FinTech - US Annual Funding Report - 2024.pptx

TRACXN GEO ANNUAL REPORT
FINTECH - US - 2024

Geo Annual Report - FinTech - US - 2024 Copyright © 2024, Tracxn Technologies Limited. All rights reserved.
Snapshot
Investments
Investors
Exits
New Unicorns
Citywise Trends
News
Funded Deadpooled Companies
Appendix
Contents

Snapshot Snapshot
Investments
Investors
Exits
New Unicorns
Citywise Trends
News
Appendix
Contents

● The US Tech startup ecosystem witnessed $156B in 2024, which is a growth of 25.81% compared to
$124B witnessed in 2023.
○ The US government has implemented several initiatives to support startups, focusing on funding,
mentorship, and reducing barriers to entrepreneurship.
■ Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR)
Programs provide funding to small businesses to conduct R&D that has the potential for
commercialization.
■ The government has also set up multiple tax incentives like the Research and Development
(R&D) Tax Credit and State tax credit designed to encourage innovation, job creation, and
economic growth.
● The US FinTech segment is experiencing significant growth and transformation, driven by
technological advancements, changing consumer behaviors, and a robust investment landscape.
Tracxn Insights (1/7)
4

○ Integration of AI into the FinTech industry is driving innovation by automating processes,
enhancing security measures, personalizing customer interactions, and providing valuable
insights.
○ Blockchain technology is revolutionizing how financial services are delivered by enhancing
transaction speed, reducing costs, improving security, and enabling innovative financial products.
● The US FinTech ecosystem raised a total of $26B in 2024, a growth of 12% and a drop of 30%
compared to $23.2B and $37B raised in 2023 and 2022 respectively. The US FinTech ecosystem has
remained the top-funded segment followed by the UK and India.
○ Late-stage funding rounds raised $18B in 2024, a growth of 27% and a similar number compared
to $14.2B and $18.1B raised in the year 2023 and 2022 respectively.
○ Early-stage funding rounds raised $6.9B in 2024, a drop of 4% and 54% compared to $7.2B and
$15B raised in 2023 and 2022 respectively.
5

○ Seed-stage funding rounds raised $1.2B in 2024, a drop of 33% and 70% compared to $1.8B and
$4B raised in 2023 and 2022 respectively.
■ The seed stage has witnessed the highest drop both in terms of funding and the number of
funding rounds.
○ H2 was the highest funded half of 2024, with a total funding of $17.3B, a growth of 97% and
120% was seen compared to $8.76B raised in H1 2024 and $7.86B raised in the same period in
2023.
■ Q4 was the highest funded quarter of 2024, with a total funding of $14.5B across 222
rounds
■ November was the highest funded month with a total funding of $11.4B raised across 60
funding rounds.
● Investment Tech, Payments, and Finance & Accounting were the top funded segments in the US
FinTech segment in 2024.
6

○ The Investment Tech segment witnessed $3.85B in 2024, a growth of 8% compared to $3.57B
raised in 2023.
○ The Payments segment witnessed $3.12B in 2024, a drop of 64% compared to $8.76B in 2023
○ The Finance & Accounting Tech segment witnessed $2.84B in 2024, a growth of 6% compared to
$2.67B raised in 2023.
● The US FinTech ecosystem has witnessed 35, $100M+ and 4, $500M+ funding rounds in 2024
○ Databricks, a cloud-based data science platform, raised $10B in its Series J funding round. This
was the highest funded round in the US Fintech ecosystem increasing its valuation to $62B.
○ Stripe, a provider of payment processing and card issuance solutions for businesses, raised
$694M in its Series I funding round. This raises Stripe’s valuation to $70B.
○ AlphaSense, an AI-powered market intelligence and search platform, raised $650M in a Series F
funding round.
7

○ Lancium, a portfolio management software solutions for the renewable energy industry, raised
$500M in a private equity round led by Blackstone.
● The US FinTech ecosystem witnessed 5 Unicorns in 2024, a slight growth compared to 4 Unicorns in
2023.
○ Merkle Manufactory became a unicorn in March 2024 and was the first Unicorn of 2024
followed by Altruism, Sigma Computing, Sirion, and Aven.
● This space witnessed 254 acquisitions in 2024, a growth of 19% and a drop of 12% compared to 213
and 288 acquisitions in 2023 and 2022 respectively.
○ Discover, a banking and card payment network for consumers and businesses, was acquired by
Capital One at an acquisition price of $35.3B.
○ Altair, a cloud and AI-based High Performance Computing solution provider was acquired by
Siemens at an acquisition price of $10.6B.
8

○ Envestnet, a cloud-based solution for wealth management, was acquired by Bain Capital at an
acquisition value of $4.5B.
● The US FinTech ecosystem saw only 2 IPOs in 2024 compared to 6 companies going public in 2023
○ Bitwise, a cryptocurrency index fund company went public on Jan 2024.
○ Waystar, a cloud-based healthcare revenue cycle management solution, went public in June
2024.
● San Francisco led the US FinTech funding segment in 2024 with a total funding of $13.4B, followed by
New York with $4.3B and Los Angeles with $938M.
○ San Francisco and New York accounted for 69% of the total funds raised in the US FinTech
ecosystem in 2024.
9

