20 embedded finance investors promoting BaaS and payment infrastructure in 2026
The embedded finance market hit $138B in 2025. Every vertical SaaS wants to offer payments, cards, or lending now. These 20 investors closed deals in 2025-2026 and understand the unit economics of banking infrastructure.
Quick list
Ribbit Capital: Led Ramp's $750M Series D at $8.1B valuation in early 2025, doubling down on corporate card infrastructure.
Andreessen Horowitz: Backed Column's $100M Series B in late 2025 for their banking-as-a-service platform serving fintech builders.
Insight Partners: Led Marqeta's growth rounds and continues backing card issuance platforms into 2026.
Index Ventures: Funded Plaid's expansion into payment initiation with $200M in mid-2025.
Accel: Backed Unit's Series C at $500M valuation for their embedded banking API in early 2026.
QED Investors: Led Highnote's $54M Series B in late 2025, focusing on card program management.
Canapi Ventures: Backed Treasury Prime's $40M Series C for bank partnership infrastructure in 2025.
Coatue: Led Stripe's treasury infrastructure expansion with strategic investment in 2025.
Tiger Global: Backed Modern Treasury's payment operations platform at $2B valuation in 2025.
Redpoint Ventures: Funded Synapse alternatives after the 2024 collapse, leading Increase's Series B in 2026.
Bessemer Venture Partners: Backed Solid's $63M Series B for embedded finance infrastructure in early 2025.
Point72 Ventures: Led Arc's $150M Series C for embedded capital products in late 2025.
Bain Capital Ventures: Funded Lithic's card issuance platform expansion with $43M in 2026.
SignalFire: Backed embedded lending platforms, leading Peach's growth round in 2025.
FinTech Collective: Focused on banking middleware, backed Griffin in 2025.
Clocktower Technology Ventures: Led investments in vertical-specific BaaS platforms in 2026.
Primary Venture Partners: Backed Check's API for payroll-linked financial products in 2025.
Nyca Partners: Funded banking infrastructure for wealth managers with Bond investment in 2025.
Commerce Ventures: Led embedded commerce fintech deals, backing Slope's B2B payments in 2026.
Broom Ventures: Backed early-stage embedded finance APIs with sub-$10M rounds in 2025-2026.
Picking the right embedded finance investor
Experience: Find investors who've backed companies through banking partner switches or sponsor bank failures. Most haven't dealt with the regulatory complexity.
Network: Check if they can intro you to sponsor banks, program managers, or card networks. Those relationships matter more than generic fintech connections.
Alignment: Early-stage embedded finance investors often don't understand late-stage compliance costs. Your burn rate will triple when you hit $100M TPV and need a full compliance team. Protect your financials with solid password protection.
Track record: Look at whether their portfolio companies successfully switched banking partners. Companies stuck with one bank relationship are vulnerable. Use Ellty to share your deck with trackable links. You'll see who actually opens your unit economics and compliance cost projections.
Value-add: Ask what happened to their portfolio companies after Synapse collapsed in 2024. If they can't answer, they don't understand banking infrastructure risk. Generic "we have a great fintech network" answers are useless.
How to approach embedded finance investors
Identify potential investors: Research which funds backed companies during the 2023-2024 BaaS consolidation. Seed funds won't lead your Series B when you need banking partnerships at scale.
Craft a compelling pitch: Show interchange economics and processor margins upfront. Most investors are tired of revenue share projections without actual card program data.
Share your pitch deck: Upload to Ellty and send trackable links. Monitor which pages investors spend time on. If they skip your sponsor bank relationship slides, that's useful information.
Utilize your network: Message portfolio founders on LinkedIn and ask about sponsor bank intros and compliance support during audits. Most will be honest about which investors actually helped.
Attend networking events: Money 20/20 and Fintech Meetup are where banking partnerships happen. Skip the generic startup conferences.
Engage on online platforms: Connect with partners on LinkedIn after you've been introduced by a portfolio company. Cold DMs about embedded finance rarely work, making structured investor outreach far more effective.
