FinTech News

20 of the Top FinTech Deals of 2020 (So Far)

by Fioney StaffSep 17, 2020

In the face of a global pandemic, the FinTech industry continues to thrive. From investment app and mobile wallets to insurtech and digital business tools, companies of all kinds have seen significant growth in 2020, fueled by some impressive investments. With that in mind, today we highlight 20 of the top FinTech megadeals ($100 million+) raised by startups so far this year.

Robinhood

Funding amount: $600 million ($280 million/$320 million)
Round: Series F
Date: May 4th/July 13th

2020 has been quite a year for Robinhood so far as the free trading app continues to bloom into the mainstream. For better or worse, gallons of ink have been spilled discussing the growing impact that the platform has had on the market as its userbase explodes. Of course, that surge in users has also allowed Robinhood to raise boatloads of cash, including a Series F raised in two parts for a total of $600 million. Incidentally, the company also announced a $200 million Series G just last month, further solidifying their spot at the top of this list.

Revolut

Funding amount: $500 million
Round: Series D
Date: February 17th

Even if foreign travel has more or less come to a halt, the London-based neobank Revolut continues to make their way around the world. Following growth in Europe, the company has not only expanded its U.S. product more, more recently, made its official debut in Japan. The half a billion dollars it raised in a Series D arrived prior to the current global crisis but that hasn’t seemed to slow Revolut down, with the app now boasting more than 13 million users around the world.

Bakkt

Funding amount: $300 millon
Round: Series B
Date: March 16th

If Bakkt’s $300 million funding raise weren’t impressive enough, there’s also the fact that it was only a Series B. That may be because the company combines cryptocurrencies, loyalty rewards, and more into one product. Of course, it also doesn’t hurt that they’ve scored some major brand partnerships, including an integration with Starbucks that allows the coffee chain’s app users to add funds to their account using Bakkt Cash.

Varo Money

Funding amount: $241 million
Round: Series D
Date: June 3rd

In another example of a funding round hinting at a larger story about the startup that raised it, Varo Money’s $241 million Series D came just ahead of the company making history. Last month, Varo became the first FinTech to gain its own national bank charter. As a result, Varo Bank, N.A. intends to expand into credit cards and other financial products.

Trumid

Funding amount: $200 million
Round: Series E
Date: August 11th

Founded in 2014, Trumid offers a digital platform for trading corporate bonds. After announcing its $200 million Series E last month, the company went on to see record activity and market share for the month. Given the recency of this round, it seems only likely that further growth will come in the months ahead.

Carta

Funding amount: $180 million
Round: Series F
Date: May 10th

Not only does Carta aim to help companies manage their valuations and investments but has also happened to work with some of the other FinTechs on this list, including Robinhood. Therefore, it feels pretty meta to put them on a list of equity deals. Indeed, if it wasn’t already clear that there was a market for Carta’s tools, their $180 million Series F helps prove it.

Toss

Funding amount: $173 million
Round: Series G
Date: August 28th

Toss is a mobile finance app based in Seoul, South Korea. According to their site, the app has more than 49 million downloads and is used by more than one-third of the Korean population. That amazing stat certainly helps explain its $173 million Series G raised just a few weeks ago.

Airwallex

Funding amount: $160 million
Round: Series D
Date: April 16th

For businesses that operate globally, Airwallex offers solutions. This includes the ability to send payments to more than 130 countries and the use of their “Borderless Cards.” These functionalities helped earn the Hong Kong-based company $160 million in their Series D earlier this year despite some of the turmoil in their home city.

Hippo Insurance

Funding amount: $150 million
Round: Series E
Date: July 21st

With $150 million Series E, you could say Hippo Insurance is hungry for growth. Awful jokes aside, the insurtech company aims to offer better homeowners insurance policies at a better price. They also utilize technology such as a smart home monitoring system that can earn customers a discount on their policies. Although Hippo isn’t yet available nationwide, it does currently operate in more than 30 states after adding Delaware to the list last month.

Checkout.com

Funding amount: $150 million
Round: Series B
Date: June 22nd

As their name partially implies, Checkout.com offers an API meant to improve the checkout process. This includes allowing customers to select from a number of payment options while making it easier for ecommerce sites to offer these choices. With online shopping getting an even bigger boost in recent months, it’s no wonder that Checkout raised an impressive $150 million as part of its Series B this summer.

