Payments & Financial Infrastructure — sector dashboard · fobi

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Funding & analysis

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Total Raised

Round sizes
Median round size has exploded past 12 months, driven by mega-deals: Plaid $575M (Apr 2025), Ripple $500M (Nov 2025), Ramp $500M (Jul 2025). Seed and Series A now pale in comparison; venture-backed rounds cluster at $200M+ for late-stage. Early-stage rounds under $100M have nearly disappeared from the funnel.
Stage mix
Capital is decisively late-stage-heavy. Growth and Series D/E rounds dominate 2025 inflow; Ramp, Plaid, Ripple, Airwallex, BVNK all raised Growth multiples. Seed rounds essentially halted—last meaningful seed was Ethena $14M Feb 2024. Series A/B activity has thinned. The sector is consolidating winner-take-most dynamics at scale.
Lead investors
BlackRock, Franklin Templeton, Fidelity now anchor mega-rounds across Plaid, Circle, Checkout—a shift toward heavyweight institutional capital. Fortress, Citadel, Galaxy Digital led Ripple's $500M. Sequoia, Paradigm, a16z remain prolific but on smaller tickets. Legacy venture (DST Global, Tiger Global) quiet since 2021–2022. Crypto-native funds (Pantera, Brevan Howard) resurging in crypto payments.