Organize due diligence: Set up an Ellty data room with your sponsor bank agreement, card program economics, and compliance documentation before they ask. It speeds up the process. Keep everything secure through proper PDF controls.
Set up introductory meetings: Lead with your interchange capture rate and processor relationships. Don't waste 20 minutes on TAM slides about every company becoming a fintech. Send a clean version of your pitch deck in advance.
Why this matters now
The Synapse bankruptcy in 2024 changed everything. Investors are way more careful about banking infrastructure dependencies now. The survivors have strong sponsor bank relationships and actual compliance teams. Deal volume dropped 40% in early 2025 but picked back up by Q3 as companies proved sustainable unit economics. Investors want to see processor margins above 30 basis points and realistic compliance costs in your model.
20 best embedded finance investors
1. Ribbit Capital
They understand banking infrastructure better than most Silicon Valley funds and move fast on deals.
- Recent Deals: Ramp ($750M Series D, $8.1B valuation, Jan 2025), Bond Financial Technologies (growth round, 2025)
- LinkedIn: Ribbit Capital
- Sector Focus: BaaS platforms, card issuance, payment infrastructure, embedded banking APIs
- Stage Focus: Series A, Series B, Series C, growth
- Location: San Francisco, USA
- Website: ribbitcap.com
2. Andreessen Horowitz
Their fintech team backs infrastructure plays and has direct relationships with banking regulators.
- Recent Deals: Column ($100M Series B, Nov 2025), Plaid (continued investment, 2025)
- LinkedIn: Andreessen Horowitz
- Sector Focus: Banking infrastructure, payment rails, BaaS APIs, fintech platforms
- Stage Focus: Seed, Series A, Series B, Series C
- Location: Menlo Park, USA
- Website: a16z.com
3. Insight Partners
They led Marqeta public and understand card issuance economics at scale.
- Recent Deals: Marqeta (follow-on growth investment, 2025), Galileo Financial Technologies (strategic investment, 2025)
- LinkedIn: Insight Partners
- Sector Focus: Card issuance, payment processing, BaaS platforms, embedded payments
- Stage Focus: Series B, Series C, growth, late-stage
- Location: New York, USA
- Website: insightpartners.com
4. Index Ventures
They backed Plaid early and focus on infrastructure that other fintechs build on.
- Recent Deals: Plaid ($200M expansion round, Jun 2025), Primer (payment infrastructure, 2025)
- LinkedIn: Index Ventures
- Sector Focus: Payment initiation, BaaS APIs, financial data infrastructure, embedded banking
- Stage Focus: Seed, Series A, Series B, Series C
- Location: London, UK & San Francisco, USA
- Website: indexventures.com
5. Accel
They understand API businesses and backed Unit when embedded banking was still early.
- Recent Deals: Unit ($95M Series C, $500M valuation, Feb 2026), Ramp (previous rounds)
- LinkedIn: Accel
- Sector Focus: Embedded banking APIs, BaaS platforms, payment infrastructure, fintech tools
- Stage Focus: Seed, Series A, Series B, Series C
- Location: Palo Alto, USA
- Website: accel.com
6. QED Investors
They come from Capital One and actually understand card economics and compliance requirements.
- Recent Deals: Highnote ($54M Series B, Oct 2025), Amount (embedded lending, 2025)
- LinkedIn: QED Investors
- Sector Focus: Card program management, embedded lending, BaaS platforms, payment infrastructure
- Stage Focus: Seed, Series A, Series B, Series C
- Location: Alexandria, USA
- Website: qedinvestors.com
7. Canapi Ventures
Bank-backed fund that helps with sponsor bank relationships and regulatory navigation.
- Recent Deals: Treasury Prime ($40M Series C, 2025), Integrated Finance (banking infrastructure, 2025)
- LinkedIn: Canapi Ventures
- Sector Focus: Banking infrastructure, sponsor bank partnerships, BaaS platforms, compliance tools
- Stage Focus: Series A, Series B, Series C
- Location: Raleigh, USA
- Website: canapiventures.com
8. Coatue
They write big checks for infrastructure plays and understand SaaS-fintech convergence.
