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Fintech Deals

Across fintech, capital is flowing into AI-focused financial workflows and infrastructure that sits deep inside financial operations.

Why it matters: The picks and shovels of fintech right now are its plumbing. 

At the early stage, investors say much of the action is in software that looks like fintech under the hood, even if founders don't always use the label.

Defy's Agarwal says she is seeing AI products automating "anything from accounting, AP and AR to insurance underwriting and debt collection."

645 Ventures co-founder Nnamdi Okike is focused on "AI-native banking," where founders rethink "what things do not need to be done by humans" if you build the bank stack with agents from day one.

On the growth side, Sapphire Ventures' Dham says the busiest part of his pipeline is "AI or applied AI businesses" that sell into finance, accounting and back-office teams at enterprises, not just banks.

Dham says one big bucket is AI for finance and accounting, with startups selling "AI native sort of financial close software, or AI native ERPs" and tools for large investment banks and asset managers.

Private equity and crossover investors say the most durable theme is the build-out of plumbing behind RIAs, alternatives and private markets.

"The dramatic expansion of selling alternative products to retail is maybe the most significant dynamic in that market, and it creates opportunity for data and technology providers," Houlihan Lokey's Ellison says.

Charlesbank's Katz says investors are clustering around categories that benefit from those flows. "Wealth management, accounting, fund administration and insurance are where there's really durable demand," he says.

GTCR's Roche sees a similar pattern around RIAs and retirement assets. He points to "a big theme in wealth around generational transfer" and platforms that help move more money into private credit and other alternative strategies.

What's next: Looking to 2026, Kindred Ventures' Kanyi Maqubela expects fraud, compliance, and payments infrastructure to be an even bigger focus.

"Any system where fraud limits can be tested, the fraud limits will be tested," he says, arguing that LLM-driven behavior will force new rails for risk, chargebacks and monitoring.

Okike expects more companies at the intersection of AI and new money-movement rails, especially outside the U.S. He thinks there will be some pretty fascinating companies built around cross-border and emerging-markets capital flows.

NewView Capital's Sud is watching what happens when large AI platforms lean harder into transactions. "I think in 2026, you'll see these companies start to actually focus on in-app payments to monetize, to justify the trillions of dollars in infrastructure spending that they've had," he says.

Roche and Ellison both expect wealth and private-markets infrastructure to stay at the top of the list, even if the broader exit environment stays choppy, because those businesses are tied to long-term shifts in how individuals and institutions allocate capital.

Follow the money: AI, wealth and private-markets plumbing

Fintech plumbing has attracted investors.

Illustration of a close up of Benjamin Franklin with upward pointing computer cursor arrows as eyes. 

Across fintech, capital is flowing into AI-focused financial workflows and infrastructure that sits deep inside financial operations.Why it matters: The picks and shovels of fintech right now are its plumbing.

Follow the money: AI, wealth and private-markets plumbing

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