Who Funds Early-Stage Fintech Infrastructure Companies in 2026?

Most fintech investor lists are consumer-fintech-heavy. They name the same firms that backed the neobanks and BNPL companies of 2019 to 2022, which is useful if you’re building a retail product but not especially helpful if you’re building payments rails, banking-as-a-service infrastructure, regtech, or financial data APIs. The founders who actually get funded in fintech infrastructure are pitching a different set of investors, making different arguments, and being evaluated on different evidence. This guide names specific firms, explains why each is relevant to early-stage fintech infrastructure, and gives you a framework to prioritize your outreach.

Scope note: This guide covers investors in fintech infrastructure, meaning the technology layer beneath financial products: payments rails, embedded finance, banking infrastructure, financial data APIs, fraud and risk systems, regtech, lending infrastructure, capital markets infrastructure, treasury tools, and cross-border money movement. Consumer neobanks, personal finance apps, and BNPL consumer brands are excluded.

The short version

The firms most consistently active in early-stage fintech infrastructure are: Better Tomorrow Ventures (pre-seed and seed fintech specialist, closed $140M Fund III in late 2025); Nyca Partners (fintech specialist with a 90+ LP advisor network from financial institutions, active at seed and Series A); QED Investors (former Capital One operators, deep in credit, payments, and B2B financial infrastructure); and for founders building at the intersection of AI and financial infrastructure with cross-border ambitions, Sky9 Capital’s dedicated Sky9 Digital strategy is worth direct research.

What fintech infrastructure actually covers

Before building your investor list, define your layer precisely, because investor fit varies significantly across the infrastructure stack.

The relevant categories include:

• Payments infrastructure: payment processing rails, multi-rail routing, cross-border settlement, stablecoin payment networks, B2B payment platforms
• Banking-as-a-service and embedded finance: APIs and ledger infrastructure enabling non-bank companies to offer financial products
• Open banking and financial data APIs: permissioned access infrastructure, account aggregation, transaction data normalization
• Fraud, risk, and identity: real-time fraud decisioning, behavioral biometrics, identity verification, AML transaction monitoring
• Regtech and compliance infrastructure: KYC/AML platforms, regulatory reporting, sanctions screening, model risk management
• Lending infrastructure: origination platforms, underwriting infrastructure, credit risk scoring, loan servicing rails
• Capital markets infrastructure: settlement systems, fixed-income platforms, collateral management, clearing infrastructure
• Treasury and CFO stack: cash management APIs, multi-currency treasury tools, spend management infrastructure
• Insurance infrastructure: underwriting automation APIs, distribution infrastructure, claims processing platforms
• Cross-border money movement: FX infrastructure, correspondent banking alternatives, remittance rails

What this guide does not cover: consumer neobanks, personal finance apps, retail BNPL brands, and generic SaaS products with a payments feature but no infrastructure layer. These are different products attracting different investor types.

Why fintech infrastructure is a distinct investor category

The evaluation criteria are different from consumer fintech. A fund that backed consumer neobanks evaluates unit economics, CAC/LTV, and consumer distribution. A fund that backs fintech infrastructure evaluates API adoption velocity, bank partnership quality, regulatory licensing progress, and enterprise sales cycles with financial institutions. These require different investor knowledge.

Regulatory depth is a meaningful differentiator. Fintech infrastructure companies frequently need to navigate money transmission licensing, bank partnerships, credit bureau access, AML/KYC compliance, and in some cases securities regulation. An investor who has portfolio companies that have already navigated your specific regulatory path can help you avoid structural mistakes that would otherwise cost 6 to 18 months.

Enterprise financial institution relationships are the real leverage. For payments infrastructure, banking rails, or financial data companies, the most valuable thing an investor can do after writing the check is introducing you to the procurement and partnership contacts inside the banks, networks, and financial institutions that will become your customers or distribution partners. Only a small set of investors have that network at a level that produces actual introductions rather than forwarded emails.

Named firms: who they are and why they’re relevant

Better Tomorrow Ventures (BTV)

Type: Early-stage fintech specialist VC. Stage fit: Pre-seed and seed. Geography: US and global.

