20 investors pushing BNPL startups and installment payment platforms in 2026

Buy now pay later hit regulatory headwinds in 2024 and 2025, but the sector didn't die. It evolved. Investors deployed over $2.3B into BNPL and embedded finance from 2025 to early 2026. The shift is toward B2B BNPL for high-ticket purchases, vertical-specific financing, and better underwriting models that actually prevent default spirals. If you're building in this space, you need investors who understand consumer credit regulations and unit economics beyond just GMV growth.

Quick list

Picking the right BNPL investor

Experience: Find investors who've backed consumer lending companies through regulatory changes. BNPL faces different scrutiny than regular payments, so strong compliance basics matter early.

Network: Check if they can intro you to enterprise merchants and payment processors. Those partnerships matter more than consumer brand deals, especially for scaling nonprofit-style affordability programs some BNPL providers offer.

Alignment: Make sure they understand consumer credit unit economics. Growth-stage VCs often don't get why BNPL margins compress at scale when defaults increase, which is why thoughtful password protection is essential when sharing sensitive financials.

Track record: Look at whether their portfolio companies maintained profitability during economic downturns. BNPL businesses die fast when unemployment ticks up. Ensure your forecasting and documents can’t be forwarded by using PDF controls.

Communication: Use Ellty to share your deck with trackable links. You'll see who actually opens your underwriting model and loss provisions vs. just looking at GMV slides, especially helpful when sending large files.

Value-add: Ask what operational support they provide during regulatory audits and compliance buildout. Generic "we have a great network" answers are useless when you need an intro to banking partners.

How to approach BNPL investors

Identify potential investors: Research recent deals on Pitchbook focusing on consumer credit and embedded finance. Seed funds won't lead your Series B unless they have deep fintech experience, so refine your outreach strategy.

Craft a compelling pitch: Show cohort-level default rates and repeat transaction frequency. Most investors are tired of BNPL pitches with GMV growth but no path to profitability.

Share your pitch deck: Upload to Ellty and send trackable links. Monitor which pages investors spend time on. If they skip your unit economics and loss curves, that's useful information.

Utilize your network: Message portfolio founders on LinkedIn and ask about response times during regulatory challenges. Most will be honest about which VCs actually helped with banking relationships.

Attend networking events: Money20/20 and LendIt Fintech are where BNPL deals actually happen. Skip the general startup conferences.

Engage on online platforms: Connect with partners on LinkedIn after you've been introduced through a portfolio company. Cold DMs rarely work in fintech without warm intros.

Organize due diligence: Set up an Ellty data room with your credit model, lending license documentation, and cohort performance data before they ask. It speeds up the process.

Set up introductory meetings: Lead with your take rate economics and customer acquisition costs. Don't waste 20 minutes on market size slides about younger consumers avoiding credit cards.

Why BNPL investing changed in 2025-2026

Regulatory scrutiny forced BNPL platforms to improve underwriting and transparency. The CFPB's 2024 ruling that BNPL must follow credit card regulations changed investor expectations completely. Platforms that relied on zero underwriting and viral growth died. The survivors shifted to vertical-specific BNPL for healthcare, automotive, and home services where average order values justify better risk models. Investors now want to see profitability paths within 18-24 months, not just user growth. The 2025-2026 market also saw enterprise demand for B2B BNPL increase by 340% as software and equipment vendors needed financing options for SMB customers.

20 top buy now pay later investors

1. Thrive Capital

They stuck with Klarna through regulatory headwinds and understand that BNPL winners need strong unit economics, not just viral growth.

• Recent Deals: Klarna $800M extension (2025), embedded lending platforms
• LinkedIn: Joshua Kushner
• Sector Focus: Fintech, Consumer Credit, Payments, Embedded Finance
• Stage Focus: Series B, Series C, Series D, Growth
• Location: New York, USA
• Website: thrivecap.com

2. DST Global

They backed Affirm's international expansion when most VCs thought US-only BNPL was safer.

• Recent Deals: Affirm expansion capital (2024), international BNPL platforms
• LinkedIn: Yuri Milner
• Sector Focus: Consumer Internet, Fintech, Payments, Global Expansion
• Stage Focus: Series C, Series D, Growth, Late Stage
• Location: Hong Kong
• Website: dst-global.com

3. Coatue Management

Tech-focused fund that understands BNPL needs to integrate directly into merchant checkout flows.

• Recent Deals: Splitit $100M financing (2024), checkout financing platforms
• LinkedIn: Philippe Laffont
• Sector Focus: Technology, Fintech, E-commerce, Payment Infrastructure
• Stage Focus: Series B, Series C, Growth, Late Stage
• Location: New York, USA
• Website: coatue.com

4. GGV Capital

Cross-border investors who backed Zilch's ad-subsidized model that actually makes BNPL profitable.

