General Catalyst leads $5M-plus fintech deals in Q2

General Catalyst fintech deals moved to the top of the $5 million-plus category in the second quarter, with the firm participating in 12 such rounds, according to Crunchbase data. The shift matters because Y Combinator has regularly been the most active fintech investor over the past year, but its dominance remains concentrated in overall and seed-stage counts.

Y Combinator still led fintech deal activity across all round sizes in Q2, taking part in 41 deals. General Catalyst was far behind on that broader measure, with 13 total fintech deals, followed by Coinbase Ventures with 12, Index Ventures with 11 and FJ Labs with 10.

The narrower $5 million-plus view tells a different story. General Catalyst participated in 12 fintech financings of that size, while Y Combinator and Index Ventures each backed 11. Crunchbase said it was the first time in several quarters that General Catalyst passed YC in that segment.

For General Catalyst, Q2 was also its most active quarter since 2021 for fintech rounds of at least $5 million. Its next-highest recent quarter in that category was Q4 2025, when it joined 10 such financings.

Which investors led fintech deals in Q2?

At the top end of the market, private equity and large crossover-style investors led or co-led the biggest fintech rounds. Crunchbase listed Ontario Teachers’ Pension Plan, Iconiq Capital, GIC, Centerbridge Partners and Prosus among the leading investors in fintech rounds of $100 million or more.

The largest Q2 fintech financing went to Ramp, the expense management company, which raised a $750 million Series F in June. Ontario Teachers’ Pension Plan, Iconiq Capital and GIC co-led the round, which valued Ramp at more than $50 billion post-money.

Ebury, a London company focused on cross-border payments and foreign exchange and majority-owned by Santander, raised $748 million in an April private equity financing led by Centerbridge Partners. KreditBee, an Indian consumer lending startup, raised a $220 million Series E in April co-led by Dragon Fund, Hornbill Capital Advisers and Motilal Oswal Alternates, at a valuation above $1.5 billion. Paris-based insurtech Alan raised a $545 million Series G led by Prosus, valuing the company at $6.2 billion.

Where did Y Combinator remain strongest?

Y Combinator remained the clear leader at seed. Crunchbase counted 33 fintech seed deals for YC in Q2, well ahead of Rebel Fund with seven and Antler with six.

The post-seed lead-investor table looked more like the $5 million-plus ranking. General Catalyst led or co-led five post-seed fintech rounds, the highest count in the period. TCV, SMBC Asia Rising Fund, Portage Ventures, Index Ventures, Bessemer Venture Partners and Accel each led or co-led three.

What does the fintech funding data show?

Globally, fintech startups raised $28.6 billion in the first half of 2026, according to Crunchbase. That was up 22.7% from the first half of 2025, but down 17.3% from the $34.6 billion raised in the second half of 2025.

The comparison is uneven because H2 2025 was the strongest six-month period for fintech funding since the second half of 2022, according to Crunchbase. Q2’s investor rankings suggest capital is still available for later-stage and larger fintech rounds, while the broadest deal activity remains anchored by accelerator-backed seed formation.

This story draws on original reporting from Crunchbase News.