● Y Combinator, Techstars, and a16z are the overall top Investors in the US FinTech sector
○ Y Combinator, Techstars, and Plug and Play Tech Center are the top investors in seed stage
rounds in 2024.
○ General Catalyst, Lightspeed Venture Partners, and Bessemer Venture Partners are the top
investors in early-stage rounds in 2024.
○ NewView Capital, CapitalG, and Bond Capital were the top late-stage investors in 2024.
10

Copyright © 2024, Tracxn Technologies Limited. All rights reserved.
Geo Annual Report - FinTech - US - 2024
FinTech - US Snapshot - 2024
FinTech - US All time Stats
Summary
All Companies 42,648
Funded Companies 8,639
Total Funding $280B
Funding in last 24 months $49.2B
Cumulative Valuation of all
Unicorns
$221B
Top Cities
San Francisco ($76.7B)
New York City ($50.4B)
Exits
Acquisitions 2,424
IPOs 247
Companies Covered
Unicorns 160
Soonicorns 489
Minicorns 1,310
Editor’s Pick 4,571
Series A+ 2,604
Series C+ 529
Acqui-Hires 783
Deadpooled 10,474
Top Funding Rounds
Company Round Details
Databricks
(2013, San Francisco)
$10.0B - Series J
Stripe
$694M - Series I
AlphaSense
(2011, New York)
$650M - Series F
Lancium
(2014, Houston)
$500M - PE
Bilt Rewards
(2021, New York City)
$348M - Series B
Top Cities
City $Funding
San Francisco $13.4B
New York City $4.3B
Los Angeles $938M
Houston $673M
San Diego $356M
11
$ Funding Series A+ rounds
Acquisitions
# Funding rounds
New additions to
Soonicorn Club
$26.0B(vs
$23.2B, 12%
▲ ) 1104(vs 1377, 19%
▼ ) 594(vs 613, 3%
▼ )
First Time Funded
Companies
432(vs 684, 36%
▼ )
76(vs 144, 47%
▼ ) 254 (vs 213, 20%
▲ )
*Data from 01-Jan-2024 to 31-Dec-2024 is considered in report Note: Numbers in bracket indicate the values of 2023
New Unicorns
5(vs 4, 25%
▲ ) 2 (vs 6, 66%
▼ )
IPOs
Top Feeds
Feed $Funding
Investment Tech $3.8B
Payments $3.1B
Finance & Accounting Tech $2.8B
Banking Tech $1.5B
Alternative Lending $1.2B

Snapshot
Investments Y-o-Y Funding Trends
Investors Y-o-Y Stage-wise Funding Trends
Exits Top Funding Rounds in last 1 year
New Unicorns Top Funded Business Models 2024
Citywise Trends
News
Appendix
Contents

Top Funding Rounds in last 8 years
Company Funding Round
Databricks
(2013, San Francisco) $10.0B - Series J
Stripe
(2009, San Francisco) $6.9B - Series I
Robinhood
(2013, Menlo Park) $3.4B - Series H
Databricks
(2013, San Francisco) $1.6B - Series H
Remitly
(2011, Seattle) $1.3B - Series E
Devoted Health
(2017, Eagan) $1.1B - Series D
Citadel Securities
(2002, Miami) $1.1B - Series D
Chime
(2012, San Francisco) $1.1B - Series F
Databricks
(2013, San Francisco) $1.0B - Series G
NYDIG
(2017, New York City) $1.0B - Series E
Y-o-Y Funding Trends
13
$ Funding (3y) CAGR = -11%
$ Funding (5y) CAGR = +4%
Note: Funding includes only Equity Funding. It excludes Debt, Grant, Post-IPO and ICO funding.

Y-o-Y Stage-wise Funding Trends
14
Note: Seed includes Seed, Angel rounds. Early Stage includes Series A,B rounds. Late Stage includes Series C+, PE, Pre-IPO rounds.
Stage-wise Number of Rounds
Stage-wise $ Invested
$22.7B $67.9B $37.0B $23.2B
$21.5B $26.0B 1223 2018 1948 1377
1201 1104
Seed Early Stage Late Stage Total Funding Seed Early Stage Late Stage Total Rounds

Top Funding Rounds in last 1 year (1/2)
15
Company $ Amount Round Date Investors
Databricks (2013, San Francisco, $14.67B) $10.0B Series J Nov 2024 Wellington, Fidelity Investments, GIC, +13 more
Stripe (2009, San Francisco, $9.81B) $694M Series I Apr 2024 -
AlphaSense (2011, New York, $1.39B) $650M Series F Jun 2024 J P Morgan, CapitalG, Viking Global Investors, +4 more
Lancium (2014, Houston, $650M) $500M PE Nov 2024 Blackstone
Bilt Rewards (2021, New York City, $558M) $348M Series B Jan 2024 Prosus, General Catalyst, Eldridge Industries, +2 more
Zinnia (2005, Topeka, $300M) $300M PE Oct 2024 Vista Equity Partners
Splitero (2021, San Diego, $318M) $300M Series B Oct 2024 Antarctica Capital
Human Interest.. (2015, San Francisco, $664M) $267M Series E Mar 2024 Baillie Gifford, Marshall Wace
Sigma Computing.. (2014, San Francisco, $652M) $254M Series D Apr 2024 Sutter Hill Ventures, Altimeter Capital, NewView Cap.., +5 more
FLYR (2020, Santa Monica, $380M) $225M Series D Aug 2024 BlackRock, ADIA, Streamlined Ventures, +1 more
Earned Wealth.. (2021, New York City, $212M) $200M Series B Jul 2024 Summit Partners, Breyer Capital, Silversmith, +2 more
Focus (2014, Los Altos, $200M) $200M Series D Feb 2024 Sequoia Capital, a16z, Coinbase, +1 more

