VC fundraising for BNPL companies
BNPL went through one of the sharpest valuation resets in fintech history. The 2020-21 peak gave way to a much tougher environment as default rates climbed, regulatory scrutiny tightened in the US and UK, and the cost of debt funding rose. The funds still active are smaller in number, more credit-fluent and look at loss-adjusted contribution margin, the cost and security of debt funding and merchant economics rather than gross volume.
The active investor base is credit-fluent fintech specialists (Ribbit, QED, Bain Capital Ventures, Victory Park) and a small group of growth funds still pricing consumer credit rounds. The card networks' venture arms (Mastercard Foundry, Visa Ventures, American Express Ventures) participate where a network or co-brand relationship is part of the conversation, alongside the bank corporate VCs underwriting forward-flow potential. Flow has direct relationships across this base.
Flow has experience running VC fundraising processes for BNPL companies across consumer pay-in-X providers, longer-term instalment lenders, B2B BNPL and embedded BNPL platforms. Our extensive investor network spans early-stage seed funds, growth-stage investors, and strategic and corporate VC arms.
"BNPL" KPIs VC investors look at
The metrics venture investors benchmark before pricing a round - in diligence, at the IC table, on the term sheet.
GMV financed
Merchant discount revenue
Approval rate
Default rate
Charge-off rate by vintage
Loss-adjusted margin
Cost of funds
Active customers
Repeat usage rate
Active merchants
BNPL valuations in May 2026
Public BNPL comps trade at 3.0x EV/Revenue. Median revenue multiple across BNPL VC rounds was 7.5x in the last 12 months.
3.0x
Median EV/Revenue as of May 2026 for public BNPL companies
1.5x
Block is the highest valued public BNPL company based on EV/Revenue (excluding outliers)
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Median EV/Revenue across BNPL M&A deals in the last 12 months
7.5x
Median EV/Revenue across BNPL VC rounds in the last 12 months
Key recent BNPL VC rounds
$405M Series C raised by Plata was the largest BNPL VC round completed in the last six months.
See all BNPL VC rounds| Logo | HQ | Description | Investors | |||||
|---|---|---|---|---|---|---|---|---|
Apr-26 | Plata |  | Plata is a Mexico City-based fintech providing a no-annual-fee Mastercard credit card and buy-now-pay-later service. The platform offers up to 15% customizable cashback in partner categories, interest-free installments, Apple Pay support, and 24/7 fraud monitoring. Plata Difiere extends installment credit up to MXN 200,000 over 3-24 months without cards. Users manage digital cards and top-ups via app or cash at OXXO stores, targeting underserved consumers in Mexico's digital payments market. | Audeo VenturesBicycle Capital+6 | $405M | $5.0B | Series C | |
Mar-26 | Ualá |  | Ualá is an Argentine fintech company offering a mobile-based financial ecosystem that includes Mastercard prepaid and debit cards, credit cards, savings accounts, personal loans, investment products, insurance, and merchant payment services. Founded in 2017 by Pierpaolo Barbieri and headquartered in Buenos Aires, the platform originally launched as a prepaid card provider and has since expanded into a full-service digital banking operation. Ualá serves over 11 million customers across Argentina, Mexico, and Colombia, with roughly one in five Argentine adults holding an account. The company acquired Mexican bank ABC Capital, granting it a local banking license to offer deposit and lending products in that market. Backed by investors including Allianz X, SoftBank, Tencent, Goldman Sachs Asset Management, and Soros Fund Management, Ualá reached a valuation of $3.2 billion following a $195 million funding round in March 2026. | Allianz XD1 Capital Partners+4 | $195M | $3.2B | Undisclosed stage | |
Mar-26 | Stedi |  | Stedi is an api-first healthcare clearinghouse enabling healthcare technology businesses and established players to exchange mission-critical transactions. The company offers modern JSON-native APIs for eligibility checks, claims submission, transaction enrollment, and more, automatically translating requests into HIPAA-compliant X12 EDI format. The platform connects to over 3,400 payers and supports both real-time and batch EDI processes. Backed by $92 million from Addition, Stripe, Union Square Ventures, First Round Capital, Bloomberg Beta, and other investors, the company provides cloud-native, multi-region infrastructure with dedicated customer support channels. | Jack AltmanRibbit Capital+10 | $50M | - | Series C | |
