VC fundraising for neobanking companies
Neobank fundraising has run through a full cycle and come out in a more rational place. Valuations inflated through 2020 and 2021 on user growth and deposit balances, compressed as investors moved to revenue per active user and contribution margin, and have stabilised around operators with a credible path to operating profit. Capital is concentrated in businesses that proved unit economics through the 2023-24 rate cycle.
The active investor base is fintech specialists with conviction in the model (Ribbit, QED, Index, Accel) alongside the European growth funds that priced the prior generation of neobank rounds. Bank-affiliated venture arms - JPM Strategic Investments, Citi Ventures, Wells Fargo Strategic Capital, Goldman Sachs - take selective positions where a strategic relationship is possible. Generalist crossover capital has largely stepped back from the segment. Flow has direct relationships across this group.
Flow has experience running VC fundraising processes for neobanking companies across consumer digital banks, SMB and freelancer banks, multi-currency and cross-border accounts and niche neobanks. Our extensive investor network spans early-stage seed funds, growth-stage investors, and strategic and corporate VC arms.
"Neobanking" KPIs VC investors look at
The metrics venture investors benchmark before pricing a round - in diligence, at the IC table, on the term sheet.
Active users
Deposits
Revenue per active user
Interchange revenue
Net interest income
Deposit beta
CAC payback
Contribution margin / user
Card spend per active
Loan book (if any)
Neobanking valuations in May 2026
Public neobanking comps trade at 3.6x EV/Revenue. Median revenue multiple across neobanking VC rounds was 4.6x in the last 12 months.
3.6x
Median EV/Revenue as of May 2026 for public neobanking companies
3.9x
Nubank is the highest valued public neobanking company based on EV/Revenue (excluding outliers)
2.3x
Median EV/Revenue across neobanking M&A deals in the last 12 months
4.6x
Median EV/Revenue across neobanking VC rounds in the last 12 months
Key recent neobanking VC rounds
$405M Series C raised by Plata was the largest neobanking VC round completed in the last six months.
See all neobanking 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 | |
Jan-26 | Mal |  | Mal is an AI-powered digital banking platform tailored for Islamic finance users seeking compliant, efficient services. | BlueFive Capital | $230M | - | Seed | |
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 | Uzum |  | Uzum is a Tashkent-headquartered super-app ecosystem powering e-commerce and fintech in Uzbekistan and Kazakhstan. It encompasses Uzum Market for online retail, Uzum Bank for digital payments and loans, Uzum Delivery for logistics, and services like utility bill payments and ride-hailing. The platform integrates shopping, finance, and everyday utilities into one interface. Businesses leverage its marketplace to access millions of consumers across Central Asia. | FinSight VenturesTencent+1 | $132M | $2.4B | Undisclosed stage | |
Feb-26 | Varo Bank |  | Varo Bank is a San Francisco-headquartered digital bank offering fee-free checking and high-yield savings accounts through its mobile app. Launched in 2020 after receiving a national bank charter, it provides cash advances, credit building tools, and FDIC-insured accounts up to $250,000 via The Bancorp Bank partnership. Founded in 2015, Varo serves over 5 million users nationwide. | Coliseum Capital ManagementNorthview LifeSciences+1 | $124M | - | Series G | |
Apr-26 | Slash | | Slash is a fintech platform that unifies banking, payments, and financial operations for businesses. Business accounts, corporate cards, treasury management, and payment processing sit at its core, with checking accounts, ACH and wire transfers, and multi-entity management providing centralized visibility. Companies use configurable spending controls on virtual and physical cards to oversee expenses across accounts. | Goodwater CapitalKhosla Ventures+3 | $100M | $1.4B | Series C | |
Mar-26 | DolarApp | | DolarApp is a Mexico-based fintech app providing USD stablecoin accounts for sending, receiving, and spending in pesos or dollars. Users open accounts to convert MXN to USD Coin instantly, save in USDc, and use a Mastercard debit card with cashback rewards. The platform operates across Latin America, partnering with global payment networks. | Founders FundJim Goetz | $70M | - | Undisclosed stage | |
Dec-25 | Flex | | Flex is a financial technology platform combining business and personal finance tools. It offers fee-free business banking, high-yield savings accounts, and a credit card with deferred interest options. Available in over 180 countries with support for 32 currencies, Flex automates accounts payable using AI for bill scanning and fraud detection. The platform serves small businesses handling domestic and international transactions. | Companyon VenturesCrosslink Capital+9 | $60M | $500M | Series B | |
Jan-26 | Lunar |  | Lunar is a Copenhagen-headquartered digital bank founded in 2015 holding a full banking license. The mobile app delivers personal finance tools such as free accounts, payments, savings, loans, investments, and insurance to customers in Denmark, Sweden, and Norway. Operations extend from offices in Aarhus, Copenhagen, Stockholm, and Oslo. | 100AHeartland+1 | $55M | - | Undisclosed stage | |