Top Funding Rounds in last 1 year (2/2)
16
Company $ Amount Round Date Investors
Zest AI (2009, Los Angeles, $319M) $200M Series D Dec 2024 Insight Partners
Current (2015, New York City, $588M) $200M Series D Dec 2024 Wellington, General Catalyst, a16z, +2 more
Zip (2020, San Francisco, $333M) $190M Series D Oct 2024 Adams Street Partners, CRV, DST Global, +3 more
Altruist (2018, Los Angeles, $450M) $169M Series E May 2024 Adams Street Partners, Sound Ventures, ICONIQ Growth
Sidecar Health.. (2018, El Segundo, $328M) $165M Series D Jun 2024 Menlo Ventures, Bond Capital, Drive Capital, +5 more
Lumin Digital.. (2016, San Ramon, $216M) $162M Series D Nov 2024 Partners Group, NewView Capital, Light Street Capital
Ramp (2019, New York City, $1.41B) $156M Series D Apr 2024 Greylock, Sequoia Capital, Thrive Capital, +10 more
Melio (2018, New York City, $638M) $150M Series E Nov 2024 Bessemer Venture Partners, Thrive Capital, Accel, +7 more
Farcaster (2020, Los Angeles, $180M) $150M Series A May 2024 Union Square Ventures, Paradigm, Variant Fund, +3 more
Aven (2019, Burlingame, $142M) $142M Series D Jul 2024 Khosla Ventures, Founders Fund, General Catalyst, +3 more
Merkle Manufact.. (2021, Los Angeles, $170M) $139M Series D Mar 2024 Paradigm
TXSE (2023, Houston, $161M) $133M Series D Mar 2024 -
Full list of 1,104 Key Funding Rounds is available on Tracxn Platform

Top Funded Business Models 2024
17
Rank Business Model $ Funding # Rounds Top Funding Round
1<> 0 Online Business Payments $999M 21
Stripe
$694M - Series I
2▲8 Company Filings Data Platform $650M 2
AlphaSense
$650M - Series F
3-- Digital Asset Fractionalization Platforms $595M 8
Lancium
$500M - PE
4▼2 Financial Analytics Software $471M 20 FLYR
$225M - Series D
5▲7 Wealth Managers $405M 27 Earned Wealth
$200M - Series B
6▼1 Crypto-based Financial Services $397M 31
Farcaster
$150M - Series A
7-- Payroll Management $367M 16 DailyPay
$75.0M - Series D
8-- Rental Bill Payments $349M 2
Bilt Rewards
$348M - Series B
9-- Mass Payout Solutions $302M 9
Melio
$150M - Series E
10-- Insurance Product Development $301M 2
Zinnia
$300M - PE
* Rank is based on $Invested in last 1 quarter in the Business Model. - Indicates change in Rank from previous quarter.
▲

Snapshot
Investments
Investors Y-o-Y Investors
Exits Y-o-Y International Investors
New Unicorns Most Active Investors
Citywise Trends
News
Appendix
Contents

Y-o-Y Investors
19
Top Institutional Investors in 2024
Stage Investor name # Investments in 2024
Seed Stage
Y Combinator 67 ( 5%)
▲
Techstars 37 ( 46%)
▼
Plug and Play Tech
Center
12 ( 500%)
▲
Early Stage
General Catalyst 9 ( 50%)
▲
Lightspeed Venture
Partners
8 ( 300%)
▲
Bessemer Venture
Partners
8 ( 300%)
▲
Late Stage
NewView Capital 3 ( -- )
CapitalG 2 ( <> 0% )
Bond Capital 2 ( 100%)
▲
Existing Investors
First-time Investors
Y-o-Y # of unique Institutional Investors in FinTech - US
Note: First-time investors and Existing Investors are calculated from the available Equity Funding Rounds on Tracxn Platform. 1.The numbers in bracket correspond to the change
from 2023.
# First Time Investors (4Y) CAGR = -7%
# First Time Investors (2Y) CAGR = -39%

Y-o-Y International Investors
20
Top International Institutional Investors in 2024
Stage Investor name # Investments in 2024
Seed Stage
Blockchain Founders Fund 4 ( 300%)
▲
Foresight Ventures 4 ( 100%)
▲
NGC 4 ( 33%)
▼
Early Stage
Viola Group 5 ( 67%)
▲
Index Ventures 4 ( -- )
Viola FinTech 0 ( -- )
Late Stage
SoftBank Vision Fund 1 ( -- )
EDBI 1 ( -- )
DST Global 1 ( -- )
International Investors
Y-o-Y # of unique Institutional Investors in FinTech - US
Note: International Investors are the investors who are based outside of the Geo mentioned in the report. 1.The numbers in bracket correspond to the change from 2023.