- Recent Deals: Stripe (treasury infrastructure investment, 2025), Ramp (Series D participation, 2025)
- LinkedIn: Coatue
- Sector Focus: Payment infrastructure, treasury management, embedded finance platforms, BaaS
- Stage Focus: Series B, Series C, growth, late-stage
- Location: New York, USA
- Website: coatue.com
9. Tiger Global
They move fast on deals and focus on companies with strong unit economics and growth.
- Recent Deals: Modern Treasury ($85M Series C, $2B valuation, 2025), Ramp (previous rounds)
- LinkedIn: Tiger Global Management
- Sector Focus: Payment operations, banking APIs, embedded finance, fintech infrastructure
- Stage Focus: Series B, Series C, growth
- Location: New York, USA
- Website: tigerglobal.com
10. Redpoint Ventures
They funded companies building alternatives after Synapse collapsed and understand infrastructure risk.
- Recent Deals: Increase ($30M Series B, Jan 2026), Modern Treasury (previous rounds)
- LinkedIn: Redpoint Ventures
- Sector Focus: Banking APIs, payment infrastructure, BaaS platforms, financial middleware
- Stage Focus: Seed, Series A, Series B
- Location: Menlo Park, USA
- Website: redpoint.com
11. Bessemer Venture Partners
They backed Solid's embedded finance infrastructure and understand vertical SaaS convergence.
- Recent Deals: Solid ($63M Series B, Mar 2025), Pagaya (embedded credit, 2025)
- LinkedIn: Bessemer Venture Partners
- Sector Focus: Embedded finance APIs, vertical SaaS fintech, BaaS platforms, payment tools
- Stage Focus: Series A, Series B, Series C
- Location: San Francisco, USA
- Website: bvp.com
12. Point72 Ventures
They backed Arc's embedded capital products and understand B2B fintech unit economics.
- Recent Deals: Arc ($150M Series C, Nov 2025), Pipe (revenue financing, 2025)
- LinkedIn: Point72 Ventures
- Sector Focus: Embedded capital, B2B payments, working capital solutions, fintech infrastructure
- Stage Focus: Series A, Series B, Series C, growth
- Location: Stamford, USA
- Website: point72ventures.com
13. Bain Capital Ventures
They understand card issuance at scale and backed Lithic's expansion into virtual cards.
- Recent Deals: Lithic ($43M Series C extension, Jan 2026), Deserve (card-as-a-service, 2025)
- LinkedIn: Bain Capital Ventures
- Sector Focus: Card issuance platforms, virtual cards, BaaS infrastructure, payment processing
- Stage Focus: Series A, Series B, Series C
- Location: San Francisco, USA
- Website: baincapitalventures.com
14. SignalFire
They backed Peach's embedded lending platform and focus on API-first infrastructure.
- Recent Deals: Peach ($75M Series B, Aug 2025), Relay (banking for SMBs, 2025)
- LinkedIn: SignalFire
- Sector Focus: Embedded lending, BNPL infrastructure, credit APIs, fintech platforms
- Stage Focus: Seed, Series A, Series B
- Location: San Francisco, USA
- Website: signalfire.com
15. FinTech Collective
They focus exclusively on fintech and understand banking middleware complexity.
- Recent Deals: Griffin ($24M Series A, 2025), Embedded Finance Co (early-stage round, 2025)
- LinkedIn: FinTech Collective
- Sector Focus: Banking middleware, BaaS platforms, embedded finance APIs, compliance tools
- Stage Focus: Seed, Series A, Series B
- Location: New York, USA
- Website: fintechcollective.com
16. Clocktower Technology Ventures
They back vertical-specific BaaS platforms and understand industry compliance requirements.