May-26 | Fasset | | Fasset is a Dubai-headquartered Islamic digital bank utilizing blockchain technology. It allows users worldwide to save, invest, send, and spend via a mobile app compliant with Sharia principles. Backed by investors like Liberty City Ventures and Fatima Gobi Ventures, Fasset launched in 2021 to serve Muslim communities globally. | Arz PortfolioInvestcorp Capital+1 | $51M | $510M | Series B | |
Feb-26 | Neo Financial |  | Neo Financial is a Calgary-headquartered fintech firm founded in 2019 that delivers credit cards, savings accounts, and cashback rewards to over 1 million Canadian customers. Its Mastercard-branded credit card, issued by Alberta Treasury Branch, features up to five percent cashback on groceries and gas. The high-interest savings account through Concentra Bank offers CDIC protection up to $100,000 and rates exceeding four percent. Neo processes billions in annual transaction volume with real-time analytics via its mobile app. | Alberta Investment ManagementCaldwell Growth Opportunities Fund+3 | $50M | - | Undisclosed stage | |
May-26 | Relay | | Relay is a Toronto-headquartered business banking platform designed for small teams with no-fee accounts, up to 20 sub-accounts, and Visa debit cards. It integrates with QuickBooks Online and Xero for automated accounting and offers ACH, wire, and check payments. Relay provides role-based access for teams and advisors, plus savings goals with 1-3% APY. As the official partner of Profit First methodology, it serves North American SMBs with cash flow tools. | General Catalyst | $50M | - | Undisclosed stage | |
Feb-26 | Tapi | | Tapi is a Latin America-focused fintech provider of e-wallet and merchant payment solutions for online and in-store transactions. Panama-based, it offers digital wallets with balance management, transaction history, payment processing integration, cross-border transfers, currency exchange, fraud detection, and sales analytics for businesses. | Endeavor CatalystKaszek+1 | $27M | - | Series B | |
Jan-26 | Lumin Digital | | Lumin Digital is a San Diego-headquartered developer of cloud-native digital banking platforms designed for banks and credit unions throughout North America. The company's core offering, Lumin X, powers retail and business banking with features for digital account origination, loan processing, and payment services. Administrative modules handle compliance, core integrations, and customer onboarding, while embedded analytics tools support fraud detection and personalized marketing campaigns. Serving over 100 financial institutions, Lumin Digital facilitates seamless mobile and web experiences that drive deposit growth and user retention. Recent expansions include API-driven partnerships with fintechs for embedded finance capabilities. | - | $25M | - | Undisclosed stage | |
Feb-26 | True Balance |  | True Balance is a Mumbai-based digital wallet operated by Balancehero India Private Limited for utility bill payments, mobile recharges, insurance purchases, and microloans. The platform facilitates financial services for underserved users in India through Android and iOS apps. Launched in 2014, True Balance processes transactions in multiple Indian states. | Big Move VenturesDouble Capital+5 | $22M | - | Series E |
VC investors active in neobanking
Y Combinator is the most active VC investor across neobanking, having invested in 26 startups in the last three years.
See all neobanking VCs| Logo | HQ | Description | Key portfolio | |||
|---|---|---|---|---|---|---|
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. | SlashCacaoBitstack+2 | 26 | Seed | |
Accel | | Accel is a Palo Alto-headquartered venture capital firm investing in early and growth-stage technology companies globally. The firm backs founders in software, consumer internet, and mobile sectors with portfolio companies including Facebook, Slack, Dropbox, and Spotify. Operating funds across the US, Europe, and India since 1983, it supports over 1,000 startups. | BachattZedPave Bank+2 | 10 | Series A | |
Andreessen Horowitz | | Andreessen Horowitz is a Menlo Park-headquartered venture capital firm founded in 2009 that targets seed through late-stage investments in software infrastructure, consumer internet, enterprise applications, fintech, cryptocurrency, and biohealthcare. The firm has backed Airbnb, Coinbase, GitHub, Lyft, and Stripe, maintaining offices in San Francisco and Santa Clara. | LeadNG.CASHMercury+2 | 9 | Series B | |
International Finance Corporation | | International Finance Corporation supports private sector growth in developing countries as a World Bank Group member. It finances infrastructure, agribusiness, manufacturing, and financial services projects through loans, equity, and advisory. Washington, D.C.-headquartered since 1956, IFC committed $19.5 billion in 2022 across 100+ countries. It mobilizes additional capital via syndications and works with clients like Adani Group and Vale. | MoniepointAND GlobalNeon+2 | 8 | Undisclosed stage | |
Goodwater Capital | | Goodwater Capital is a venture capital firm investing in consumer technology startups. Menlo Park-headquartered, it backs companies addressing global challenges through apps and platforms reshaping culture and economies. | SlashStashStori+2 | 8 | Seed | |