Dec-25 | Octane | | Octane is a digital lending platform headquartered in Fort Washington, Pennsylvania, that specializes in consumer financing for powersports vehicles including motorcycles, ATVs, UTVs, snowmobiles, and outdoor power equipment such as mowers and tractors. The platform integrates with dealer systems nationwide to offer real-time credit prequalification using soft pulls, along with customized loan terms for buyers ranging from prime credit holders to those rebuilding credit. Octane partners with major manufacturers like Polaris, Honda, Yamaha, and Kawasaki, supporting over 5,000 dealer locations across the United States. Established in 2009, it streamlines the purchase process from online applications to in-store closings, processing loans for recreational marine products and RVs as well. | Camping WorldGood Sam+4 | $50M | $1.3B | Series F | |
May-26 | equipifi | | equipifi offers Buy Now, Pay Later infrastructure as a SaaS platform integrated into banking apps for credit unions and community banks. The solution enables installment financing at checkout for merchants, with tools for loan origination, servicing, and consumer management within existing core systems. | Baleon CapitalBankers Helping Bankers Fund+8 | $34M | - | Series B | |
Feb-26 | Madfu |  | Madfu is a Riyadh-based digital payments provider facilitating cashless transactions for consumers and merchants in Saudi Arabia. Launched in 2020, its app enables bill payments, mobile top-ups, and retail QR code settlements without fees or interest, integrated with SADAD and major banks like Al Rajhi. The service targets unbanked users in retail, utilities, and government services, aligning with Saudi Vision 2030 digitization goals. | Afak Financial | $25M | - | Seed | |
Feb-26 | Tembo Money |  | Tembo Money is a London-based digital mortgage broker connecting UK homebuyers with lenders via an online platform. The service supports first-time purchases, remortgages, and affordability boosts through government-backed schemes like Help to Buy. Tembo integrates credit data from Experian and Equifax to offer personalized borrowing limits up to 105 percent loan-to-value ratios. | AscensionAviva Investors+4 | $22M | - | Undisclosed stage | |
Dec-25 | Zed |  | Zed is a Toronto-headquartered fintech offering no-fee credit cards with unlimited virtual cards. The platform provides purchase protection, cell phone insurance, and airport lounge access through its Mastercard. Zed serves Canadian consumers seeking fee-free travel and everyday spending rewards. | AccelRainfall Ventures | $17M | - | Series A | |
Apr-26 | Ratio | | Ratio is a B2B fintech platform offering buy-now-pay-later financing for SaaS and subscription businesses. San Francisco-headquartered, it integrates payments, predictive pricing, and analytics to unlock capital from recurring revenue contracts. Ratio provides non-dilutive funding based on ARR metrics. The platform connects with Stripe and QuickBooks. Founded in 2021, it serves software companies scaling procurement. | Preetish NijhawanHoneystone Ventures+3 | $16M | - | Undisclosed stage | |
Jan-26 | Fizz | | Fizz is a U.S. fintech startup providing college students with a debit card that builds credit by reporting on-time payments to major bureaus. Rent payments and everyday swipes contribute to credit scores without interest or debt, available nationwide through university partnerships. | 359 CapitalFJ Labs+3 | $14M | - | Series A | |
Mar-26 | Chexy |  | Chexy digitizes rent payments for tenants in Canada. The Toronto-based platform processes electronic transfers, awards cashback rewards, and reports to credit bureaus Equifax and TransUnion. Chexy serves over 100,000 users across Ontario and British Columbia, offering perks like transit discounts redeemable through its app. | Air CanadaCrossbeam Venture Partners+2 | $10M | - | Series A | |
Jan-26 | PayLater |  | PayLater is a Qatar-based buy-now-pay-later provider offering flexible payment solutions to consumers. | KBN Group HoldingLuLu AI+1 | $10M | - | Seed | |
Mar-26 | Happy Pay |  | Happy Pay is a South African fintech company providing buy-now-pay-later services integrated with merchant platforms via AI-driven credit scoring. Its autonomous technology boosts average basket sizes and conversion rates for retailers. Accessible through happypay.co.za, it operates nationwide. | 4Di CapitalE4EAfrica+6 | $5.0M | - | Seed | |
Feb-26 | Plutus | | Plutus is a fintech app merging traditional banking with cryptocurrency services for European users. London-headquartered and founded in 2015, it offers UK accounts or European IBANs paired with non-custodial wallets, a decentralized exchange for fiat-crypto swaps, and a Visa debit card rewarding spends with up to 15% back in PLU tokens at partnered retailers. The platform serves tens of thousands across 30 countries. | - | $2.3M | - | Undisclosed stage | |
Dec-25 | F | Fizupay | | - | - | $1.5M | - | Seed |
VC investors active in BNPL
Antler is the most active VC investor across BNPL, having invested in 6 startups in the last three years.