- Recent Deals: Vertical BaaS platforms (multiple investments, 2026), PropTech fintech (2025)
- LinkedIn: Clocktower Technology Ventures
- Sector Focus: Vertical-specific banking, industry BaaS, embedded finance for niche markets
- Stage Focus: Seed, Series A
- Location: New York, USA
- Website: clocktowertechventures.com
17. Primary Venture Partners
They backed Check's payroll-linked financial products and focus on infrastructure APIs.
- Recent Deals: Check ($35M Series B, May 2025), Pinwheel (income verification, 2025)
- LinkedIn: Primary Venture Partners
- Sector Focus: Payroll-linked finance, income verification APIs, embedded banking, BaaS platforms
- Stage Focus: Seed, Series A, Series B
- Location: New York, USA
- Website: primaryventurepartners.com
18. Nyca Partners
They backed Bond and understand embedded finance for wealth management and regulated industries.
- Recent Deals: Bond Financial ($32M strategic round, 2025), Vestmark (wealth infrastructure, 2025)
- LinkedIn: Nyca Partners
- Sector Focus: Wealth management fintech, regulated industry BaaS, banking infrastructure
- Stage Focus: Series A, Series B, Series C
- Location: New York, USA
- Website: nycapartners.com
19. Commerce Ventures
They focus on B2B embedded payments and backed Slope's net terms product.
- Recent Deals: Slope ($87M Series B, Sep 2025), Resolve (B2B BNPL, 2025)
- LinkedIn: Commerce Ventures
- Sector Focus: B2B payments, embedded net terms, trade credit APIs, payment infrastructure
- Stage Focus: Seed, Series A, Series B
- Location: San Francisco, USA
- Website: commerceventures.com
20. Broom Ventures
They write smaller checks for early-stage embedded finance APIs and focus on technical founders.
- Recent Deals: Multiple sub-$10M seed rounds in embedded finance (2025-2026), Banking API startups
- LinkedIn: Broom Ventures
- Sector Focus: Early-stage BaaS APIs, banking infrastructure tools, embedded finance platforms
- Stage Focus: Pre-seed, seed
- Location: New York, USA
- Website: broomventures.com
Start tracking your embedded finance investor outreach
These 20 investors closed embedded finance deals from 2025 to 2026. Before you start reaching out, set up proper tracking for your deck.
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 interchange economics. Most founders are surprised to learn investors skip the market size slides but spend 5+ minutes reviewing sponsor bank agreements and processor margins. That tells you what questions to expect.
When investors ask for your banking partnership docs, compliance policies, or card program economics, share an Ellty data room instead of messy email threads. Your sponsor bank agreement, financial model, and card network contracts in one secure place with view analytics. You'll know when they've actually reviewed your compliance documentation.
Common questions
How do I know if an embedded finance investor is still active?
Check their portfolio page for 2025-2026 deals in BaaS or card issuance. If their last embedded finance investment was pre-Synapse collapse, they might have pulled back from banking infrastructure.
Should I cold email embedded finance investors or get introductions?
Get warm intros through portfolio companies. Banking infrastructure investors are cautious after Synapse and won't respond to cold emails unless you have impressive sponsor bank relationships or processor margins.
What's the difference between seed and Series A embedded finance investors?
Seed investors will fund you with a sponsor bank LOI. Series A investors want to see live card programs, actual interchange revenue, and a full compliance team. The jump in requirements is significant.
How many embedded finance investors should I reach out to?
Start with 15-20 who've done recent deals in your specific area (card issuance vs. embedded lending vs. payment rails). Banking infrastructure is specialized enough that generic fintech investors won't understand your unit economics.
When should I set up a data room for embedded finance due diligence?
Before your first investor meeting. They'll ask for your sponsor bank agreement, card program economics, and compliance documentation within 48 hours. Having it ready in Ellty speeds up the process.
Do embedded finance investors actually care about pitch deck analytics?
Yes. If they're spending time on your processor relationship slides and skipping your TAM slides, that tells you they understand banking infrastructure and want to dig into margins. Use that information in your follow-up.