Brex

Funding amount: $150 million
Round: Series C
Date: May 19th

Brex is a growing corporate card solution based in Silicon Valley. On that note, the platform has been utilized by some of its neighbors such as Airbnb and list-mate Carta. Also of interest is that the company allows customers to transfer their rewards points to business travel partners including Singapore Airlines, JetBlue, and others. With an extra $150 million in their coffers following their Series C, we can expect more big things from Brex down the line.

Noah

Funding amount: $150 million
Round: Series B
Date: April 22nd

While the concept of a home equity loan is nothing new, Noah takes the premise in a new direction. Since their founding in 2016, the startup has invested $220 million in homes, allowing the owners to tap some of their equity. Noah’s $150 million Series B arrived back in April and, unfortunately, the need for their services has likely only grown since then. Thus, it wouldn’t be surprising if another round was raised sooner rather than later.

Aspiration

Funding amount: $135 million
Round: Series C
Date: May 21st

Aspiration is a digital banking service with an environmental bent. Not only do they donate a portion of their proceeds to various causes and offer a program where customers can use their spare change to plant trees but the company also promises that deposited funds aren’t invested in oil companies or such endeavors. As it turns out, Leonardo Dicaprio isn’t the only one investing in Aspiration as they managed to raise $135 million in a Series C. Unfortunately, according to Dyer News contributor Kyle Burbank, it’s unclear where all that cash is going as the company continues to raise their fees and trim their perks.

States Title

Funding amount: $123 million
Round: Series C
Date: May 21st

Next on the list is another insurtech company that also happens to hail from the San Francisco Bay Area. In this case, State Titles focuses on the process of buying a home, including Instant Underwriting and Remote Closings. That latter product definitely got a boost in relevance prior to and after the startup’s $123 million Series C, clearing the way for more growth ahead.

Flywire

Funding amount: $120 million
Round: Series E
Date: February 13th

Although payments may seem like a “one size fits all” business, Flywire begs to disagree. That’s why they offer vertical-specific solutions for those in the fields of education, healthcare, travel, and more. The Boston-based company closed a $120 million Series E back in February and has since announced a partnership with Mastercard to support cross-border tuition payments.

Stash

Funding amount: $112 million
Round: Series F
Date: April 29th

Another popular investment app finds its way onto the list. Sure, Stash may not have the same clout or name recognition as Robinhood, but it does have a lot to offer on its own, including a debit card that rewards users in StockBack. Plus, for the record, Stash allowed customers to purchases fractional shares of stock long before Robinhood did. So while Stash’s $112 million Series F once again pales in comparison to Robinhood’s same-lettered round, it’s hardly anything to sneeze at.

Pagaya Investments

Funding amount: $102 million
Round: Series D
Date: June 17th

According to their site, Pagaya Investments has “forged a new approach to alternative, data driven investment management in the fixed income and alternative credit markets.” This includes leveraging machine learning and analytics to assist intituational and accredited investors. While the company plays it close to the vest then it comes to details, their $102 million Series D suggests they have something up their sleeves for sure.

PayActiv

Funding amount: $100 million
Round: Series C
Date: August 13th

PayActiv not only aims help other businesses but also assist the employees of those businesses. Using the PayActiv platform, workers can access to funds they’ve already earned, allowing them to avoid payday loans and other such options. Meanwhile, the solution may also make payroll easier for employers. Those aspects are surely a bit reason why the startup managed to raise $100 million in their Series C just last month.

N26

Funding amount: $100 million
Round: Series D
Date: May 5th

It’s been more than a year since the European neobank N26 soft-launched in the United States. Since then, the company and their clear debit cards seem to be catching on. At the same time, they have experienced some minor setbacks, such as pausing operations in the United Kingdom in February due to the uncertainty surrounding Brexit. In any case, their $100 million Series D shows that they aren’t slowing down anytime soon.

Policygenius

Funding amount: $100 million
Round: Series D
Date: January 30th

Finally, another insurtech brand, Policygenius, makes the cut. The company is best known for their various portals that help consumers find the best life, homeowners, renters, auto, and other types of insurance policies to fit their needs. It also offers other helpful services such as will and trust assistance. With that and more, the one-stop-shop managed to raise $100 million in their Series D this past January.

With a combined total of more than $3.8 billion, these 20 FinTech funding rounds have a lot to say about the industry. In addition to demonstrating the strength and growing popularity of the sector, they also show how diverse the “financial technologies” label is — not to mention the global reach of the movement. Meanwhile, as impressive as each of these investment rounds is, it’s possible they could still be topped during this last quarter of the calendar year. Either way, despite outside forces, it seems that 2020 will end up being a great year for all of FinTech.