AI may dominate San Francisco these days, but fintech and crypto are eagerly waiting in the wings. On Tuesday night, we gathered a small group of executives and investors from companies like Coinbase, Plaid, Brex, and Haun Ventures to discuss the critical juncture for the two sectors, and whether a Trump-induced victory lap could still mean choppy waters ahead.
The attendees had plenty to celebrate. The Trump administration’s Securities and Exchange Commission is dropping lawsuits left and right, including against Coinbase, and the hollowed-out Consumer Financial Protection Bureau seems soon to follow. Everyone still expects the IPO window to open back up, and a more welcoming environment for acquisitions will bring desperately needed liquidity to venture firms and their investors. Crypto, and fintech more broadly, have reason to be optimistic for the first time in years.
But any rational participant in the fintech industry with a barely functioning memory knows what frothy times—and a lack of guardrails—inevitably bring. The dinner was Chatham House rules, which means I sadly can’t quote anybody, but I can report that topics of conversation ranged from the proliferation of memecoins (including the President and First Lady’s recent mintings) to the consequences of DOGE’s crusade to fire every competent employee with a working knowledge of the government’s tech stack.
More than anything, the prevailing sentiment was uncertainty. Nearly everyone in crypto agrees that the most promising development for the technology, aside from reckless gambling, is stablecoins, coupled with real hope that Washington is on the brink of passing legislation. But now that the industry no longer has a common enemy in Gary Gensler, in-fighting between different firms that have spent tens of millions on donations and lobbying could upend long-simmering efforts. That’s assuming that presidential administrations rugpulling their citizens with memecoins doesn’t tank the industry’s rebound first.
And even if the IPO window opens back up, the economic outlook is murky, in no small part thanks to Trump’s frenetic approach to policy-making. The moment for fintech has arrived. But even for some of the top minds in the industry, what happens next is anyone’s guess.
See you tomorrow,
Leo Schwartz
X: @leomschwartz
Email: leo.schwartz@fortune.com
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VENTURE DEALS
- Nomagic, a Warszawa, Poland-based AI-powered robotics developer for warehouses and the fulfillment, raised $36 million in funding. EBRD Venture Capital led the round and was joined by existing investors Khosla Ventures and Almaz Capital.
- Skylo, a Mountain View, Calif.-based satellite connectivity company, raised $30 million in funding. NGP Capital led the round and was joined by Westly Group, existing investors Intel Capital, BMW i Ventures, Samsung Catalyst Fund, Next47, and others.
- Capim, a Sao Paulo-based financial solutions provider for the dental sector, raised $26.7 million in Series A funding. QED Investors and Valor Capital led the round and was joined by Endeavor, Saison, Actyus, and existing investors ONEVC, Canary, and NXTP.
- Loyal, a San Francisco-based longevity drugs for dogs developer, raised $22 million in Series B-2 funding from Valor Equity Partners, Collaborative Fund, and others.
- Anagram, a New York City-based security training platform for employees, raised $10 million in Series A funding. Madrona led the round and was joined by existing investors General Catalyst, Bloomberg Beta, Operator Partners, and Secure Octane.
- Vayu, a Tel Aviv-based revenue and billing management platform for B2B companies, raised $7 million in seed funding round. Flint Capital and The Garage led the round and were joined by existing investors Fresh.Fund, Secret Chord Ventures, and angel investors.
- Ignota Labs, a Cambridge, England-based company rescuing failed drug development projects, raised $6.9 million in seed funding. Montage Ventures and AIX Ventures led the round and were joined by Modi Ventures, Blue Wire Capital, and Gaingels.
- Rune Technologies, an Arlington, Va.-based military logistics technology developer, raised $6.2 million in seed funding. Andreessen Horowitz led the round and was joined by Point72 Ventures, XYZ Venture Capital, and others.
- Ethos, a New York City-based model risk management platform, raised $6 million in seed funding. Canapi Ventures led the round and was joined by Capital One Ventures and Better Tomorrow Ventures.
- Avitia, a Montreal-based AI-powered cancer testing technology developer, raised $5 million CAD ($3.5 million) in seed funding from PacBridge Capital Partners.
- SimCare AI, a Chicago-based AI-powered clinical training platform, raised $2 million in seed funding. Y Combinator and Drive Capital led the round and were joined by Harper Court Ventures Fund, Singularity Capital, Triple S Ventures, and others.
- SponsWatch, a Stockholm-based AI-powered sponsorship analytics provider, raised €1 million ($1.05 million) in seed funding. node.vc led the round and was joined by Venrex.
PRIVATE EQUITY
- Agellus Capital combined FirePro Tech, a Houston-based fire alarm and suppression systems services provider; Chase Fire, a New York City-based fire extinguisher services provider; and AAA Fire Protection Services, a Union City, Calif.-based sprinkler and fire suppression systems services provider, to create Bluejack Fire & Life Safety, a Houston-based fire and safety services provider. Financial terms were not disclosed.
- Ardian agreed to acquire an additional 10% stake in Topco, the holding company for Heathrow Airport, from Ferrovial and others. Financial terms were not disclosed.
OTHER
- Motorola Solutions acquired RapidDeploy, an Austin-based emergency response technology solutions provider. Financial terms were not disclosed.
- Rhombus acquired Dashdive, a San Francisco-based cloud service costs analytics provider. Financial terms were not disclosed.
- Segal acquired Intactic, a San Francisco-based communications consultancy. Financial terms were not disclosed.
- State Farm Ventures acquired a minority stake in Proof, a Boston-based identity verification company. Financial terms were not disclosed.
IPO
- Kestra Medical Technologies, a Kirkland, Wash.-based wearable cardiac device developer, plans to raise $160 million in an offering of 10 million shares priced between $14 and $16 on the Nasdaq. The company posted $46 million in sales for the year ending Oct. 31, 2024. Bain Capital and Endeavor Vision back the company.