Most Active Investors: Accelerators & Incubators
21
# Investor Name Country
# Overall
investments
# Investments in
Geo* - 2024
Notable Investments in Geo*
1 Y Combinator United States 4931 67 Stripe ($9.8B), Human Interest ($664M), Zip ($333M)
2 Techstars United States 4634 37 Ramp ($1.4B), Chapter ($109M), Indico Data ($55.0M)
3 Plug and Play Tech Center United States 1593 12 Finix ($208M), Finally ($72.8M), Ansel ($70.7M)
4 RevTech Labs United States 144 5 Beam ($18.2M), Streetbeat ($10.0M), ForwardLane ($7.0M)
5 Borderless Capital United States 185 4 Securitize ($122M), IoTeX ($50.0M), Centrifuge ($27.1M)
6 Blockchain Founders Fund Singapore 134 4 Sigo Insurance ($22.7M), Aperture ($12.0M), Zoth ($6.5M)
7 Foresight Ventures China 86 4 Aptos ($350M), IoTeX ($50.0M), Lens ($46.0M)
8 Spartan Group Singapore 163 4 Centrifuge ($27.1M), Payman AI ($13.8M), Planet Mojo
($5.0M)
9 Bloccelerate United States 21 4
Centrifuge ($27.1M), Pi Squared ($12.5M), Ava Protocol
($10.0M)
10 FirstMark United States 200 3
EvolutionIQ ($58.5M), Lago ($34.3M), Authentic Insurance
($29.0M)
Note: *Geo = FinTech - US. The number in bracket refers to the total funding raised by the company.

Most Active Investors: VC - Seed
22
# Overall
investments
# Investments in
Geo* - 2024
1 Precursor Ventures United States 315 7 Finix ($208M), Kudos ($37.2M), Flow Finance ($9.0M)
2 Alumni Ventures United States 1140 5 Human Interest ($664M), Teamshares ($245M), Beam ($239M)
3 Gaingels United States 941 5 Databricks ($14.7B), Capchase ($495M), Branch ($281M)
4 Robot Ventures United States 147 5
EigenLayer ($171M), Polymarket ($156M), Huma Finance
($46.3M)
5 Castle Island Ventures United States 64 5 Yellow Card Financial ($89.5M), Felix ($29.8M), Fordefi
($28.0M)
6 Liquid 2 Ventures United States 261 5
Fondo ($8.3M), Aligned Marketplace ($8.0M), Greenboard
($4.5M)
7 NGC China 304 4 IoTeX ($50.0M), Nibiru Chain ($20.5M), Dora Factory ($10.0M)
8 Foundation Capital United States 380 4 Databricks ($14.7B), Stripe ($9.8B), Current ($588M)
9
Clocktower Technology
Ventures United States 164 4 Melio ($638M), Cardless ($90.1M), Tilled ($44.2M)
10 Electric Capital United States 89 4 EigenLayer ($171M), Aven ($142M), Bitnomial ($46.9M)

Most Active Investors: VC - Early Stage
23
# Overall
investments
# Investments in
Geo* - 2024
1 General Catalyst United States 737 9 Stripe ($9.8B), Devoted Health ($2.3B), Ramp ($1.4B)
2 Lightspeed Venture Partners United States 861 8 Stripe ($9.8B), Zest AI ($319M), Finix ($208M)
3 Bessemer Venture Partners United States 811 8 Melio ($638M), Wrapbook ($151M), Aiwyn ($127M)
4 QED Investors United States 216 5 Mission Lane ($607M), Current ($588M), Capchase ($495M)
5 Khosla Ventures United States 643 5 Stripe ($9.8B), Ramp ($1.4B), Teamshares ($245M)
6 Commerce Ventures United States 122 5 Kin ($372M), Moov ($137M), Amino ($111M)
7 Curql United States 25 5 Zest AI ($319M), Amount ($252M), PatientFi ($99.4M)
8 Viola Group Israel 173 5 Cowbell Cyber ($209M), Inshur ($78.5M), Alviere ($75.0M)
9 Greycroft United States 448 4 Clearcover ($406M), Public ($405M), Branch ($281M)
10 Accel United States 1096 4 Melio ($638M), Public ($405M), Amino ($111M)

Most Active Investors: VC - Late Stage
24
# Overall
investments
# Investments in
Geo* - 2024
1 NewView Capital United States 51 3 Human Interest ($664M), Sigma Computing ($652M), Lumin
Digital ($216M)
2 CapitalG United States 78 2 Databricks ($14.7B), Stripe ($9.8B), AlphaSense ($1.4B)
3 Bond Capital United States 117 2 Stripe ($9.8B), AlphaSense ($1.4B), Zip ($333M)
4 ICONIQ Growth United States 31 2 Altruist ($450M), FloQast ($292M), Savvy Wealth ($44.8M)
5 Alkeon Capital Management United States 47 2 Databricks ($14.7B), AlphaSense ($1.4B), Zip ($333M)
6 SoftBank Vision Fund United Kingdom 331 1
Devoted Health ($2.3B), AlphaSense ($1.4B), Human Interest
($664M)
7 Sapphire Ventures United States 205 1 Current ($588M), FloQast ($292M), TaxBit ($237M)
8 EDBI Singapore 218 1 AlphaSense ($1.4B), Arta Finance ($90.0M)
9 DST Global United Kingdom 186 1 Stripe ($9.8B), Zip ($333M)
10 Notable Capital United States 116 1 Parafin ($190M), Aven ($142M)

