Sequoia Capital fintech investments: the 41-company portfolio, the 2025–2026 rounds and how to evaluate the record

What is in the Sequoia Capital fintech portfolio?

Sequoia publishes its portfolio as one page per company. On 8 November 2026 its sitemap listed 435 company pages, 41 of them tagged Fintech. The same 41 appear in its portfolio list filtered to fintech, which adds the stage and year of Sequoia's first investment and each company's status. The table is that list, checked against the live pages and the companies' own announcements and filings. By Sequoia's status column, 7 of the 41 are public, 4 were acquired and 30 are still private. Sequoia first invested at pre-seed or seed in 15, at an early stage in 15 and at growth stage in 11.

The tag decides what counts. Bridge and Privy (both sold to Stripe) and FTX are tagged Crypto; Catalyst (2026) is tagged AI and Consumer; Rillet (2025) is tagged Operations and AI, although Sequoia filed its Rillet article under #Fintech. They appear, marked, in the rounds and exits tables but not in the 41.

Two details in the table are about the pages, not the companies. Nubank's company page shows no IPO milestone, although the list marks it IPO and Sequoia wrote about the listing on 9 December 2021. And partner names are not always current: Michael Moritz is still named on the Stripe, PayPal and Green Dot pages, although Klarna's 2025 prospectus says he was a Sequoia partner until July 2023.

The shape is plain. Every listing came from an investment made in 2018 or earlier, and 25 of the 30 private holdings date from 2020 or later. Twenty of the 41 entries were made in 2020–2022, the years of the last venture boom. Three of them, Breeze.cash, Otto Finance and nsave, came through Arc, Sequoia's seed programme, which the firm said on 4 November 2026 it has shut.

What does Sequoia say it looks for in fintech?

Sequoia does not publish a fintech strategy. It publishes a note for each partnership, and the notes repeat three ideas. In its own words, dated:

• 29 August 2024, Partnering with Bridge (Shaun Maguire): “At Sequoia, we’ve been fortunate to partner with leaders in fintech including PayPal, Block, Stripe, Nubank and Klarna, and we’ve been looking intently for the founders who will usher in the next wave of payment innovation.”
• 26 March 2025, Partnering with Mercury (Sonya Huang, Isaiah Boone): “The bank account is the nucleus of business finance, where critical workflows begin and end.”
• 28 May 2025, Partnering with Rillet: “Over the past 10 years, innovations have remade nearly every aspect of fintech—and in the process, unbundled a stack that was once wholly contained within a company’s ERP (enterprise resource planning) system.”
• 11 June 2025, Privy and Stripe (Shaun Maguire): “At Sequoia, we aim to partner with outlier founders who see the future before it’s obvious.” Its seed memo said “Privy is addressing a sea change that will redefine global finance over the next 20 years.”
• 15 June 2025, Partnering with Aspora (Luciana Lixandru, George Robson, James Flynn): “Success in fintech often hinges on building not only in the right order, but also as quickly as possible.”
• 2 December 2025, Bringing AI to Wealth Management, Sequoia's profile of Nevis, gives the company's thesis as “AI won’t replace financial advisors, but it can turbocharge them”.
• 8 October 2026, Partnering with Catalyst (George Robson): “Yet for most people, finance remains largely manual and DIY.”

The notes describe three bets. The first is new rails for moving money: stablecoin payments (Bridge, Fin), wallets (Privy) and cross-border accounts (Aspora, nsave). The Bridge note puts numbers on it: stablecoin transfers at “as little as 10% of the cost of traditional foreign exchange rails” and Bridge's payment volume “crossing $5 billion annualized” in August 2024. The second is the business bank account and the finance stack around it: Mercury, which handled “more than $150 billion worth of transactions” in 2024 by Sequoia's count, Tola, Rillet and Ramp. The third, since late 2025, is AI doing finance work: for advisers (Nevis, whose customers oversee more than $50 billion of client assets), for investment firms' own data (Rowspace) and for retail traders (Catalyst).

The notes put founders before markets. Doug Leone's note on Nubank's listing (9 December 2021) says “our decision to partner at the seed was largely based on David”, and Alfred Lin said on 10 October 2025 that Kalshi's founders' “bold vision to make prediction markets mainstream initially drew us to partner with Kalshi in 2020.”

Which fintech rounds has Sequoia led or joined in 2025 and 2026?

Between March 2025 and October 2026 Sequoia led or co-led nine rounds in fintech and finance software and joined seven more, on the companies' announcements, Sequoia's notes and press reports of them. Six of the nine it led or co-led are in companies it tags as fintech: Mercury, Nuvo, Aspora, Rowspace and Kalshi twice. The other three are tagged elsewhere and marked in the table.

