Failed FinTech Startups
220 venture-backed fintech startups have shut down after raising $13.9B combined — about 10% of the entire graveyard. The biggest cohort last raised in 2022, and the most common final round was Seed.
FinTech failures cluster around two causes: lending models that broke when rates rose, and consumer products whose acquisition costs never beat their margins. The 2022 repricing hit this category especially hard.
The Damage, by the Numbers
$7.6M
Median raised before shutdown
$63.1M
Average raised — the big flameouts drag it up
22
Died holding $100M+ in funding
3
Raised $1B+ and still closed
Class of the crash
Closed fintech startups by year of their final funding round
67
95
38
14
5
2021
$2.4B
2022
$8.9B
2023
$1.4B
2024
$1.0B
2025
$126.4M
How far they got
Last round raised before shutting down
Pre-Seed
40
Seed
67
Series A
31
Series B
11
Series C+
6
Post-IPO
3
Debt & Notes
15
Other
47
Based on the last five years of fundraising data tracked in the VCbacked database.
The Graveyard
Showing 100 of 220 closed startups
Company | Raised | Last Round | What They Did | Location | Founders | Site | Contact |
|---|---|---|---|---|---|---|---|
Marlette Funding | $2.1B | Series E | Marlette Funding is a financial tech company tasked to empower customers. | Wilmington, Delaware, United States | Jeffrey Meiler | Reveal | |
FTX | $1.8B | Venture | FTX is a cryptocurrency exchange company that develops a mobile trading platform. | Nassau, New Providence, Bahamas | Sam Bankman-Fried | Reveal | |
BlockFi | $1.4B | Debt | BlockFi develops a blockchain-driven wealth management platform for crypto investors. | Jersey City, New Jersey, United States | Flori Marquez | Reveal | |
Celsius Network | $903.8M | Corporate | Celsius Network is a blockchain-based lending platform that is accessible through a free mobile app. | London, England, United Kingdom | Alex Mashinsky | Reveal | |
Ampla Technologies | $839.5M | Debt | Ampla provides tech-enabled financial solutions to help emerging brands. | New York, New York, United States | Anthony Santomo | Reveal | |
Aspiration | $550.0M | PE | Aspiration offers retail banking and investing services that enable customers to spend and save their money in ways that protect the planet. | Marina Del Rey, California, United States | Andrei Cherny | Reveal | |
Voyager | $510.1M | Post-IPO | Voyager Digital is a crypto-asset brokerage company that offers a secure way to invest in cryptocurrencies and altcoins. | Wilmington, Delaware, United States | Oscar Salazar | Reveal | |
Behalf | $462.0M | Debt | Behalf develops a digital platform that facilitates payments and accelerates cash flow by extending net terms and financing to businesses. | New York, New York, United States | Benjy Feinberg | Reveal | |
EasyKnock | $429.7M | Series D | EasyKnock provides sale-leaseback solutions that help homeowners to convert their home equity to cash. | New York, New York, United States | Ben Black | Reveal | |
Amount | $313.0M | Venture | Amount is a digital technology company that accelerates digital transformation for financial institutions. | Chicago, Illinois, United States | Al Goldstein | Reveal | |
Openpay | $299.6M | Post-IPO | Openpay is a fintech company that develops online payment solutions that feature buy now, pay later services. | Melbourne, Victoria, Australia | Marni Meydan | Reveal | |
Reali | $292.4M | Debt | Reali is a real estate and fintech company that is creating a one-stop-shop to make homeownership simple, affordable and stress-free. | San Mateo, California, United States | Ami Avrahami | Reveal | |
Onfido, an Entrust company | $182.1M | Secondary | Onfido, an Entrust company is a provider of automated digital identity verification. | London, England, United Kingdom | Eamon Jubbawy | Reveal | |
Parker | $177.0M | Series B | Parker offers corporate credit cards to help e-commerce businesses pay expenses and manage their finances. | New York, New York, United States | Milan Ray, Yacine Sibous | Reveal | |
Prime Trust | $176.0M | Series C | Prime Trust powers innovation in the digital economy by providing fintech and digital asset innovators with financial infrastructure. | Las Vegas, Nevada, United States | Jon Jiles | Reveal | |
Tally | $172.0M | Series D | Tally is a financial automation company that helps members in paying off their credit card debt. | San Francisco, California, United States | Jason Brown | Reveal | |