Most Active Investors: PE
25
# Overall
investments
# Investments in
Geo* - 2024
1 Reseda Group United States 22 6 Ascent Platform ($5.3M), Debbie ($4.9M), Members Mobile
2 Sorenson Capital United States 111 3 Moov ($137M), Bureau ($50.7M), Green Cabbage ($20.0M)
3 Aquiline Capital Partners United States 80 3 Flueid ($39.1M), Carbon Insurance ($17.0M), Togetherwork
($12.3M)
4 Summit Partners United States 377 3
Earned Wealth ($212M), Fundraise Up ($82.0M), Netgain
Solutions ($35.0M)
5 Norwest Venture Partners United States 562 2 FloQast ($292M), Elevate ($60.0M), Citcon ($49.8M)
6 KKR United States 510 2 Zinnia ($300M), Aiwyn ($127M), Sedgwick ($2.6M)
7 GIC Singapore 261 2 Databricks ($14.7B), Stripe ($9.8B), Devoted Health ($2.3B)
8 TA United States 337 2 Plusgrade ($151M), Benecon, AffiniPay
9 Adams Street Partners China 208 2 Altruist ($450M), Zip ($333M), Integral ($41.0M)
10 General Atlantic United States 390 2 Amount ($252M), Plusgrade ($151M), Bold.co ($130M)

Snapshot
Investments
Investors
Exits Exit Snapshot
New Unicorns List of IPOs
Citywise Trends List of Acquisitions
News Most Active Acquirers
Appendix
Contents

IPO
Waystar
(2000, Duluth) $3.6B
Bitwise
(2017, San Francisco, $91.2M) -
Exit Snapshot - 2024
27
IPOs - 2024 (vs
2023)
Acquisitions -
2024 (vs 2023)
6.2 (vs -)
Avg. yrs from first
funding to IPO
6.4 (vs 6.7)
Avg. yrs from first
funding to Acq.
$91.2M (vs -)
Avg. Funding raised before IPO
$30.6M (vs $53.6M)
Avg. Funding raised before
Acq.
$3.6B (vs -)
Avg. IPO Mcap
$2.5B (vs $2.6B)
Avg. Acq. Price
2 (vs 6)
# IPOs
254 (vs 213)
# Acquisitions
Investor # Exits Notable Exit
Macquarie Group 4 Moneylion
Gaingels 4 Petal
Techstars 4 Circa
Robot Ventures 4 Bitski
Alumni Ventures 3 Airbase
Bain Capital Private
Equity
2 Waystar
Top Investors by # Exits - 2024 Y-o-Y Exit Trends
# Acquisitions
Acq.
Discover
(1985, Riverwoods) $35.3B
Altair
(1985, Troy, $35.1M) $10.6B
Envestnet
(1999, Berwyn) $4.5B
Top Exits - 2024
Type Company Acq. Price/IPO Mcap
# IPOs

List of IPOs - 2024
28
Company Investors IPO Date IPO Mcap
Waystar
(2000, Duluth)
Francisco Partners, +3 more Jun 2024 $3.6B
Bitwise
(2017, San Francisco, $91M)
Fifth Era, Electric Cap.., +20 more Jan 2024 -

List of Acquisitions - 2024
29
Company Acquirer(s) Acq. Date Acq. Price
Discover
(1985, Riverwoods)
Capital One Feb 2024 $35.3B
Altair
(1985, Troy, $35M)
Siemens Oct 2024 $10.6B
Envestnet
(1999, Berwyn)
Bain Capital Jul 2024 $4.5B
AuditBoard
(2014, Cerritos, $44M)
Hg May 2024 $3.0B
Zuora
(2007, Redwood City, $243M)
GIC, Silver Lake Oct 2024 $1.7B
Moneylion
(2013, Sandy, $268M)
Gen Dec 2024 $1.0B
Tegus
(2017, Chicago, $111M)
AlphaSense Jun 2024 $930M
Institutional Cash Distributors
(2003, San Francisco, $500K)
Tradeweb Apr 2024 $785M
Kuvare
(2014, Chicago)
Blue Owl Apr 2024 $750M
EvolutionIQ
(2019, New York City, $58M)
CCC Dec 2024 $730M
View all 254 companies on Tracxn Platform

# Acquirer Country # Acq.
Average
Acq. Price
Companies Acquired
1 Hg United Kingdom 2 $1.5B AuditBoard ($3.0B), Ncontracts
2 PDI Technologies United States 2 - Comdata, Corporate Payroll Services
3 Moody's United States 2 - Numerated, Praedicat
4 Mercer Advisors United States 2 - Benchmark Wealth Management, Chapel & Collins, LLC
5 iCapital United States 2 - Mirador, AltExchange
6 KKR United States 2 - Avantus, SunFire
7
New Mountain
Capital
United States 2 - 3E, Rawlings Group
8 Apex Fintech
Solutions
United States 2 - FinTron, AdvisorArch
9 Talos United States 2 - Cloudwall, Skolem
10 Capital One United States 1 $35.3B Discover ($35.3B)
Most Active Acquirers
30
Note: Numbers in bracket indicate the Acquisition Price of the company.