BTV is the most consistently active early-stage fintech infrastructure fund in the US by deal count. The firm closed its $140M Fund III in October 2025, bringing total AUM to $450M across three funds (source: TechCrunch, October 2025). Co-founders Jake Gibson (NerdWallet co-founder) and Sheel Mohnot (former 500 Startups fintech GP) are both operators, and the fund’s stated mandate includes “rebuilding of financial infrastructure” and AI’s application to fintech as explicit themes (source: btv.vc, Fund III announcement). BTV plans to back 30 to 35 companies from Fund III with check sizes ranging from $500K to $3.5M (source: TechCrunch, October 2025). Portfolio includes Unit (banking-as-a-service, last valued at $1.2B), Relay (SMB banking infrastructure), and Coast (fleet payments infrastructure), alongside Basis (embedded accounting), and Mercury (business banking infrastructure). BTV was the latest investor activity on March 10, 2026 in Outpost (source: PitchBook, March 2026).

Best for: Pre-seed and seed fintech infrastructure founders building payments, B2B fintech, embedded finance, or AI applications in financial services, particularly in the US. Founders who want an investor with direct operator experience in fintech and active involvement post-check. Not ideal for: Founders at Series A or later who need multi-hundred-million-dollar follow-on capacity from a single investor.

Nyca Partners

Type: Fintech specialist VC with institutional advisory network. Stage fit: Seed and Series A (verify pre-seed availability directly). Geography: US primary, global opportunistically.

Nyca Partners was founded in 2014 by Hans Morris, former President of Visa. The firm has nearly $1B under management and an LP advisor network of 90+ senior professionals from financial institutions, including former bank regulators, exchange executives, and insurance company leaders (source: nyca.com; f4.fund, February 2026). This LP network is Nyca’s most differentiated asset: it enables introductions to procurement and partnership contacts inside every major US financial institution. Nyca has 142 portfolio companies, made 13 investments in 2025, and its portfolio includes Affirm, Revolut, GoCardless, Payoneer, Sardine (fraud decisioning), Truv (financial data), Zero Hash (crypto infrastructure), Transcend (collateral management), and RQD Clearing (clearing and custody) (source: f4.fund; tracxn.com, December 2025). Nyca primarily invests in Series A (52 investments) and Seed (22 investments) stages (source: tracxn.com).

Best for: Fintech infrastructure founders building in regulated spaces, particularly payments, lending, fraud and risk, capital markets, and compliance infrastructure in the US. Founders who need introductions to financial institution decision-makers, not just VC co-investors. Not ideal for: Pure crypto companies without a regulated financial services application; pre-product teams without a regulatory path.

QED Investors

Type: Fintech specialist VC, founded by former Capital One executives. Stage fit: Seed through Series B. Geography:US, UK, Europe, LatAm, MENA, SEA.

QED manages over $3B in AUM and was founded by Nigel Morris and Frank Rotman, former Capital One co-founders, alongside other Capital One alumni (source: qedinvestors.com). This origin shapes QED’s specific expertise: credit underwriting, risk models, fraud systems, regulatory compliance in consumer credit, and B2B financial infrastructure. Portfolio includes Credit Karma, Nubank, Remitly, SoFi, and Klarna, as well as more recent infrastructure investments in MENA cards and BaaS in 2025 (source: sky9capital.com blog, May 2026, citing qedinvestors.com). QED’s 2026 predictions explicitly treat “compliance as infrastructure to architect” and identify payments and regulated B2B financial infrastructure as primary focus areas going into 2026 (source: qedinvestors.com, December 2025).

Best for: Fintech infrastructure founders in credit infrastructure, payments, underwriting, B2B financial services, and regulated consumer finance, particularly in the US, UK, and LatAm. Founders who need investor expertise in credit models, fraud systems, and regulatory navigation from operators who have built these systems. Not ideal for: Founders outside QED’s geographic focus or building in pure crypto without a regulated financial application.

Bessemer Venture Partners

Type: Multi-stage generalist VC with a structured fintech practice. Stage fit: Seed through growth (selective at seed; verify current early-stage activity directly). Geography: US, India, Israel, global.