• Recent Deals: Zilch $125M Series C (2024), ad-supported BNPL
• LinkedIn: Hans Tung
• Sector Focus: Consumer Internet, Fintech, Cross-Border Commerce, Payments
• Stage Focus: Series A, Series B, Series C
• Location: San Francisco, USA
• Website: ggvc.com

5. Lightspeed Venture Partners

They funded Sezzle's pivot into vertical BNPL for healthcare where regulations are clearer.

• Recent Deals: Sezzle healthcare financing (2025), vertical BNPL platforms
• LinkedIn: Jeremy Liew
• Sector Focus: Consumer, Fintech, Healthcare Payments, Vertical Software
• Stage Focus: Seed, Series A, Series B, Series C
• Location: Menlo Park, USA
• Website: lsvp.com

6. Index Ventures

European fund with deep BNPL experience from backing Scalapay through regulatory changes across multiple countries.

• Recent Deals: Scalapay €215M total raised (2024), European consumer credit
• LinkedIn: Danny Rimer
• Sector Focus: Fintech, E-commerce, Consumer, European Markets
• Stage Focus: Series A, Series B, Series C
• Location: London, UK
• Website: indexventures.com

7. Spark Capital

Early Afterpay investor before the $29B Block acquisition, now backing vertical-specific BNPL platforms.

• Recent Deals: Vertical BNPL platforms (2025), embedded consumer credit
• LinkedIn: Nabeel Hyatt
• Sector Focus: Consumer, Fintech, Vertical Markets, Payments
• Stage Focus: Seed, Series A, Series B
• Location: San Francisco, USA
• Website: sparkcapital.com

8. NEA

They backed Tabby's Middle East expansion where BNPL serves genuinely underbanked populations.

• Recent Deals: Tabby $200M Series D (2024), emerging market consumer credit
• LinkedIn: Scott Sandell
• Sector Focus: Fintech, Emerging Markets, Consumer Finance, Payments
• Stage Focus: Series B, Series C, Series D, Growth
• Location: Menlo Park, USA
• Website: nea.com

9. Ribbit Capital

Pure fintech fund that understands embedded BNPL infrastructure better than generalist VCs.

• Recent Deals: BNPL infrastructure platforms (2024-2025), lending-as-a-service
• LinkedIn: Micky Malka
• Sector Focus: Fintech, Banking Infrastructure, Embedded Finance, Lending
• Stage Focus: Seed, Series A, Series B, Series C
• Location: Palo Alto, USA
• Website: ribbitcap.com

10. Accel

They funded Alma's B2B BNPL for software and services where default rates are lower than consumer BNPL.

• Recent Deals: Alma $115M Series C (2024), B2B installment payments
• LinkedIn: Ping Li
• Sector Focus: B2B Fintech, SaaS Payments, Enterprise Commerce, Embedded Finance
• Stage Focus: Series A, Series B, Series C
• Location: Palo Alto, USA
• Website: accel.com

11. Prosus Ventures

Emerging markets investor backing BNPL in India and Southeast Asia where credit card penetration is low.

• Recent Deals: Indian BNPL platforms (2025), Southeast Asian consumer credit
• LinkedIn: Prosus Ventures
• Sector Focus: Emerging Markets, Consumer Finance, E-commerce, Payments
• Stage Focus: Series A, Series B, Series C, Growth
• Location: Amsterdam, Netherlands
• Website: prosus.com/ventures

12. PayPal Ventures

Corporate VC investing in BNPL platforms that complement PayPal's own installment products.

• Recent Deals: Split payment platforms (2024-2025), checkout financing
• LinkedIn: PayPal Ventures
• Sector Focus: Payments, Consumer Credit, Checkout Solutions, Embedded Finance
• Stage Focus: Series A, Series B, Series C
• Location: San Jose, USA
• Website: paypal.com/ventures

13. Venrock

Healthcare-focused fund backing vertical BNPL for medical, dental, and elective procedures.

• Recent Deals: Healthcare BNPL platforms (2025), automotive financing
• LinkedIn: Brian Ascher
• Sector Focus: Healthcare Payments, Vertical Fintech, Consumer Services
• Stage Focus: Seed, Series A, Series B
• Location: Palo Alto, USA
• Website: venrock.com

14. FinTech Collective

Specialized fintech fund that invests in BNPL infrastructure and lending-as-a-service platforms.