Snapshot
Investments
Investors
Exits
New Unicorns Unicorn Trends
Citywise Trends List of New Unicorns
News List of New Soonicorns
Appendix
Contents

Unicorn Trends in 2024
32
Note: Investors refers to Institutional Investors only. Top Investors are calculated based on investments before the Unicorn Round.
FinTech - US -
2024 (vs 2023)
Global FinTech -
2024(vs 2023)
Top Early Stage Investors
Venrock
Peak XV Partners
Canopy
Endeavor
Insight Partners
Top Late Stage Investors
Adams Street Partners
Avatar Growth Capital
Insight Partners
Tiger Global Management
Brookfield Asset Management
Top Cities
Los Angeles (2)
Burlingame (1)
Lehi (1)
San Francisco (1)
5(vs 4)
# Total Unicorns
18(vs 16)
# Total Unicorns
8.2(vs 6)
Avg Years from Series A
to Unicorn Round
4.6(vs 4.6)
Avg Years from Series A
to Unicorn Round
$326M(vs $293M)
Avg $ Funding before Unicorn
Round
$206M(vs $285M)
Avg $ Funding before Unicorn
Round
4.3(vs 6.7)
Avg # Funding Rounds
before Unicorn Round
3.9(vs 4.4)
Avg # Funding Rounds
9.3(vs 18)
Avg Institutional Investors
8.2(vs 14.5)
Avg Institutional Investors
+ 2 more + 14 more

List of New Unicorns
Company Short Description Unicorn
Event Date
Time from
Series A (yrs)1
$Funding before
Unicorn Round2 # Rounds2
# Investors2
Aven
(2019, Burlingame, $142M)
Credit cards backed by home equity for
consumers Jul 2024 - - 0 0
Sirion
(2012, Lehi, $171M)
AI powered legal contract management
software
Jun 2024 10.1 $171M 5 7
Sigma Computing
(2014, San Francisco, $652M)
Cloud based platform offering a suite of
solutions
May 2024 10.1 $652M 5 9
Altruist
(2018, Los Angeles, $450M)
Portfolio management software for financial
advisors
May 2024 4.4 $450M 6 9
Merkle Manufactory
(2021, Los Angeles, $169M)
Developer of app studio for social platforms Mar 2024 - $30M 1 12
33
1 - Time taken from First funding to the Unicorn Event Date. 2 - Before Unicorn Round
Full List of 5 unicorn is available on Tracxn Platform

Soonicorn Club - List of New Soonicorns
34
Company Tracxn Score
Lumeris
(2001, Maryland .., $241M)
68.4
Relay
(2018, New York .., $51.6M)
68.3
Coast
(2020, New York .., $77.0M)
58.4
OnPay
(2011, Atlanta, $128M)
57.6
The Beneficient Co..
(2003, Dallas, $107M)
57.5
Ansel
(2019, New York .., $70.7M)
57.4
Pactum
(2001, Mountain .., $55.0M)
57.2
Canoe
(2013, New York .., $72.8M)
56.5
Solutions by Text
(2004, Dallas, $145M)
53.4
Soda Health
(2018, $94.2M)
52.5
Company Tracxn Score
Finally
(2018, Miami, $72.8M)
52.0
Ledgebrook
(2021, Boston, $49.8M)
51.9
Focus
(2014, Los Altos, $200M)
46.2
Inshur
(2016, New York, $78.5M)
39.9
Note: A Soonicorn is a company which is likely to achieve US $1 billion valuation in the short to medium term. Tracxn Score is a proprietary score based on various market signals
reflecting the company’s size, execution and growth.

Snapshot
Investments
Investors
Exits
New Unicorns
Citywise Trends Cities by Total Funding
News Cities by Funding raised in last 2 years
Funded Deadpooled Companies Cities by Companies Founded in last 2 years
Appendix
Contents

36
Citywise Trends - Total Funding
Distribution by Cities - Total Funding ($)
Databricks
($10.0B)
Stripe
($694M)
Human Inte..
($267M)
Bilt Rewar..
($348M)
Earned Wea..
($200M)
Current
($200M)
Gradient
($56.1M)
Ledgebrook
($41.0M)
CODAMETRIX
($40.0M)
Zest AI
($200M)
Altruist
($169M)
Farcaster
($150M)
Clearcover
($99.0M)
Amount
($30.0M)
Bitnomial
($27.8M)
Splitero
($300M)
Givebutter
($50.0M)
Ink Financ..
($5.0M)
Lancium
($500M)
TXSE
($161M)
Iownit
($11.5M)
Zinnia
($300M)
Top Companies funded in 2024
# Rounds
San Francisco
New York City
Boston
Los Angeles
Chicago
San Diego
Houston
Topeka
166
220
29
52
25
5
6
1
All time Funding
2024 Funding

Citywise Trends - Funding raised in last 2y
37
Funding raised in 2 Yrs (Market Share %)
Rank City
2024 2023
Top Funded Companies in 2024
# % # %
1 San Francisco $13.4B 52 % $10.0B 47 % Databricks ($10.0B) Stripe ($694M) Parafin ($318M)
2 New York City $4.3B 17 % $3.3B 16 % Bilt Rewar.. ($348M) Earned Wea.. ($200M) Current ($200M)
3 Los Angeles $938M 4 % $455M 2 % Zest AI ($200M) Altruist ($169M) Farcaster ($150M)
4 Houston $673M 3 % $136M 1 % Lancium ($500M) TXSE ($161M) Iownit ($11.5M)
5 San Diego $355M 1 % $78M 0 % Splitero ($300M) Givebutter ($50.0M) Ink Financ.. ($5.0M)
6 Boston $325M 1 % $399M 2 % Gradient ($56.1M) Ledgebrook ($41.0M) CODAMETRIX ($40.0M)
7 Chicago $301M 1 % $251M 1 % Clearcover ($99.0M) Amount ($30.0M) Bitnomial ($27.8M)
8 Topeka $300M 1 % - - Zinnia ($300M)
9 Santa Monica $272M 1 % $8M 0 % FLYR ($295M) Agora ($34.0M) Flow Finan.. ($9.0M)
10 Dallas $267M 1 % $106M 1 % Yendo ($165M) Solutions .. ($110M) The Benefi.. ($69.1M)

