The rebound in fintech funding that we’ve been looking for over the past few weeks earned further confirmation today after our review of the funding totals for companies that have demoed on the Finovate stage.
Nine alums have raised more than $566 million in the third quarter of 2025. This figure is the highest funding total for alums in a Q3 since 2022. In fact, given that the amounts of the investments in two instances this quarter (the fundraisings by AKUVO and Argyle) were not disclosed, it is likely that this year’s Q3 total is more than double the amount raised in the third quarter of 2023.
Previous quarterly comparisons
- Q3 2024: More than $16 million raised by six alums
- Q3 2023: More than $293 million raised by eight alums
- Q3 2022: More than $1 billion raised by eight alums
- Q3 2021: More than $1.1 billion raised by 14 alums
While this quarter’s tally falls short of the billion-plus we’ve seen in many third quarters in the past (2022-2019, 2017, and 2015 for example), the sizable figure is still a hopeful sign heading into the final quarter of the year that fintech funding is on the way back.
Top equity investments
The top equity investment for Finovate alums in Q3 2025 was far and away the $300 million announced by Quavo Fraud & Disputes in July. In fact, Quavo’s fundraising total represents more than half of the total quarterly funding for alums in Q3 2025.
Quavo’s growth equity investment came from Spectrum Equity and empowered the company, in the words of Co-Founder and CEO Joseph McLean, to “accelerate our AI-led product development initiatives and expand our go-to-market and client success teams to meet growing market demand.” The investment took the company’s total capital raised to $311 million, according to Crunchbase.
Founded in 2016 and headquartered in Wilmington, Delaware, Quavo provides fraud and dispute management solutions to companies ranging from global issuers and fintechs to regional banks and credit unions. The company most recently demoed its technology at FinovateFall 2025.
Here is our detailed alum funding report for Q3 2025.
July 2025: $300 million raised by one alum
- Quavo Fraud & Disputes: $300 million – post
August 2025: More than $86 million raised by two alums
September 2025: More than $180 million raised by six alums
- AKUVO: undisclosed – post
- Argyle: undisclosed – post
- Extend: $20 million – post
- ID.me: $65 million – post
- PayNearMe: $50 million – post
- WorkFusion: $45 million – news
If you are a Finovate alum that raised money in the third quarter of 2025, and do not see your company listed, please drop us a note at [email protected]. We would love to share the good news! Funding received prior to becoming an alum not included.
Photo by Ian Talmacs on Unsplash