tZERO | $159.0M | Series B | tZERO is a financial technology company providing transformative market-based solutions for companies, retail, and investors. | Salt Lake City, Utah, United States | Patrick M. Byrne | Reveal | |
Babel Finance | $120.0M | Series B | Babel Finance is a global cryptocurrency financial service provider serving institutional and HNW investors. | Hong Kong, Hong Kong Island, Hong Kong | Del Wang | Reveal | |
Recharge | $118.2M | Debt | Recharge connects brands effortlessly with customers through their unified prepaid platform solutions | Amsterdam, Noord-Holland, The Netherlands | Dirk Ueberbach | Reveal | |
Yokoy | $107.8M | Series B | Yokoy is a financial technology company that offers automated expense, invoicing, and credit card processing. | Zürich, Zurich, Switzerland | Devis Lussi | Reveal | |
creditshelf | $101.9M | Post-IPO | creditshelf has been shaping digital SME financing for years - simple, fast, innovative. | Frankfurt, Hessen, Germany | Daniel Bartsch | Reveal | |
SIMON | $100.0M | Corporate | SIMON develops an online distribution platform for financial professionals that focuses on structured investments. | New York, New York, United States | — | Reveal | |
Dash | $86.1M | Debt | Dash builds an alternative payment app where users can send, spend, and receive money, pay for goods and services, save, and invest. | New York, New York, United States | Prince Boakye Boampong | Reveal | |
T-REX | $80.0M | Series C | T-REX provides advanced analytics and data services for structuring and managing investments across private credit and structured finance. | New York, New York, United States | Benjamin Cohen | Reveal | |
Embed Financial Technologies | $80.0M | Debt | Embed develops securities execution, clearing, settlement, and custody APIs for the financial services industry. | Vancouver, Washington, United States | Michael Giles | Reveal | |
Waddle | $73.1M | Venture | Waddle is a proprietary technology that leverages analytics from accounting & bank data to provide automated revolving credit lines. | Surry Hills, New South Wales, Australia | Leigh Dunsford | Reveal | |
Mosaic.tech | $71.9M | Series C | Mosaic.tech is a finance platform that provides predictive reporting capabilities to assist with financial strategy and planning. | San Diego, California, United States | Bijan Moallemi | Reveal | |
Penta | $71.4M | Series B | Penta is a digital business bank platform designed to help startups and SMEs save time and money on banking. | Berlin, Berlin, Germany | Aleksandar Orlic | Reveal | |
Guiabolso | $69.0M | Venture | Guiabolso offers both financial management and marketplace app (B2C), and Open Banking SaaS solution (B2B). | Pinheiros, Sao Paulo, Brazil | Benjamin Gleason | Reveal | |
SeedFi | $69.0M | Series B | SeedFi is a financial health startup that provides financial products to underserved Americans. | San Francisco, California, United States | Bernardo Menezes | Reveal | |
Teampay | $65.0M | Debt | Teampay's expense management platform streamlines the purchase process across virtual and physical cards, invoices, and reimbursements. | New York, New York, United States | Andrew Hoag | Reveal | |
X1 | $62.0M | Series B | X1 manufactures a smart credit card made with 17 grams of sleek, stainless steel. | San Francisco, California, United States | Deepak Rao | Reveal | |
Bridge | $58.0M | Series A | Bridge is developer of an application programming interface for money movement within the financial technology sector. | San Antonio, Texas, United States | Sean Yu, Zach Abrams | Reveal | |
Neat Capital | $50.4M | Series B | Neat Capital enables clients to purchase homes with cash offers and close with financing in 10-15 days. | Boulder, Colorado, United States | Chad Lewkowski | Reveal | |
GRN GRID | $50.0M | Venture | GRN GRID is an environmentally friendly, scalable and stable layer-1 blockchain with novel decentralized finance features. | Zug, Zug, Switzerland | — | Reveal | |
Nuri | $49.2M | PE | Nuri empowers people to manage and grow their wealth through innovative technologies. | Berlin, Berlin, Germany | Benjamin Jones | Reveal | |
ErisX | $47.5M | Venture | ErisX specializes in digital asset space that offers both spot and futures contracts on one platform. | Chicago, Illinois, United States | Joe Lubin | Reveal | |
Ambassador | $42.2M | Venture | Ambassador accelerate API-led innovation with advanced tools for leading tech companies | Denver, Colorado, United States | Rafael Schloming | Reveal | |
