2.2 billion, a significant increase from its $1.5 billion valuation in 2023. Additional participants in the round included new investors DST Global, Adams Street, and Alkeon, along with existing investors Y Combinator and CRV.

Mintifi - $180 million

Mintifi, India’s leading supply chain financing platform, announced a Series E related fundraise of $180 million, co-led by Teachers’ Venture Growth, the late-stage venture and growth equity investments arm of Ontario Teachers’ Pension Plan and Prosus, along with participation from existing investor Premji Invest. The financing is a combination of primary and secondary transaction. This fresh funding will deepen Mintifi’s presence across key sectors and consolidate its market leadership in the downstream supply chain financing space.

Altruist - $169 million

Altruist, the modern custodian built for RIAs, announced a $169 million Series E round of funding led by ICONIQ Growth with participation from new investor Granite Capital Management, and continued support from existing investors Adams Street Partners and Sound Ventures. The new round brings the company’s total funding to over $450 million and values the company north of $1.5 billion. In conjunction with the funding, Yoonkee Sull, General Partner at ICONIQ Growth, will be joining the board of directors.

Lumin - $160 million

Cloud-native digital banking platform Lumin Digital has raised over $160 million in growth equity financing, led by Light Street Capital, NewView Capital, and Partners Group. Founded in 2016, Lumin Digital claims over 50 clients, and a five million-strong user base. Over the past year, the company achieved a revenue growth rate of over 60%.

Ramp - $150 million

Finance automation and corporate credit card startup Ramp has raised $150 million in a funding round co-led by Khosla Ventures and Founders Fund. Ramp was founded five years ago as a corporate card and his since expanded into advanced spend management software, procurement, travel, accounts payable, working capital, global coverage, and intelligence. The latest funding round values Ramp at $7 billion, marking a recovery from its last $300 million raise in August, which came with a $5.8 billion valuation. This was a steep decline from the $8.1 billion price tag it achieved at the height of the fintech boom in 2022.

Blend Labs - $150 million

Blend Labs, a provider of cloud banking services, and Haveli Investments, a technology-focused private equity firm, announced a $150 million investment in the company by Haveli Investments in the form of convertible preferred stock with a zero percent coupon. Blend will use approximately $145 million of the proceeds to repay all amounts payable under its existing credit agreement, and the remainder for general corporate purposes. This investment further strengthens Blend’s financial position and balance sheet for long-term growth and value creation.

Flagstone - $135 million

London-based cash deposit marketplace Flagstone scored a £108 million equity investment from US VC Estancia Capital Partners. Since launching in 2015, Flagstone has expanded to become the UK’s largest cash savings platform by the number of banks and savings accounts on its panel. Individual savers, small and medium-sized enterprises (SMEs) and charities use Flagstone - either directly or through white-labelled fintech platforms, financial advisers or brand partnerships - to access over 200 savings account offerings available from 60 providers. Serving a customer base of over 600,000, Flagstone’s total Assets under Administration stand at more than £11 billion, increasing by more than £1 billion per quarter in 2023 as more personal and business savers looked to maximise the interest earned on their cash. Flagstone recorded its first quarter of profitability in December 2022 and has maintained a profitable position ever since.

Zilch - $125 million

With one eye on an IPO in 2025, London-based buy now, pay later firm Zilch secured £100 million in securitised debt financing arranged by Deutsche Bank (DB). In the four years since its inception, Zilch has amassed over four million customers and now processes more than 10 million monthly payments. Zilch gives customers a reward-earning debit and zero-interest instalment offering in one.

Moniepoint - $110 million

Nigerian fintech behemoth Moniepoint raised $110 million in funding to expand across Africa. Founded in 2015, Moniepoint initially focused on providing infrastructure and payments technology for banks and financial institutions. It has since grown into Nigeria's leading business banking provider, processing over 800 million transactions, with a monthly total value exceeding $17 billion. The firm is Nigeria’s largest merchant acquirer, powering most of the country’s Point of Sale (POS) transactions. Last year Moniepoint entered the personal banking market through its subsidiary, Moniepoint Microfinance Bank, where it has experienced 2,000% growth in personal finance customers. The Series C investment was led by Development Partners International’s African Development Partners (ADP) III fund. Other new investors include Google’s Africa Investment Fund and African VC Verod Capital. Lightrock, an existing investor, also participated. The new investment will tip Moniepoint over the $1 billion unicorn valuation. The capital raised will be used to accelerate Moniepoint’s growth across Africa, building an all-in-one, integrated platform for African businesses, offering services such as digital payments, banking, foreign exchange (FX), credit, and business management tools.

