Hello Fintech Friends,
Prediction markets hit a new milestone this week as Kalshi closed a $1 billion Series F at a $22 billion valuation. It’s a sign of accelerating institutional appetite for alternative financial instruments.
Meanwhile, The Wall Street Journal reports that expense management fintech Ramp is raising $750 million at a pre-money valuation of more than $40 billion. The round hasn’t yet closed.
Mega rounds defined the week more broadly, with Santander-backed Ebury securing $693 million for cross-border payments expansion and KKR leading a $125 million Series C into Reserv to bring AI-driven claims processing to the P&C insurance industry.
Among the fund closes: a16z crypto wrapped its fifth fund at $2.2 billion, Apis Partners more than doubled its predecessor with a $1.23 billion Fund III, and Haun Ventures raised $1 billion targeting crypto and AI infrastructure. Stablecoin infrastructure, embedded finance, AI lending and agentic compliance tools rounded out a busy week.
Please find another week of fintech financing events below.
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Stat of the Week
Fintechs are nearly twice as likely as traditional banks to report higher profitability from AI, with 56% citing increased profits versus just 34% of incumbents, according to the 2026 Global AI in Financial Services Report from the Cambridge Centre for Alternative Finance, Bank for International Settlements, International Monetary Fund and World Economic Forum.
Venture Financing
Kalshi raised $1 billion in a Series F at a $22 billion valuation to accelerate institutional adoption of its prediction market platform.
Ebury, Santander's cross-border payments and international trade fintech, secured $693 million (£550 million) in a new funding round to fuel global expansion and product development.
Corgi raised $160 million in a Series B round at a $1.3 billion valuation to expand its AI-native full-stack insurance platform for startups into new verticals including trucking, payroll and small business.
Reserv, an AI-native third-party administrator for the property and casualty insurance industry, raised $125 million in a Series C round led by KKR to scale its claims processing capacity from 500,000 to 30 million annual complex claims over the next four years.
Kissht, an India-based digital lending platform providing small-ticket consumer loans, raised approximately $29.5 million.
OpenTrade, a U.K.-based stablecoin yield infrastructure platform, raised $17 million in a strategic round to scale its yield products for fintechs, neobanks and DeFi platforms.
CredibleX, a UAE-based SME embedded finance lender, raised $15 million in a Series A to scale its working capital platform.
SiamDL, a Thailand-based AI-driven consumer lender, raised $7.8 million in a Series A round to scale its AI credit assessment platform for underserved Thai borrowers.
Five, a London-based payments startup founded by Revolut alumni, raised $6 million to develop a palm-scan payment system allowing users to authenticate and pay without cards, phones or PINs.
Wopta, an Italian insurtech platform, raised approximately $5.6 million (€5 million) in a hybrid funding round.
Davis, an AI real estate platform, raised $5.5 million in a pre-seed round to scale its automated architectural generation model.
Spring Labs, a Marina del Rey-based AI-native compliance and operations platform, raised $5 million to expand its agentic AI complaint, dispute, and compliance workflow automation tools for banks, sponsor banks and fintechs.
OnRe, a Bermuda-licensed onchain reinsurance company, raised $5 million in a Series A to scale its yield-bearing Solana token ONyc and expand access to real-world reinsurance risk for DeFi participants.
InstaSwitch, a New York-based account activation infrastructure platform for business banking, raised $4.7 million in a seed round to expand operations and development.
Astrada, a San Francisco-based startup offering a unified API for real-time card and bank transaction data to power autonomous finance workflows, raised a $3.8 million seed round.
Jurisphere raised $2.2 million in seed funding to expand its legal AI platform connecting clients with lawyers for faster, outcome-focused legal work.
Profitize, an Italy-based AI financial planning platform for hotels, raised approximately $1.6 million (€1.4 million) in a seed round to expand across Europe.
Kleva, a Mexico-based AI agent platform for debt collections, raised $1.55 million in a seed round to scale automated collections for banks and fintechs.
Debt Financing
Parafin, an embedded small business financing platform, upsized its warehouse credit facility (building on its prior $125M facility from 2024) with Silicon Valley Bank, Trinity Capital, and EverBank to expand lending capacity across platforms including Amazon, DoorDash and Walmart.
Ecofy, an India-based green financing platform, raised $15 million in debt funding to expand solar and EV financing.
Venture Funds
a16z crypto closed its fifth fund at $2.2 billion, bringing the firm's total crypto capital raised to $9.8 billion, with the fund focused on backing builders converting blockchain infrastructure into everyday payment, savings, and on-chain lending products rather than early-stage protocol bets.
Apis Partners closed Fund III at $1.23 billion, exceeding its target by 23% and more than doubling its predecessor, to invest in tech-enabled financial infrastructure and services companies across Europe and select growth markets including payments, insurance and lending.
Haun Ventures raised a $1 billion fund to back founders at the intersection of crypto and AI, prioritizing next-generation financial infrastructure, tokenized real-world assets, and the agentic economy.