Quona Capital | | Quona Capital is a Washington, D.C.-headquartered venture capital firm investing in fintech companies across emerging markets in Africa, Latin America, and Asia. It backs platforms for digital lending, payments, insurance, and banking inclusion since 2015. | Pave BankShivalik Small Finance BankKlar+2 | 7 | Series A | |
Alumni Ventures | | Alumni Ventures is a Manchester, New Hampshire-headquartered venture capital firm managing diversified portfolios for 10,000 accredited investors. Operations run 50 funds targeting seed through Series B stages in AI, biotech, and climate tech. Sourcing draws from 1,000 university alumni networks with co-investments alongside Sequoia and a16z across 1,400 portfolio firms. | Lemon CashKapitalKontigo+2 | 7 | Seed | |
General Catalyst | | General Catalyst invests in early-stage to growth companies across healthcare, fintech, enterprise software, and consumer sectors from offices in Cambridge, San Francisco, and New York. The firm manages over $25 billion in assets, backing unicorns like Airbnb, Stripe, and Canva. It supports applied AI initiatives through dedicated funds and provides operational expertise via its Resilience platform. | RelayFinomFélix+2 | 7 | Undisclosed stage | |
Plug and Play | | Plug and Play is a Sunnyvale-headquartered venture builder founded in 2006 that operates accelerator programs in 40 industries including fintech, insurtech, and mobility across 50 global offices. It connects over 3,000 startups annually with partners like Google, Visa, and Mercedes-Benz through demo days and corporate innovation challenges. The platform invests in seed and Series A rounds while providing co-working spaces in hubs from Silicon Valley to Singapore. | BitstackHataTumoni+2 | 7 | Pre-seed | |
Global Founders Capital |  | Global Founders Capital is a Berlin-based venture capital fund investing in seed and early-stage startups worldwide, founded by Rocket Internet veterans. It has deployed over $100 million into 50 companies including Zendesk, Delivery Hero, and Gorillas, focusing on B2C and marketplace models. The firm supports founders from ideation to scaling with hands-on operational expertise across Europe, Latin America, and Asia. | AsporaAmica FinanceJupiter+2 | 7 | Seed |
Founders and investors we've worked with
We've supported winning builders across neobanking 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.
See more
Krita
We advised Swiss investor Elysian Fields on its growth investment into Krita, the leading factoring platform in the Icelandic market.
See more
GoTrendier
We advised GoTrendier, the leading second-hand fashion marketplace in LatAm (Mexico and Colombia), on its $14m Series B fundraise led by IDB.
See more
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.
See more
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.
See moreRecent VC fundraising track record
See our VC fundraising experience across neobanking and beyond.
Explore our VC fundraising offering for similar verticals
We're a specialized fundraising advisor to fintech companies.
Our VC fundraising experience spans across all fintech verticals.
Explore other sectors
We know tech inside & out.
We provide capital raising advisory services to companies operating across the entire tech.
More services
We're with you before and after raising VC money: we help you organise your FP&A as fractional CFOs, and coordinate your M&A process.
Fractional CFO for neobanking companies
We integrate into your workflows to help with financial modelling, build out FP&A tech stack, and ultimately provide guidance towards an M&A or raising venture capital.
Learn moreM&A for neobanking companies
We advise winning tech companies on M&A exits, and over the years successfully executed numerous transactions with both financial and strategic buyers.
Learn moreTalk to us
Schedule a call to get a health check on your business and see how we could help.
Fractional CFO
- Fractional CFO for Software
- Fractional CFO for AI & ML
- Fractional CFO for Fintech
- Fractional CFO for Consumer internet
- Fractional CFO for Digital media
- Fractional CFO for E-commerce & marketplaces
- Fractional CFO for Consumer products
- Fractional CFO for Mobility
- Fractional CFO for Digital health
- Fractional CFO for Industrial technology
- Fractional CFO for Digital infrastructure
- Fractional CFO for IT services
Stages
Countries
- UK Fractional CFO
- Ireland Fractional CFO
- France Fractional CFO
- Germany Fractional CFO
- Spain Fractional CFO
- Portugal Fractional CFO
- Italy Fractional CFO
- Netherlands Fractional CFO
- Belgium Fractional CFO
- Switzerland Fractional CFO
- Austria Fractional CFO
- Denmark Fractional CFO
- Sweden Fractional CFO
- Norway Fractional CFO
- Finland Fractional CFO
- Poland Fractional CFO
- Estonia Fractional CFO
- US Fractional CFO
- Canada Fractional CFO
- Mexico Fractional CFO
- Brazil Fractional CFO
- UAE Fractional CFO
- Australia Fractional CFO
Cities
- London Fractional CFO
- Dublin Fractional CFO
- Paris Fractional CFO
- Berlin Fractional CFO
- Madrid Fractional CFO
- Lisbon Fractional CFO
- Milan Fractional CFO
- Amsterdam Fractional CFO
- Brussels Fractional CFO
- Zurich Fractional CFO
- Vienna Fractional CFO
- Copenhagen Fractional CFO
- Stockholm Fractional CFO
- Oslo Fractional CFO
- Helsinki Fractional CFO
- Warsaw Fractional CFO
- Tallinn Fractional CFO
- New York Fractional CFO
- Toronto Fractional CFO
- Mexico City Fractional CFO
- São Paulo Fractional CFO
- Dubai Fractional CFO
- Sydney Fractional CFO