Citywise Trends - Companies Founded in last 2y
38
Companies Founded in 2 Yrs (Market Share %)
Rank City 2024 2023 Companies Founded in 2024
1 San Francisco 7 % 8 % Aidatify
($25.8M)
Thoras ($6.5M) Mili ($2.0M) PostSig ($1.2M)
2 New York City 14 % 13 % ClaimSorted
($3.5M)
AgentSmyth
($2.5M)
Glacis ($2.0M) Adro ($1.5M)
3 Los Angeles 3 % 3 % OVAX Member
($10.0M)
xRare - Avrex - ANGRYSLERF -
4 Houston 1 % 1 % Metabitoptio...
-
XGlobal Capi... - Apiria Finan... - vulcanbinary -
5 San Diego 1 % 0 % Modus ($500K)
Mytradeprofi...
-
Lychee - WEALTH-POINT... -
6 Boston 1 % 1 % Nimblr - EnFi - M2 Finance - Payments Fix... -
7 Chicago 1 % 1 % Elmts ($268K) Funded Equit...
-
TrueScope Ve... - Pronto Payme... -
8 Santa Monica 0 % 0 % Stratgem-AI - 1-ClickTrade - - - - -
9 Dallas 1 % 0 % Usecorn ($6.7M) Experttradin... - Westland - Quantum AI T... -
10 Los Altos 0 % 0 % Lotus Fintec... - - - - - - -

Snapshot
Investments
Investors
Exits
New Unicorns
Citywise Trends
News Recent Key News
Appendix
Contents

Recent Key News (1/3)
40
Transactions
● BMW i Ventures Announces Investment in Phoenix Tailings to Expand &
Stabilize the Processing of Rare .. WebWire
● Bunker Hill Announces Closing of Fifth Tranche of the Silver Loan Facility
GlobeNewswire
● Waystar Amends its First Lien Credit Agreement with Lenders ABL Advisor
● FlexShopper CEO acquires shares worth $43,500 By Investing.com
Investing
● Databricks hits $62B valuation after $10B funding round MobiHealthNews
● Hercules AI secures €26.8 million in Series B and bets on Europe with
new office in Lisbon El Referente
● Principal Financial Group Inc. Acquires 2,390,337 Shares of Blend Labs,
Inc. (NYSE:BLND) MarketBeat
● Crypto Price Today: Bitcoin Trades at $92,000, Most Altcoins See Losses
on Last Day of 2024 Gadgets 360
● Bench Accounting to be acquired by Employer.com following abrupt
shutdown GeekWire
● Stablecoin aggregation sales infrastructure AlloyX completes $10 million
Pre-A round of financing, .. tuoluo.cn
Company Updates
● Corelogic to expand into 18,000 square feet of space in Irving Texas.
intelligence360
● Tether adds $700m Bitcoin to reserve address CryptoX
● Grayscale Expands Q1 2025 Watchlist with AI and DeFi Tokens CryptoMode
● CIGNA announces billion-dollar takeover aktiencheck.de
● Moody’s adjusts global P&C insurance outlook to stable Reinsurance News
● Lighthouse Recovery in Dallas Now Accepting Cigna Insurance for
Addiction and Mental Health Treat.. PR Newswire
● GivBux, Inc. President Umesh Tim Singh Reviews 2024 Growth
Milestones and Outlines 2025 Strateg.. GlobeNewswire
● Geode Capital Management LLC Acquires 56,114 Shares of EverQuote,
Inc. (NASDAQ:EVER) MarketBeat
● Tesonet's Cio Eglė Eidimtaitė Joins PayPal's Customer Advisory Board
Global FinTech Series
● NYDIG explores float financing for Bitcoin-backed lending market
CryptoSlate

41
Legal
● Faruqi & Faruqi, LLP Encourages Investors of Visa to Contact Us to Have
Their Losses Evaluated Today Benzinga
● Faruqi & Faruqi, LLP Encourages Investors of Marqeta to Contact Us to
Have Their Losses Evaluated To.. Benzinga
● Bronstein, Gewirtz & Grossman LLC Announces that Marqeta, Inc.
Investors with Substantial Losses Hav.. Benzinga
● V Investors Have Opportunity to Lead Visa Inc. Securities Fraud Lawsuit
Filed by The Rosen Law Firm PR Newswire
● ROSEN, A LEADING LAW FIRM, Encourages Marqeta, Inc. Investors to
Secure Counsel Before Important Dea.. Benzinga
● FinTech Dave Says DOJ Lawsuit Is ‘Government Overreach’ PYMNTS.com
● DOJ Takes Over Case Against Dave, Adds CEO as a Defendant PYMNTS.com
● Kirby McInerney LLP Announces Investigation Against Sezzle Inc. on
Behalf of Investors GlobeNewswire
● Tether’s Bitcoin Holdings Reach $7.68 Billion as Stablecoin Issuer
Resumes Cryptocurrency Accumul.. CryptoGlobe
● MQ Investor Alert: Contact Kessler Topaz Meltzer & Check, LLP About the
Securities Fraud Class A.. NewMediaWire
Partnerships
● Roadzen Partners with Simple Energy and a Leading Global Reinsurer to
Provide AI-Driven Extende.. GlobeNewswire
● Floki Partners with Kings World Cup Nations to Reach 600+ Million Video
Views FinSMEs
● Strongpoint Partners Announces Partnership with Cash Balance
Actuaries PRWeb
● FlexShopper partners with fintech to expand services to new franchisees
Seeking Alpha
● Nest Partners with Dinari to Deliver Real World Yield Through First
Tokenized Blackstone ETF on P.. PR Newswire
● Gentari and MasterCard Partner on Electric Vehicle Adoption Program
EqualOcean
● Emirates Health Services and SAS Shaping the Future of UAE Healthcare
Channel Post Middle East & Africa
● Blackhawk Network and Snapchat Partner to Offer Snapchat+ Gift Cards
Business Wire
● Powering Seamless Investments with $ZETRIX Integration
bitcoinethereumnews.com
● Bitget Partners with Fiat24 to Advance PayFi Solutions for Crypto
GlobeNewswire