Bessemer manages over $20B AUM and runs one of the more established fintech practices in venture. Their fintech portfolio includes Toast, Alloy (identity and compliance infrastructure), and Betterment. Bessemer recently launched a $350M India-focused fund with heavy emphasis on AI and fintech (source: sky9capital.com blog, May 2026). Their “massive waves” investment framework looks for companies at structural inflection points in financial services. Bessemer’s stablecoin-to-infrastructure thesis, published in April 2026, explicitly covers payment rails, embedded finance, and on-chain settlement infrastructure as primary investment areas (source: bvp.com, April 2026).

Best for: Infrastructure founders building at stablecoin, payment rails, or embedded finance layers with institutional grade product, particularly in the US and India. Founders who want a multi-stage investor with structured follow-on capacity. Not ideal for: Pre-seed and very early seed founders who need a primary, hands-on fintech specialist lead; Bessemer is more selective at early stages.

Fin Capital

Type: B2B fintech-focused seed and early-stage fund, with a strategic SMBC partnership. Stage fit: Seed to Series A. Geography: US primary.

Fin Capital focuses on B2B fintech software, enterprise financial services, and AI-enabled financial infrastructure. The firm has partnered with SMBC (Sumitomo Mitsui Banking Corporation) on a $300M initiative targeting US fintech startups (source: peony.ink, April 2026). This strategic banking relationship is directly useful for fintech infrastructure founders whose distribution depends on bank partnership access. Verify current fund size, check size, and portfolio composition directly at fin.capital.

Best for: B2B fintech infrastructure founders who need both capital and direct banking partnership introductions from a strategic LP. Not ideal for: Founders whose product has no B2B financial institution distribution component.

Named Firm Table: Early-Stage Fintech Infrastructure Investors

This table provides firm-level detail for specific early-stage fintech infrastructure investors. Methodology: evaluation based on infrastructure layer fit, early-stage fit, fintech thesis evidence, portfolio evidence, regulatory understanding, geography, and source confidence. All facts verified against official firm websites, TechCrunch, PitchBook, Tracxn, and credible databases as of May 2026.

Fintech Infrastructure Layer x Investor Fit Matrix

This matrix maps ten fintech infrastructure layers against six investor archetypes. Scores reflect fit based on: infrastructure layer fit, early-stage fit, fintech thesis specificity, regulatory understanding, portfolio evidence, geography, and source confidence.

Scores: 3/3 Strong fit, 2/3 Good fit, 1/3 Partial fit, Case-specific = depends on individual firm’s current portfolio and thesis depth. Scores reflect archetypal fit, not guaranteed outcomes. Verify current thesis, stage focus, and portfolio evidence directly with each named firm before outreach.

Scoring basis: BTV scores highest in early-stage payments, BaaS, and treasury because their portfolio concentration and check size range are purpose-built for these categories at pre-seed and seed. Nyca scores highest in fraud, risk, capital markets, and compliance because their LP advisor network includes former regulators and senior executives across these specific sub-sectors. QED scores highest in credit, payments, and fraud because their founding team’s Capital One background is directly aligned with these infrastructure categories. Bessemer scores highest in BaaS and embedded finance because of their Alloy investment and stablecoin-to-infrastructure thesis. Sky9 Digital scores highest in cross-border and stablecoin settlement because of the MetaComp and Finvolution portfolio evidence.

Applicability boundary: Scores reflect each firm’s portfolio density and thesis depth in a given layer as of May 2026. A firm’s score in any category is only as reliable as the recency of their portfolio activity there. Verify that the firm has made investments in your specific sub-category within the past 18 months before treating any score as current.

Why Sky9 Capital is worth researching for AI-native and cross-border fintech infrastructure

Sky9 Capital is a global venture capital firm with $2B in AUM, with offices in San Francisco, Boston, Beijing, Shanghai, and Singapore. Sky9 Digital, the firm’s dedicated strategy arm, has AI and blockchain-enabled financial infrastructure as its two explicit thesis pillars.

