Big checks are back in payments (but there are fewer of them out there). The top Series A startups are landing $30 million rounds, with Series B startups raising $75 million. That is over 4× and 10× the median funding round for the payments space, respectively.
Even though bigger checks are flying around, there are fewer of them compared to this time last year. The total number of deals continues to trend downward, but total fundraising dollars are up. Deal velocity is slowing, yet the market is concentrating more capital into fewer winners.
This list comes from our Fintech Funding Report for Payments, where we break down trends across payments, fintech, and venture capital. You can [Download the full report] here.
Early Stage Startups
Early-stage payments startups closed 237 deals (that is 63% of all deals) YTD in 2025. It’s good to be at the top of the market, with the top 5 payments startups raising a median of $30m each.
That is:
- 4× the $7M payments median
- 10× the $3.1M fintech Series A median
- 11× the $2.7M overall Venture median Series A Round.
Investors are paying up for specialized solutions are able to prove traction fast.
1. Truemed
A payments platform that enables health and wellness brands to accept HSA/FSA funds, making proactive healthcare purchases simple and affordable with an average 30% savings for consumers.
Website: https://www.truemed.com/
Headquarters: Austin, TX
Vertical: Health-tech payments (HSA/FSA processing)
Latest Round: $32.65M - Series A(March 2025)
Total Funding: $36.1M - (Over 2 funding rounds)
2. Niural
The first AI-powered Professional Employment Organization that modernizes global workforce management by bringing hiring, payroll, and compliance for 150+ countries into one intelligent platform.
Website: https://www.niural.com/
Headquarters: Austin, Texas
Vertical: AI-native global PEO and payroll platform
Latest Round: $31M - Series A(June 2025)
Total Funding: $31M+ (Over 2 funding rounds)
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3. Spinwheel
A fintech platform that provides real-time, verified consumer credit data and payment processing through APIs, helping Americans get out of debt sooner by embedding solutions in their favorite apps.
Website: https://spinwheel.io/
Headquarters: Oakland, California
Vertical: Consumer debt management and credit data APIs
Latest Round: $30M - Series A(June 2025)
Total Funding: $41M - Over 3 funding rounds
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4. Conduit
A global money network that connects domestic payment rails worldwide to a unified, on-chain payments layer, making cross-border business payments in stablecoins or local currencies nearly instant.
Website: https://conduitpay.com/
Headquarters: Boston, Massachusetts
Vertical: Cross-border payments powered by stablecoins
Latest Round: $30M - Series A (May2025)
Total Funding: $53M - Over 3 Funding Rounds
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5. Lynx
An API-connected healthcare payments platform that enables companies to embed customizable health-fintech solutions including banking, payments, e-commerce, and investments into their consumer experience.
Website: https://www.lynx-fh.com/
Headquarters: Boston, Massachusetts
Vertical: Healthcare fintech and embedded financial services
Latest Round: $27M - SeriesA (February2025)
Total Funding: 44.5M - Over 3 Funding Rounds
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Mid Stage Startups
Note: Crunchbase classifies Series B and Series C rounds as mid-stage, however our research for mid stage startups was only on Series B rounds.
Mid stage payments startups closed 38 deals (16% of all deals) YTD 2025. With a median deal size of $75m for the top Series B funding rounds, the payments spaces continues to sit well above fintech and venture median round size.
With a median deal size of $75M that is:
- More than 10× the US $7 million median across all stages for payments startups
- More than 3x the median early stage round for Fintech which sits at $25M
- More than 3x the median early stage deal for Venture Capital, which sits at $23M
1. Highnote
The first true end-to-end payments platform that enables companies to issue cards, accept payments, run credit programs, and more through developer-friendly APIs designed for innovators seeking modern payment solutions.
Website: https://highnote.com/
Headquarters: San Francisco, California
Vertical: Embedded payments and card issuing platform
Latest Round: $90M - Series B (January2025)
Total Funding: $194M (Over 5 Funding Rounds)
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2. Mesh
The first global crypto payments network that securely connects hundreds of exchanges, wallets, and payment service providers to enable seamless digital asset payments and stablecoin conversions for merchants worldwide.
Website: https://www.meshconnect.com/
Headquarters: San Francisco, California
Vertical: Global crypto payments network
Latest Round: $82M - Series B (March2025)
Total Funding: $124M (Over 10 Funding Rounds)
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3. Félix
A chat-based money transfer platform that enables Latino immigrants in the U.S. to send money abroad to Latin America in seconds via WhatsApp, without requiring app downloads or complex processes.
Website: https://www.felixpago.com/en
Headquarters: San Francisco, California
Vertical: WhatsApp-based remittances for Latino immigrants
Latest Round: $75M - Series B (April2025)
Total Funding: $99.5M (Over 6 Funding Rounds)
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4. Rain
An employer-integrated financial wellness app that provides employees instant access to their earned wages before payday, helping companies increase retention and improve attendance without system overhauls.
Website: https://www.rainapp.com/
Headquarters: Austin, Texas
Vertical: Employer-integrated earned wage access (EWA) and financial wellness
Latest Round: $75M - Series B (April2025)
Total Funding: $557.6M (Over 7 Funding Rounds)
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5. Fundraise Up
A comprehensive fundraising platform that uses AI and machine learning to optimize donation experiences for nonprofits, increasing conversion rates and donor engagement through personalized giving journeys.
Website: https://fundraiseup.com/
Headquarters: San Francisco, California
Vertical: AI-powered nonprofit fundraising optimization platform
Latest Round: $70M - Series B (January2025)
Total Funding: $82.1M (Over 6 Funding Rounds)
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Takeaways
Here are the three big takeaways from the top-funded payments startups through Q2 2025:
- Early-stage leaders are winning 4× median deals by solving specific, high-value problems.
- Series B startups are pulling in 10× checks as investors concentrate capital into fewer winners.
- Deal volume is down, but dollars are up—bigger checks for fewer companies.
Next, we’ll show how these companies turn massive funding into standout brands and websites in this article.
How We Collected and Analyzed the Data
To build this report, we started with raw data from:
- Crunchbase State of Fintech Reports (2021–2024, including Q1 and Q2 2025)
- Crunchbase State of Venture Reports (2021–2025, including Q1 and Q2 2025)
From there, we isolated the data most relevant to fintech and payments, including total dollars raised, number of deals, and stage distribution. We also pulled historical data going back to 2015, giving us a longer view of how funding in fintech and payments has evolved over the past decade. This perspective helps illustrate the rise, peak, and correction of the current venture market.
For the top companies of 2025 dataset, we focused on early-stage and mid-stage startups—pre-seed, seed, Series A, and Series B based in the US.
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