Kalshi is the largest position by round size on the record. Sequoia co-led its October 2025 round at $5 billion, joined the rounds at $11 billion (December 2025) and $22 billion (May 2026), and co-led the $1 billion Series G at $40 billion that Kalshi announced on 29 October 2026. The valuation rose eightfold in just over a year across those rounds; Sequoia's stake is not disclosed. The Series F was first reported by the Wall Street Journal in March 2026 and announced by Kalshi on 7 May 2026, so trackers date it differently.

Absences matter too. Ramp's releases for its $750 million Series F at $44 billion (4 June 2026) and its $1.85 billion round at $60 billion (15 October 2026) name investors but not Sequoia, which first invested in 2023. That does not prove Sequoia skipped or sold; it means the rounds are not on its record. Mercury is the opposite case: Sequoia's first cheque was the March 2025 Series C, and it is named in the TCV-led Series D of May 2026. For the wider market, see fintech funding in 2026.

Which Sequoia fintech companies went public or were acquired?

Eleven of the 41 have left the private list, seven by listing and four by sale. Three more exits sit under other tags: Bridge and Privy, both sold to Stripe, and FTX, which Sequoia wrote down to zero. The terms below are the ones the companies or their filings disclosed. Sequoia's proceeds are not disclosed for any of them.

Two exits ended inside other Sequoia companies. Stripe closed its $1.1 billion purchase of Bridge on 4 February 2025, about three times Bridge's valuation in an August 2024 round that included Sequoia, CNBC reported; Sequoia, which led Bridge's Series A, wrote that “Their acquisition is a milestone we didn’t plan to reach so soon.” Tola's team joined Square, part of Block, in August 2025.

What the prospectuses say Sequoia owned

A listing is the one moment a venture stake becomes public, because a US prospectus must list holders of 5% or more. The table gives Sequoia's line in each prospectus for a company on its fintech list that we found on SEC EDGAR.

Sequoia rarely sold at the IPO: of the six prospectuses that name it, only Klarna's shows a sale, 1,820,842 shares or about 2% of its holding. The stakes were a fifth or more of the relevant share class at Xoom, Green Dot, Nubank, Klarna and Ethos, though dual-class shares cut its say: 25.0% of Nubank's Class A shares carried 3.0% of the votes. Cost almost never appears. The exceptions are Green Dot's prospectus, which records Sequoia funds buying all 1,181,818 Series C-2 preferred shares for $13.0 million in 2008, and Klarna's, which records Sequoia funds paying $135 million for 7,330,308 shares in the round Klarna ran from July 2022 to March 2023.

The loss on the record is FTX, tagged Crypto: on 10 November 2022 Sequoia marked its investment of over $210 million to zero, $150 million of it through Global Growth Fund III, where FTX was under 3% of capital, CNBC reported.

How do Sequoia's fintech bets relate to banks?

Sequoia's fintech companies began as alternatives to banks and are now applying to become them. Doug Leone's 2021 note on Nubank starts from the problem: in Brazil “this handful of financial institutions controlled 90% of Brazil’s market”. Sequoia's Mercury note of 26 March 2025 ends with the disclaimer “Mercury is a financial technology company, not a bank”, its accounts held at Choice Financial Group, Column N.A. and Evolve Bank & Trust. Between December 2025 and July 2026, five companies on the list, counting Stripe through Bridge, applied for or won approval for US bank or trust charters of their own.

For a bank, the list holds three groups. Would-be banks that compete for deposits, cards or payments: Nubank, Mercury, Klarna, PayPal, and Stripe through Bridge. A bank holding company being split: Green Dot, whose bank goes to CommerceOne once regulators approve. And companies with no charter on the record, such as Ramp, Aspora and Fin. The biggest bank–fintech deal of 2026, Capital One's $5.15 billion purchase of Brex, is not on Sequoia's record: its site has no Brex page. Capital One's side is on its bank profile.

What should a Sequoia Capital fintech investments evaluation check?

Sequoia's record is easy to admire and hard to measure. The firm publishes names, years and partners, not cost, stakes, marks or returns, and it chooses what its company list shows. An evaluation a reader can repeat uses eight checks, each tied to a document that exists, and says plainly where the documents stop.

Applied to the record, the checks give a mixed answer. The strength is entry: Sequoia was at the seed of Stripe and Nubank and early in Block and Kalshi, and its stakes at listing were large. The weakness is that the outcome data stop at the IPO. Sequoia's 2021 note on its permanent Sequoia Capital Fund says the structure lets it “hold public shares long after the IPO”, and Roelof Botha used a fintech as the example: Square “had a market capitalization of $2.9B at the IPO in 2015. Five years later Square grew to $86B, and today is worth over $117B.” Those are Square's values, not Sequoia's gains, and no public document shows how many shares Sequoia kept.