GB Bank - $106 million

GB Bank, which specialises in funding property projects for SME property developers and investors, has secured £85 million of additional capital from new investor Hera Holdings and existing shareholder the Teesside Pension Fund. Jersey based company, Hera Holdings, is investing an initial £40 million in GB Bank over the next 12 months. In addition to the initial investment, there is an intention for Hera Holdings to invest a further £40 million throughout 2025 and 2026.

API Upvest - $104 million

Investment API Upvest is set to double its 170-strong team after closing on a €100 million Series C funding round. The round was led by Hedosophia, and joined by Sapphire Ventures, alongside backing from existing investors including Bessemer Venture Partners, BlackRock, Earlybird, HV Capital, Motive Ventures, and Notion Capital.

Parafin - $100 million

Parafin, which builds embedded finance infrastructure, announced the close of its $100 million Series C financing at a $750 million valuation. The financing was led by Notable Capital, with significant participation from Redpoint Ventures. Existing investors Ribbit Capital, Thrive Capital, and GIC also participated in the round. This funding reflects growing confidence in Parafin’s approach to embedded financial services, an area that continues to transform how small businesses access capital and manage their operations. Parafin has seen a remarkable trajectory, funding nearly $1 billion annually for tens of thousands of small businesses in the US and Canada. Since its Series B round in September 2022, the company has grown volumes by 400% and expects to reach profitability within six months.

Solaris - $100 million

German Banking-as-a-Service outfit Solaris raised €96 million in a Series F funding round and secured a financial guarantee of up to €100 million capital equivalent which will enable it to execute on a major credit card contract with Munich-based motor association Adac. Solaris in 2022 won a 10-year contract to issue Adac-branded credit cards to the club’s 21 million members. The company expected the contract to boost annual sales by more than €100 million, from last year’s revenue of €130 million.

Vitesse - $93 million

Vitesse, a treasury and payment solutions provider for the insurance industry, announced the completion of a $93 million Series C funding round led by leading global investment firm, KKR, with participation from existing investors, including Hannover Digital Investments. Following the investment, which is subject to customary regulatory approvals, Patrick Devine, Managing Director in KKR’s Tech Growth team, will join the board of directors.

BillingPlatform - $90 million

BillingPlatform, the enterprise revenue lifecycle management platform for innovative business models, announced a $90 million growth equity investment from FTV Capital, a sector-focused growth equity investor with more than 25 years of experience in enterprise technology and services, financial services, and payments and transaction processing. The investment will fuel BillingPlatform’s continued expansion in a $10 billion market that is growing more than 10% per year as enterprises increasingly turn to the company’s comprehensive portfolio of solutions for the Office of the CFO that enable new revenue streams and go-to-market strategies, reduce revenue leakage and improve customer satisfaction.

PPRO - $88 million

E-commerce payments firm PPRO completed a dual tranche funding round totalling €85 million. The funding is provided by new and existing investors, including Eurazeo, HPE Growth, Sprints, PayPal Ventures, JPMorgan, Citi Ventures, and funds managed by BlackRock. In the last financial accounts published by the firm - the 12 months to 31 December 2022 - PPRO reported revenue of £56 million and losses of £19.4 million.

OCN - $86 million

OCN (formerly OneCarNow), the fintech for gig workers across the Americas, announced an $86 million Series A fund raise - comprising equity and debt - in a major endorsement for the company’s business model and track record. Participating institutions include lead investors for the equity element: Caravela Capital (Brazil); Collide Capital (US); and Great North Ventures (US) with the debt element provided by new investor - i80 Group - a New York-headquartered investment firm.

