There are roughly 190 active fintech startups that I am aware of based in the Greater Boston area, which runs in my view approximately from Portland in the north to Providence in the south, and west to the Connecticut River. This is about the same number as last year despite quite a few having moved. More so than in prior years, startups founded on our local campuses relocated when their founders graduated.
What does it mean for a firm to be based in Greater Boston? Determining where a startup is headquartered is not as simple as it used to be. Some firms are spread all over and others consider more than one place to be HQ. I look at the dateline on press releases, where founders and senior executives are located, and what government filings say. I exclude subsidiaries of fintechs with headquarters elsewhere, and I do reach out to companies for clarification when I have questions.
Only 25 of these startups raised capital in 2025, the lowest number since 2017. They raised about $368 million in equity, about 44% less than in 2024, a decline that’s significantly greater than the slowdown in venture capital funding the broader Boston startup ecosystem experienced.
Four of these companies did not reveal how much they raised, which seems to be part of a growing trend. There are also fewer press releases announcing funding events than there used to be.
The startups that did raise money are as follows:
| Openly | $ 123,000,000 |
| Ledgebrook | $ 65,000,000 |
| Hometap | $ 50,000,000 |
| Conduit Financial | $ 36,000,000 |
| Lynx | $ 27,000,000 |
| Catena Labs | $ 18,000,000 |
| Koverly | $ 11,000,000 |
| Datalign Advisory | $ 7,000,000 |
| Givinga | $ 5,150,000 |
| Propexo | $ 5,029,995 |
| PredictAP | $ 5,000,000 |
| Flipside Crypto | $ 3,638,991 |
| Givzey | $ 3,000,000 |
| PaymentWorks | $ 2,395,000 |
| FusionIQ | $ 2,000,000 |
| Wallit | $ 1,100,000 |
| Rexi | $ 1,100,000 |
| Giving Credit | $ 1,000,000 |
| Overjet | $ 800,000 |
| Parcosm | $ 600,000 |
| Immersion Analytics | $ 100,000 |
| Suyana Climate Insurance | $ – |
| Almond Fintech | $ – |
| Indico Data Solutions | $ – |
| Everyday Life | $ – |
A few other items of interest. GreenieRE, an insurtech startup founded in 2023 to help communities establish clean energy projects, raised $200 million but in debt, not in equity. Lendbuzz raised $266 million in debt and filed an S-1, so we may have a new IPO to discuss in the near future. And Healthedge was acquired from Blackstone and other PE firms by Bain Capital for $2.5 billion (including debt).
When I am aware of it, I do not include the value of any SAFEs from prior years that rolled over in the value of new equity rounds on the assumptions that those amounts were accounted for previously. And, when rounds are open across several years, I have to make assumptions about when capital actually came in.
My sources of data include, in order of authority: Edgar, reputable publications, CrunchBase, disreputable publications, company websites, rumor, speculation, gossip, and LinkedIn.
As is true every year, I am certain to have missed some funding events and exits and to be unaware of some stealthy startups. Please reach out if you know something I’ve missed or see something I’ve gotten wrong.
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