Business-to-business (B2B) fintech companies, which provide financial products, services, or infrastructure specifically for other businesses, are attracting growing interest from investors.
In Q2 2025, B2B fintech firms dominated the largest deals in the industry, capturing 60% of the top 10 equity payments investments, and 50% of the top 10 equity banking rounds, new data released by CB Insights show.
Major B2B fintech deals in Q2 2025 included spend management provider Ramp’s US$200 million Series D at a record US$16 billion valuation, payments platform Dojo’s US$190 million private equity round from Vitruvian Partners, and business banking provider Airwallex’s US$150 million Series F.
Founded in 2019, Ramp offers an all-in-one financial operations platform that combines payments, corporate cards, vendor management, procurement, travel booking, and automated bookkeeping with built-in intelligence. The startup claims its 40,000 customers, which include CBRE, Shopify, Anduril and Notion, have saved US$10 billion and more than 27.5 million hours.
Ramp has been working on increasing its offerings, adding functionalities such as artificial intelligence (AI) agents and cash forecasting. In January 2024, the company acquired Venue, an AI-powered procurement software startup. With its capital injection, Ramp said it will be doubling down on AI-powered automation, especially across expense reporting, smart procurement tools, and automated treasury management.
Dojo is a payment technology provider from the UK launched in 2021. The startup offers cloud-native in-person and digital payment solutions along with services like business funding and booking management software. It claims to serve more than 140,000 business customers, and says it is now focused on scaling its across key European markets, including Ireland, Italy, and Spain.
Airwallex is a global payments and financial platform for modern businesses, offering solutions to manage everything from business accounts, payments, and spend management to embedded finance. Airwallex achieved US$720 million in annualized revenue in March 2025, up 90% year-over-year (YoY), with global annualized payments volume exceeding US$130 billion. Its customer base grew by 50% in 2024 to 150,000 businesses worldwide, including BILL, Bird, Brex, Deel, Rippling, Navan, Qantas, and ZipHQ. In 2025, Airwallex expects to hit US$1 billion in annual run rate revenue.
With its new capital, Airwallex will expand its global infrastructure into new markets including Japan, Korea, the United Arab Emirates (UAE), and Latin America, and accelerate go-to-market efforts in Europe, North America, and Southeast Asia.
Besides investments secured by Ramp, Dojo, and Airwallex, other notable B2B fintech funding rounds in Q2 2025 included Finom, a Dutch startup providing digital business banking for small and medium-sized enterprises (SMEs) and which obtained a US$132 million Series C round; Jumbotail, a B2B marketplace and retail platform for food and grocery from India which raised a US$120 million Series D; and Juspay, a payment infrastructure company for enterprises and banks from India as well as that secured a US$60 million Series D.
A booming B2B fintech sector
The rise of B2B fintech into dominance in the fintech VC landscape signals increased investor focus on business-facing fintech platforms over consumer-oriented applications. These companies benefit from steadier, recurring revenue streams through long-term contracts with businesses, lower customer acquisition costs, and higher switching costs that create stickier relationships, making them appealing investment targets.
B2B fintech’s momentum is also driven by businesses increasingly seeking digital-first financial tools that streamline their operations, including automated spending management, corporate credit cards, comprehensive business banking platforms.
A new report by Flagship Advisory Partners, a boutique strategy and M&A advisory firm focused on payments and fintech, highlights this trend. It points to the rapid growth of the “Office of the CFO” or CFO software-as-a-service (SaaS), and their expansion into integrated, comprehensive platforms that manage accounts payable (AP), accounts receivable (AR), spend, and analytics within a single ecosystem.
Demand for such platforms has driven software providers to broaden their offerings through partnerships and acquisitions, a trend that is exemplified by Xero’s recent acquisition of Melio, a fast-growing B2B AP/AR payment platforms for SMEs. The deal, valued at approximately US$3.1 billion, underscores Xero’s ambition to embed more CFO software, payments, and broader fintech capabilities directly into its core accounting offering, aiming to deliver more unified experience and capture more of the CFO software stack.
Fintech funding trends
In Q2 2025, fintech funding remained steady, reaching US$10.5 billion, according to CB Insights. This marks the second quarter in a row that global fintech VC funding surpassed the US$10 billion since early 2023, signaling a continued rebound.
Dealmaking fell by 7% quarter-over-quarter (QoQ) to 804, as mega-rounds drove substantial share (40%) of funding and median deal size increased from US$4 million to US$5 million.
Fintech M&A deals, meanwhile, rose to 205, with digital assets continuing to drive exit activity. Notable transactions included Circle’s initial public offering (IPO) at a valuation of US$6.9 billion in June; Stripe’s acquisition of Privy in June; and Coinbase’s US$2.9 billion acquisition of Deribit in May.
Featured image: Edited by Fintech News Singapore, based on image by thanyakij-12 via Freepik