Zopa - $85 million

The funding will support growth ahead of the launch of Zopa's flagship current account and GenAI proposition in 2025. The funding round was led by AP Moller Holding, one of the largest direct investors in Denmark with $32 billion of net asset value and will be used to support some of Zopa’s innovations enable customers to improve their financial health, gain access to better priced credit, access market leading saving products, and transfer card balances in a way that helps pay off credit faster.

CoverGenius - $80 million

Insurtech for embedded protection, Cover Genius closed $80 million Series E funding round. Despite the tech funding slowdown, the round was led by Spark Capital with support from existing investors, including Dawn Capital, King River Capital and G Squared. This funding followed a remarkable year of sustained growth and expansion for Cover Genius and its award-winning global distribution platform, XCover. In 2023, the company achieved a remarkable 107% year-on-year growth and maintained an impressive 145% Net Revenue Retention by partnering with some of the world’s largest digital businesses to provide embedded protection to over 30 million customers worldwide.

DailyPay - $75 million

DailyPay, the on-demand pay company, announced it has secured over $175 million to fuel growth. The funding is divided between $100 million of expanded secured credit facility capacity provided by Citi and over $75 million in equity financing, which valued the company at $1.75 billion on a pre-money basis. The equity financing from both existing and new investors, led by Carrick Capital Partners, will be deployed to further accelerate DailyPay's continued product innovation and to drive its expansion into adjacent categories and new markets. The additional $100 million expansion of the existing credit facility, provided by Citi, brings DailyPay's revolving secured debt facility to $660 million, including the existing commitments of $500 million from Barclays and $60 million from TPG Angelo Gordon.

Farther - $72 million 

Farther, the technology-centric financial advisory firm, closed a $72 million Series C funding round to expand its advisor network and enhance its wealth management platform. Co-led by CapitalG, the independent growth fund of Alphabet (Google's parent company), and Viewpoint Ventures, this funding round elevates Farther's post-money valuation to $542 million.

Aplazo - $70 million

Mexican BNPL platform Aplazo raised $70 million in equity financing, including a $45 million Series B. QED Investors led the equity financing, which also included participation from new investor Volpe Capital as well as existing investors Oak HC/FT, Kaszek and Picus Capital. Aplazo secured more than $100 million in equity financing and $75 million in committed debt funding since launching in late 2020.

Mirrorweb - $63 million

Market communications surveillance firm Mirrorweb secured a $63 million growth equity investment from Mainsail Partners. The investment in the firm comes as regulators globally seek to clamp down on the use of personals phones and social media channels in the capital markets space, hitting financial firms with huge penalties for their failure to archive data.

Nasdaq Private Market - $63 million

Nasdaq Private Market (NPM) closed a $62.6 million Series B funding round with support from a host of top banks. The round was led by Nasdaq with participation from current investors including Allen & Company, Citi, and Goldman Sachs. New investors in the Series B include BNP Paribas, DRW Venture Capital, UBS, and Wells Fargo.

SatisPay - $62 million

Italian unicorn Satispay raised €60 million as it surpasses the milestone of five million users. The cash was generated by existing shareholders Addition, Greyhound and Lightrock and brings total funds raised to over half a billion euros.

Arbol - $60 million

Arbol, a leading climate risk solutions provider operating in over 15 countries, announced today that it has closed a $60 million Series B funding round, co-led by Giant Ventures and Opera Tech Ventures with participation from Mubadala Capital.

FintechOS - $60 million

FintechOS, a European startup promising a low-code approach to helping financial institutions quickly and painlessly go digital, picked up $60 million in a Series B+ funding round extension. Led by Molten Ventures, the new round of financing came as FintechOS reports 40% year-over-year growth and a reported 170% increase in operating margins. The firm has also experienced more than 300% growth in its insurance division, onboarding key customers such as Admiral and Howden.

Form3 - $60 million

UK account-to-account payments platform Form3 has raised a total of $60 million in C-series extension funding with new investor British Patient Capital leading the way with a $10 million punt. The new cash closes out Form3’s long-running Series C at $220 million. Others in the round include Visa, Goldman Sachs, MasterCard, Barclays, Molten Ventures and 83North.