See all BNPL VCs| Logo | HQ | Description | Key portfolio | |||
|---|---|---|---|---|---|---|
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. | TwoKeeperChexy+2 | 6 | Pre-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. | GuamaFamVeend+2 | 6 | Pre-seed | |
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. | FizzSlopeRentFlow+2 | 5 | Pre-seed | |
RTP Global | | RTP Global is a London-headquartered venture capital firm investing in early-stage technology companies worldwide from pre-seed to Series A. Backed startups include Datadog for cloud monitoring, Delivery Hero for food delivery in Europe and Middle East, Miro for online whiteboards, and Qonto for European business banking, with offices in New York, Dubai, and Bangalore. | PaypercutCREDqomodo+2 | 4 | Undisclosed stage | |
Gaingels | | Gaingels is a venture syndicate investing in LGBT+ founded companies at all growth stages with a portfolio exceeding 130 firms. San Francisco-headquartered, the group has deployed $70 million in capital and supports diversity hiring for C-suite roles. Gaingels syndicates deals through its 2,000-member network across technology, fintech, and consumer sectors. | ClaraGrifinHappy Pay+2 | 4 | Pre-seed | |
Third Prime | | Third Prime is a New York- and Nashville-based early-stage venture capital firm managing over $500 million in assets. The firm invests in seed and Series A technology companies across software, fintech, and healthcare sectors. It supports portfolio companies with operational expertise and network connections. | PaywatchAlternative PaymentsKafene+2 | 4 | Series A | |
Spice Expeditions |  | Spice Expeditions is a Tel Aviv-headquartered venture capital firm targeting early-stage tech companies in Israel and Europe. The fund invests in cybersecurity, insurtech, and climate tech startups, with holdings like AI-driven fraud detection tools and carbon capture ventures. Founded in 2020, Spice Expeditions has committed $100 million across 25 deals and maintains offices in London. | PlataFintureSalmon+1 | 3 | Series C | |
M | Moore Strategic Ventures | | Moore Strategic Ventures is a New York-based private investment firm focusing on financial services, venture capital opportunities, and fintech innovations. The company allocates capital to early- and growth-stage businesses in payments, lending, and blockchain sectors across North America. Established in 2012, it co-invests alongside funds like Sequoia in portfolio companies developing API-driven platforms. | PlataFintureXFlow+2 | 3 | Series A |
Crossbeam Venture Partners | | Crossbeam Venture Partners is a San Francisco-based venture capital firm investing in pre-seed through Series A startups in enterprise software and cybersecurity. It targets companies building data infrastructure, security platforms, and developer tools with checks from $1 million to $5 million. The fund has backed over 30 portfolio firms since 2015 across North America. | ChexyFINNYVend Park+1 | 3 | Pre-seed | |
Valar Ventures | | Valar Ventures is a global venture capital firm investing in technology startups outside Silicon Valley. New York-headquartered and founded in 2010 by Peter Thiel, Andrew McCormack, and James Fitzgerald, it manages over $500 million across funds supporting companies like Wise, Xero, and TransferWise. The firm focuses on fintech, software, and marketplaces, with offices in London and São Paulo to back founders in Europe, Latin America, and New Zealand. | OctaneZedBound+1 | 3 | Series A |
Founders and investors we've worked with
We've supported winning builders across BNPL and beyond.
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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Krita
We advised Swiss investor Elysian Fields on its growth investment into Krita, the leading factoring platform in the Icelandic market.
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GoTrendier
We advised GoTrendier, the leading second-hand fashion marketplace in LatAm (Mexico and Colombia), on its $14m Series B fundraise led by IDB.
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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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