Twig | $40.6M | Corporate | Twig is a fintech startup that provides a mobile banking app. | London, England, United Kingdom | Geri Cupi | Reveal | |
YieldX | $36.0M | Series A | YieldX introduces a fixed income investing with an end-to-end digital platform that powers personalization at scale. | Miami, Florida, United States | Adam Green | Reveal | |
Reserve Trust | $35.5M | Series A | Reserve Trust - the first fintech trust company with a Federal Reserve master account provides B2B payments services. | Denver, Colorado, United States | Justin Guilder | Reveal | |
CommonStock | $34.7M | Series A | Commonstock social network for stocks and crypto built on top of every existing brokerage | San Francisco, California, United States | David McDonough | Reveal | |
Numerated | $32.0M | Venture | Numerated is the fast-growing fintech making business banking easy for financial institutions and their clients. | Boston, Massachusetts, United States | Dan Malley | Reveal | |
Advisor Credit Exchange | $31.3M | Venture | Advisor Credit Exchange is a technology-empowered network for providing loans to clients instead of product-driven approaches. | Berwyn, Pennsylvania, United States | Peter Stanton | Reveal | |
Nivaura | $31.1M | Venture | Nivaura is a Making issuance and administration of financial instruments cheaper and faster while ensuring compliance. | London, England, United Kingdom | Alessio Menini | Reveal | |
Crowdz | $30.7M | Series B | Risk Rated Assets in Real-Time | Campbell, California, United States | Kevin Hopkins | Reveal | |
Wyre | $29.1M | Note | Wyre is a crypto and payment infrastructure company that develops a variety of payment APIs. | San Francisco, California, United States | Ioannis Giannaros | Reveal | |
LEX Markets | $27.5M | Series A | LEX Markets is a commercial real estate securities marketplace that takes commercial buildings public through single-asset IPOs. | New York, New York, United States | Dean Sterrett | Reveal | |
Regate | $27.5M | Series A | Regate develops a SaaS platform designed to streamline accounting and financial operations. | Paris, Ile-de-France, France | Alexis Renard | Reveal | |
Level | $27.0M | Series B | Level is a technology company that makes financial products for employers. | New York, New York, United States | Paul Aaron | Reveal | |
Entropy | $26.9M | Seed | Entropy provides crypto custody services to keep private keys secure and make assets available on demand. | New York, New York, United States | Tux Pacific | Reveal | |
Accelex | $24.6M | Series A | Accelex is a data acquisition, analytics, and reporting solutions provider for alternative investors and asset servicers. | London, England, United Kingdom | Franck Vialaron, Michael Aldridge, Nicole Weder | Reveal | |
Passfort | $24.2M | Series A | PassFort is a turnkey compliance solution for onboarding customers in regulated markets. | London, England, United Kingdom | Brett Jewell | Reveal | |
Utopia Labs | $23.0M | Seed | Utopia Labs develops an operating system for DAO to manage payment requests and payroll. | San Francisco, California, United States | Alexander Wu, Jason Chong, Kaito Cunningham, Pryce Adade Yebesi | Reveal | |
Friday Finance | $23.0M | Series A | Friday Finance is a finance management platform that automates financial management for startups and SMBs. | Berlin, Berlin, Germany | Christopher Zemina | Reveal | |
Fortress Blockchain Technologies | $22.5M | Seed | Financial, regulatory and technology infrastructure for NFT and crypto innovators | Las Vegas, Nevada, United States | Aydin Kilic | Reveal | |
Clausematch | $21.1M | Series B | Clausematch is a finance management and regulation platform that provides policy management, regtech, and document management services. | Littlehampton, West Sussex, United Kingdom | Andrey Dokuchaev | Reveal | |
Metatime | $21.0M | Seed | Metatime is a fintech firm that offers a single distributed blockchain ecosystem that enables a user to manage all from a single screen. | Istanbul, Istanbul, Turkey | Yusuf Sevim | Reveal | |
Cushion | $20.2M | Series A | Reimagining the way Americans manage and pay their bills | San Francisco, California, United States | Fazil Mohamood | Reveal | |
First Boulevard | $20.0M | Series A | First Boulevard is a fintech startup that aims to address the generational wealth gap for Black Americans. | Overland Park, Kansas, United States | Asya Bradley | Reveal | |