• Recent Deals: BNPL infrastructure (2024-2025), credit decisioning APIs
• LinkedIn: Brooks Gibbins
• Sector Focus: Fintech Infrastructure, Lending Tech, Credit APIs, B2B Fintech
• Stage Focus: Seed, Series A, Series B
• Location: New York, USA
• Website: fintechcollective.com

15. QED Investors

Consumer finance specialists who actually understand BNPL unit economics and loss curves.

• Recent Deals: Credit underwriting platforms for BNPL (2024-2025)
• LinkedIn: Nigel Morris
• Sector Focus: Consumer Finance, Credit Infrastructure, Lending, Risk Management
• Stage Focus: Seed, Series A, Series B, Series C
• Location: Alexandria, USA
• Website: qedinvestors.com

16. Nyca Partners

Fintech-focused fund backing embedded BNPL and point-of-sale credit infrastructure.

• Recent Deals: Embedded lending platforms (2024-2025), merchant financing
• LinkedIn: Hans Morris
• Sector Focus: Fintech, Embedded Finance, Banking Infrastructure, Lending
• Stage Focus: Series A, Series B, Series C
• Location: New York, USA
• Website: nycapartners.com

17. Reinventure

Australian fund with deep BNPL expertise from watching Afterpay grow from zero to acquisition.

• Recent Deals: Next-gen BNPL platforms (2025), consumer credit tech
• LinkedIn: Reinventure
• Sector Focus: Fintech, Consumer Credit, BNPL, Australian Market
• Stage Focus: Seed, Series A, Series B
• Location: Sydney, Australia
• Website: reinventure.com.au

18. Greycroft

Consumer-focused fund backing BNPL platforms targeting Gen Z and millennial shopping behavior.

• Recent Deals: US BNPL platforms (2024-2025), mobile-first consumer credit
• LinkedIn: Dana Settle
• Sector Focus: Consumer Internet, Retail Tech, Fintech, Mobile Commerce
• Stage Focus: Seed, Series A, Series B
• Location: New York, USA
• Website: greycroft.com

19. Commerce Ventures

Point-of-sale and checkout infrastructure specialists who understand merchant integration requirements.

• Recent Deals: Checkout financing platforms (2025), merchant BNPL tools
• LinkedIn: Dan Rosen
• Sector Focus: Commerce Infrastructure, Payments, Point-of-Sale, Fintech
• Stage Focus: Seed, Series A, Series B
• Location: San Francisco, USA
• Website: commerceventures.com

20. Global Founders Capital

International fund backing BNPL across multiple regions with local regulatory expertise.

• Recent Deals: European and LATAM BNPL platforms (2024-2025)
• LinkedIn: Oliver Jung
• Sector Focus: Global Fintech, Consumer Credit, Cross-Border Commerce, Emerging Markets
• Stage Focus: Series A, Series B, Series C
• Location: Berlin, Germany
• Website: global-founders-capital.com

Track who's serious about your BNPL pitch

These 20 investors closed BNPL and consumer credit deals from 2025 to 2026. Before you start reaching out, set up proper tracking.

Upload your deck to Ellty and create a unique link for each investor. You'll see exactly which slides they view and how long they spend on your loss provisions and cohort default rates. Most founders are surprised to learn investors skip their brand partnership slides but spend 5+ minutes on unit economics and regulatory compliance sections.

When investors ask for more materials, share an Ellty data room instead of messy email threads. Your credit model, lending licenses, cohort performance data, and regulatory documentation in one secure place with view analytics.

Common questions

How do I know if an investor understands BNPL regulations?

Ask them about the CFPB's 2024 ruling on BNPL and credit card parity. If they haven't followed regulatory changes closely, they won't be helpful when you need banking partnerships or lending licenses.

Should I pitch general fintech VCs or consumer credit specialists?

Consumer credit specialists understand your loss curves and regulatory requirements. General fintech VCs will compare you to payment processors and question why your margins aren't 80%+ like SaaS.

What's the difference between seed and growth investors in BNPL?

Seed investors expect you to prove merchants will integrate your product and consumers will repay. Growth investors want to see profitability paths with cohort-level economics showing declining default rates over time.

How many investors should I reach out to?

Start with 15-20 that have recent consumer credit or embedded finance deals. Don't spray and pray. BNPL investors talk to each other and you'll get blacklisted if you're shopping the same deck to 50 firms.

When should I set up a data room?

Before your first investor meeting. They'll ask for your credit model, lending licenses, and cohort performance data immediately if they're serious. Having it ready shows you understand fintech due diligence.

Do investors care about which merchants I've signed?

Yes, but only if those merchants drive volume. Having 100 small Shopify stores means nothing. Having one enterprise merchant processing $1M+ monthly through your BNPL platform is what matters.