42
People Movement
● AppTech Payments CEO resigns, CFO exits Seeking Alpha
● Hiscox names Frank Lamantia as Chief Technology Officer, US
Reinsurance News
● 365 Retail Markets Strengthens Leadership Team with Key Hires
PR Newswire
● Lilium ceases operations before delivering a single electric air taxi
NewAtlas
● Pagaya Announces Appointment of Two Fintech Veterans as Independent
Directors to its Board Business Wire
● EML Payments sacks new CEO after less than six months in the role
businessnewsaustralia.com
● Aptos Labs CEO Mo Shaikh Quits; Avery Ching to Take His Place CoinDesk
● MAPTYCS names Daniel Grimwood-Bird as Chief Revenue Officer
Reinsurance News
● FiscalNote Announces Update to Board of Directors Business Wire
● Republic Welcomes James Newman as General Partner - Fund Manager
& VP of Operations Business Wire
Other
● MoonPay approved under MiCA to operate in the EU CryptoSlate
● Bloomberg Wins Fourth Award in 2024 for its Evaluated Pricing Service,
BVAL WebWire
● CURE Auto Insurance Named 2024 Business of the Year by NJBIZ
PR Newswire
● Clear Street Wins Top Technology & Client Service Awards at 2024
Global Custodian Industry .. Business Wire
● HawkSoft Named an Oregon Top Workplace for 10th Consecutive Year
PR Newswire
● MoonPay gains licence for money transmission services in Texas
Electronic Payments International
● TiiCKER® Named Best Shareholder Engagement Platform at 2024
Benzinga Global Fintech Awards GlobeNewswire
● FlexShopper Announces Record Initial Holiday Season Results
GlobeNewswire
● Trading Technologies achieves high spot in Chartis Buyside Platforms
2024 Rankings PR Newswire
● ZestyAI Receives Regulatory Approval From Iowa Insurance Division
Insurance Journal

Snapshot
Investments
Investors
Exits
New Unicorns
Citywise Trends
News
Funded Deadpooled Companies Funded Deadpooled Companies
Appendix
Contents

44
Company $ Funding
AutoCloud
(2019, Chicago)
$4.0M
9th Gear
(2018, Palo Alto)
$2.3M
Komon
(2022, Wilmington)
$2.0M
Emigre
(2021, Sunnyvale)
$125K
Hyperseed
$125K
NestedFunds
(2021, Austin)
$20.0K
ADEx
(2019, Berkeley)
$20.0K
Interlock
-
Tacen
(2019, Cheyenne)
-
Personafi
(2019, Tempe)
-
Company $ Funding
Kepler Savings
(2021, Marysville)
-

Snapshot
Investments
Investors
Exits
New Unicorns
Citywise Trends
News
Funded Deadpooled Companies Explore more on Tracxn
Appendix Explore other Reports on Tracxn
Contents

Recent funding rounds
Investment Trends
Most Active Investors
Top Funded Business Models
Explore more on Tracxn
All Tech Companies
UAE Tech Companies
Online Travel Companies
Companies using AI in Healthcare
Companies founded by Stanford GSB Alumni
Soonicorn club in Fintech
Analyst Picks in Israel Tech
Companies Investment Activity
Company Detail Page of DoorDash
Competitors of Freshworks
Cap Table for Wise
Financials for Ola
Employee Count for Revolut
Company Due Diligence Exits
Public Companies
Acquired Companies
Most Active Acquirers
Reports
Delhivery - Company Report
Novel Foods - Business Model Report
HRTech - Feed Report
FinTech - Top Business Models Report
India Tech - Top Business Models Report
46
Key News in FinTech
Angel Investors in United States
Bluebox
Miscellaneous

Explore other Reports on Tracxn
Novel Foods
Blockchain Network
P2P Remittance
Business Model Reports
FinTech Europe
Feed Geo Reports
Company Reports
Monthly Unicorn Report
Unicorn Reports
Transferwise
Coursera
BigBasket
Feed Reports Top Business Models in PA Geo Monthly Reports
Fintech - SEA
Europe Tech
China Tech
Top Business Models in Geo
India Tech
Israel Tech
UK & Ireland Tech
47
Explore other Reports on Tracxn
Novel Foods
Blockchain Network
Business Model Reports
FinTech Europe
Feed Geo Reports
Company Reports
Monthly Unicorn Report
Unicorn Reports
Wise
Coursera
BigBasket
Feed Reports Top Business Models in PA Geo Monthly Reports
Fintech - SEA
Europe Tech
China Tech
Top Business Models in Geo
India Tech
Israel Tech
UK & Ireland Tech
47
HRTech
Cybersecurity
Food Tech
FinTech
Enterprise Applications
Artificial Intelligence

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