Kinly | $20.0M | Series A | Kinly is a diverse financial technology company dedicated to meeting the specific needs of African-Americans and their allies. | Atlanta, Georgia, United States | Donald Hawkins | Reveal | |
Daylight | $20.0M | Series A | Daylight is a digital banking platform in the USA built for LGBT+ people, by LGBT+ people. | West Hollywood, California, United States | Billie Simmons | Reveal | |
Parallel Markets | $19.9M | Venture | Parallel Markets is an Identity verification and accreditation platform for financial platforms. | New York, New York, United States | Brian Muller, Dan Sutera, Tony Peccatiello | Reveal | |
DreamQuark | $19.1M | Program | DreamQuark provides artificial intelligence solutions for banks, insurance, and asset management firms. | Paris, Ile-de-France, France | Nicolas Meric | Reveal | |
Envel | $16.5M | Crowdfund | Envel is a next-generation mobile banking platform that allows users to have control over their finances in real-time. | Boston, Massachusetts, United States | Diederik Meeuwis | Reveal | |
CIRCA5000 | $16.4M | Crowdfund | The investment platform of the human future | London, England, United Kingdom | Matt Latham | Reveal | |
Hola Cash | $15.8M | Venture | LatAm’s first CheckoutOS solution. | Mexico City, Distrito Federal, Mexico | — | Reveal | |
Numarics | $15.1M | Seed | Numarics is a financial firm that delivers business administration solutions for SMEs. | Baar, Zug, Switzerland | Dominique Rey, Kristian Kabashi, Stefan Mitrovic | Reveal | |
Bitget Wallet | $15.0M | Series A | Bitget Wallet is a decentralized multi-chain digital wallet that provides safe and convenient digital asset management services to users. | Grand Cayman, Midland, Cayman Islands | Kevin Como | Reveal | |
ABAKA Holdings | $14.8M | Series A | ABAKA is the Enterprise platform powered by Artificial Intelligence enabling institutions to build digital retirement solutions | London, England, United Kingdom | Benoit Launay | Reveal | |
Donut | $14.8M | Seed | Save & earn high yield with DeFi. | Los Angeles, California, United States | Neel Popat | Reveal | |
Child Registry Ltd. | $14.3M | Note | Child Registry Ltd is a Financial Technology (Fintech) Company based in New York and London. | London, England, United Kingdom | Rahim Thawer | Reveal | |
NuWealth | $14.1M | Series A | NuWealth is a curated fractional thematic investment platform that allows people to invest in the brands they understand, use and love. | London, England, United Kingdom | Kane Harrison | Reveal | |
Sentinels | $13.9M | Corporate | Sentinels is an AI-powered transaction monitoring startup. | Amsterdam, Noord-Holland, The Netherlands | Joost van Houten | Reveal | |
Cignifi | $13.9M | Venture | Cignifi uses mobile behavior data in emerging markets to deliver credit scores and marketing tools to telecom and financial companies. | Cambridge, Massachusetts, United States | Jonathan Hakim | Reveal | |
AREX Markets | $13.8M | Series A | AREX Markets is the creator of an invoice trading platform that provides business funding to help businesses thrive. | Dublin, Dublin, Ireland | Airto Vienola | Reveal | |
Medxoom | $13.7M | Venture | Medxoom is an engagement platform for healthcare benefits and cost management. | Atlanta, Georgia, United States | Jeffrey Toewe | Reveal | |
Naborly | $13.5M | Seed | Naborly provides ID verification and screening for landlords and tenants. | Toronto, Ontario, Canada | Dylan Lenz | Reveal | |
Rize | $13.4M | Series A | Rize creates customer-centric financial solutions for Fintechs, incumbents, and non-financial brands. | Arlington, Virginia, United States | Justin Howell | Reveal | |
DigiSure | $13.1M | Seed | DigiSure is the global leader in marketplace trust, safety and insurance for mobility. | Burlingame, California, United States | Mike Shim | Reveal | |
Onramp Invest | $13.0M | Series A | Onramp Invest is a digital comprehensive crypto-asset management solution that helps financial advisors to invest in cryptocurrency. | San Diego, California, United States | Eric R. Ervin | Reveal | |
Payaut | $13.0M | Seed | Payaut is the only payment solution for marketplaces that connects with any PSP. | Amsterdam, Noord-Holland, The Netherlands | Ernst Van Niekerk | Reveal | |
Atani | $12.9M | Seed | Atani is the one-stop crypto trading platform: trading on 20+ exchanges, integrates technical analysis tools and automates tax reporting. | Madrid, Madrid, Spain | Haydee Barroso Bañales, Paul Barroso | Reveal | |