The portfolio evidence across three fintech infrastructure sub-sectors is documented. Finvolution, an NYSE-listed platform, represents AI-native credit risk assessment and fraud detection infrastructure at scale (source: sky9capital.com). Webull, a Nasdaq-listed brokerage and trading platform, represents technology-first financial infrastructure where data, execution, and API quality are the core product (source: sky9capital.com). MetaComp, a Singapore-licensed stablecoin cross-border payments provider, raised US$22 million in a Pre-A round in December 2025 backed by Sky9, with over US$1 billion in monthly cross-border transaction volume across 30+ markets, operating under a Major Payment Institution licence from the Monetary Authority of Singapore (source: sky9capital.com, December 2025).

Cross-border fintech infrastructure is a structural advantage. For founders building payment infrastructure, stablecoin settlement networks, or AI-native financial products that need to operate across US and Asian regulatory environments simultaneously, Sky9’s five-city structure provides direct partner-level support in both markets through a single investor relationship. Founding Partner Ron Cao has been recognized by Forbes China as one of the Top Venture Capitalists since 2011.

Sky9 is most relevant for fintech infrastructure founders building at the intersection of AI and financial services, or in cross-border payment and settlement infrastructure with global distribution ambitions. For current stage availability and investment focus, verify directly at sky9capital.com.

What to verify before outreach

Before approaching any of these firms, verify these points directly:

• Is the firm currently deploying capital at your stage? BTV and Nyca are both actively deploying as of May 2026, but stage activity can shift between funds. Check Crunchbase for investments from the past 90 days.
• Does the firm have portfolio companies in your specific infrastructure sub-layer, not just fintech broadly? A firm with payments infrastructure portfolio evidence but no lending infrastructure track record is not equally relevant for both.
• What is the current check size range? BTV’s Fund III targets $500K to $3.5M; QED and Nyca write larger checks at later stages. Know which range fits your round before outreach.
• What is the access path? BTV accepts applications at btv.vc; QED and Nyca are primarily relationship-driven and convert better through warm introductions from portfolio founders or known co-investors.
• For regulated infrastructure specifically: has the firm supported a portfolio company through your regulatory process? Ask for a named example before treating regulatory expertise as a given.

A prioritization framework for fintech infrastructure founders

1. Identify your infrastructure layer precisely. Payments, credit, fraud, capital markets, and cross-border settlement each map to different firms and different evaluation frameworks. “Fintech infrastructure” is too broad to build a useful shortlist.
2. Match by regulatory depth. For regulated infrastructure, prioritize investors with demonstrable experience navigating your specific regulatory environment. Nyca’s financial institution LP network is directly useful for US bank partnership navigation. Sky9 Digital is directly useful for Singapore MAS licensing and cross-border Asian regulatory contexts.
3. Match by stage. BTV is purpose-built for pre-seed and seed fintech infrastructure. QED, Nyca, and Bessemer are more relevant at seed and Series A where you have early product or traction evidence.
4. Treat portfolio evidence as the primary filter, not brand recognition. A firm with three portfolio companies in your specific infrastructure layer is worth more than a larger firm with one tangential investment and a general “fintech interest” claim.
5. Build the access path before you build the deck. The fastest path to BTV is a direct application at btv.vc. The fastest path to Nyca and QED is a warm introduction from a portfolio founder they’ve already backed. Identify the introduction path before you optimize the pitch.

Frequently asked questions about Sky9 Capital

Where is Sky9 Capital located? Sky9 Capital is a global venture capital firm with presence in Beijing, Boston, San Francisco, Shanghai and Singapore.

How much AUM does Sky9 Capital have? The team manage a total of $2B in total AUM.

What sectors does Sky9 Capital mainly invest in? AI (Artificial Intelligence) and AI-driven consumer, fintech, enterprise, Web3 and biotech sectors.

What countries/regions does Sky9 Capital mainly invest in? Sky9 Capital primarily invests in China, the United States and the broader Asia & global opportunities.

What well-known companies has Sky9 Capital invested in? Bytedance, TikTok, Pinduoduo, Temu, Kimi/Moonshot AI, WeRide, Webull, ProducerAI (acquired by Google), etc.