General Catalyst Outpaces Y Combinator in Fintech Deals Over $5M
General Catalyst led in backing more fintech deals of $5 million or more than Y Combinator in Q2, though Y Combinator remained the most active investor overall.
In the second quarter, venture capital firm General Catalyst surpassed startup accelerator Y Combinator in the number of fintech deals valued at $5 million or more. This marks the first time in several quarters that General Catalyst has led this specific investment category.
General Catalyst participated in 12 fintech funding rounds exceeding $5 million, while Y Combinator and Index Ventures each invested in 11 such deals. Despite this shift, Y Combinator maintained its position as the most active investor across all fintech deal stages, with a total of 41 investments during the quarter.
Globally, fintech startups secured $28.6 billion in the first half of 2026. This represents a 22.7% increase compared to the first half of 2025, but a decrease from the $34.6 billion raised in the latter half of 2025.
Major funding rounds, particularly those exceeding $100 million, were dominated by private equity firms. Notable large deals included expense management startup Ramp's $750 million Series F round and cross-border payment firm Ebury's $748 million private equity financing.