AIKON | $12.6M | Series A | AIKON makes blockchain technology simple. We build cross-chain identity and wallet solutions - ORE ID and ORE Vault. | San Francisco, California, United States | Annabel Antunes | Reveal | |
Coinfirm | $12.5M | Series A | Coinfirm is a blockchain analytics and investigations solutions. | London, England, United Kingdom | Grant Blaisdell | Reveal | |
Lockstep | $12.5M | Series A | Lockstep connects accounting teams to help them work better together. | Seattle, Washington, United States | Matt Shanahan | Reveal | |
TaxScouts | $12.1M | Crowdfund | TaxScouts is a tax preparation platform that makes tax planning easier. | London, England, United Kingdom | Dan Karger | Reveal | |
KyckGlobal | $12.0M | Venture | SaaS firm with a cloud-based platform featuring 15 integrated payment methods to streamline overhead and optimize the payee experience. | Atlanta, Georgia, United States | Ashish Bahl | Reveal | |
Finmark | $11.6M | Seed | Finmark is financial planning software for startups; making it simple for companies to manage their runway, hiring, and cash. | Raleigh, North Carolina, United States | Greg Lissy | Reveal | |
Jet Protocol Holdings | $11.6M | Seed | Jet Protocol Holdings is an operator of a lending platform. | Greenwich, Connecticut, United States | James Moreau | Reveal | |
Yoello | $11.3M | Series A | Yoello is a payments platform building infrastructure that connects banks and payment networks to merchants consumers. | Cardiff, Cardiff, United Kingdom | Anton Manley | Reveal | |
Payitoff | $11.0M | Seed | Payitoff automates every aspect of debt repayment for fintechs, workplace providers and financial institutions - starting with student debt | New York, New York, United States | Bobby Matson | Reveal | |
EarlyBird | $10.9M | Seed | EarlyBird is empowering parents, family, and friends to collectively invest in a child's financial future, starting at the earliest age. | Chicago, Illinois, United States | Caleb Frankel, Jordan Wexler | Reveal | |
Ardana | $10.8M | ICO | Ardana is a decentralized stablecoin and DEX liquidity pool built on Cardano | London, England, United Kingdom | Ryan Matovu | Reveal | |
Nethone | $10.6M | Series A | Know Your Users™ to reject only fraudsters | Warsaw, Mazowieckie, Poland | Kacper Szcześniak | Reveal | |
Upside Financing | $10.5M | Seed | Upside Financing tackles one of the biggest problems across the CPG industry: mis-matched payment terms. | Austin, Texas, United States | Justin Mares | Reveal | |
Lemox | $10.1M | Series A | Lemox is a real estate investment firm that bridges the gap between traditional markets and the decentralized economy. | Long Beach, California, United States | Peter Aman | Reveal | |
SOTE | $10.1M | Note | A data and analytics company enabling banks and FI's in Africa to lend to corporates and SMEs based on proprietary trade data – a lá Moodys. | Palo Alto, California, United States | Felix Orwa | Reveal | |
Bumper | $10.0M | Venture | BUMPER is a DeFi price protection protocol that protects the value of crypto assets. | London, England, United Kingdom | Go Wo | Reveal | |
Aladdin Tech | $10.0M | PE | Aladdin Tech is a Fintech platform that builds cutting-edge digital infrastructure for the financial service sector. | London, England, United Kingdom | David Aldridge | Reveal |
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Frequently Asked Questions
How many fintech startups have failed?
The VCbacked Startup Graveyard currently tracks 220 venture-backed fintech startups that have shut down, collectively raising $13.9B before closing. That is roughly 10 percent of all closed companies in the database, which is based on the last five years of fundraising data.
What is the biggest fintech startup failure?
By total capital raised, the largest fintech failure in the database is Marlette Funding, which raised $2.1B before shutting down.
Why do fintech startups fail?
FinTech failures cluster around two causes: lending models that broke when rates rose, and consumer products whose acquisition costs never beat their margins. The 2022 repricing hit this category especially hard. Across the dataset, the most common last round before shutdown in fintech was Seed, and the largest cohort of failures last raised in 2022.
Can I contact founders of failed fintech startups?
Founder names are shown free on this page for every closed fintech company. VCbacked paid plans reveal verified founder contact details where available and unlock CSV export.