The list is also a view from today: FTX sits outside the fintech count, and the China, India and Southeast Asia holdings that left with HongShan and Peak XV in 2023–2024 are not on it. Compare like with like: seed bets (Stripe, Nubank, Nevis, Rowspace) against growth cheques (Klarna, Robinhood, Ramp, Mercury), and 2020–2022 entries against 2025 ones, which have had less time.

How has Sequoia itself changed, and what does it mean for its fintech holdings?

On 6 June 2023 Sequoia told its investors it would split into three independent firms by 31 March 2024: Sequoia Capital for the US and Europe, HongShan in China and Peak XV Partners in India and Southeast Asia. The partners wrote that “It has become increasingly complex to run a decentralized investment business” and cited “portfolio conflicts across entities”, CNBC reported. Sequoia's site does not say which fintech holdings went to each firm, so this page counts only the 41 that Sequoia Capital lists today.

On 4 November 2026 Sequoia posted a memo, “The Sequoia of Tomorrow”, which TechCrunch printed in full. It says the firm has raised about $10 billion in new funds, is closing its London office, has shut its Arc accelerator and Scouts programme, and has merged its early and growth teams: “There is no more ‘Early & Growth’. There is only Sequoia.” On London it says “We simply don’t see the need for a local presence.” TechCrunch reports that Luciana Lixandru, Sequoia's first partner in Europe and a named partner on the Stripe, Nevis, Aspora and Ledgy pages, declined a move to San Francisco but remains a partner and keeps her board seats. Roelof Botha, named on the Block, Ethos, Landis and Xoom pages, was voted out as senior steward in autumn 2025 and cut his remaining ties in summer 2026, it reports.

Of the 41 fintech pages, 15 name at least one of the seven general partners TechCrunch says the memo identifies (co-stewards Alfred Lin and Pat Grady, Andrew Reed, Shaun Maguire, Konstantine Buhler, Sonya Huang and David Cahn): Andrew Reed on Klarna, Robinhood, ARQ, Papaya and Snapdocs; Alfred Lin on Kalshi, Rowspace, Found, FutureAdvisor and Citadel Securities; Sonya Huang on Nubank and Mercury; Shaun Maguire on Fin and Vise; Konstantine Buhler on Ethos and Citadel Securities. For the other 26, who now sits on the board is a question the pages do not answer.

1. Our Companies: Fintech (undated page, retrieved 2026-11-08) — Sequoia Capital, Nov 8, 2026 (sequoiacap.com)
2. Sitemap, company pages (undated page, retrieved 2026-11-08) — Sequoia Capital, Nov 8, 2026 (sequoiacap.com)
3. Stripe (undated page, retrieved 2026-11-08) — Sequoia Capital, Nov 8, 2026 (sequoiacap.com)
4. Klarna (undated page, retrieved 2026-11-08) — Sequoia Capital, Nov 8, 2026 (sequoiacap.com)
5. Nubank (undated page, retrieved 2026-11-08) — Sequoia Capital, Nov 8, 2026 (sequoiacap.com)
6. Block (undated page, retrieved 2026-11-08) — Sequoia Capital, Nov 8, 2026 (sequoiacap.com)
7. Kalshi (undated page, retrieved 2026-11-08) — Sequoia Capital, Nov 8, 2026 (sequoiacap.com)
8. Mercury (undated page, retrieved 2026-11-08) — Sequoia Capital, Nov 8, 2026 (sequoiacap.com)
9. Ethos (undated page, retrieved 2026-11-08) — Sequoia Capital, Nov 8, 2026 (sequoiacap.com)
10. Bridge (undated page, retrieved 2026-11-08) — Sequoia Capital, Nov 8, 2026 (sequoiacap.com)
11. Catalyst (undated page, retrieved 2026-11-08) — Sequoia Capital, Nov 8, 2026 (sequoiacap.com)
12. Rillet (undated page, retrieved 2026-11-08) — Sequoia Capital, Nov 8, 2026 (sequoiacap.com)
13. FTX (undated page, retrieved 2026-11-08) — Sequoia Capital, Nov 8, 2026 (sequoiacap.com)
14. Partnering with Bridge: A Better Way to Move Money — Sequoia Capital, Aug 29, 2024 (sequoiacap.com)
15. Bridge and Stripe: A Bridge to the Future — Sequoia Capital, Oct 21, 2024 (sequoiacap.com)
16. Partnering with Mercury: The Business Banking Platform of the Future — Sequoia Capital, Mar 26, 2025 (sequoiacap.com)
17. Partnering with Nuvo: The Future of B2B Commerce — Sequoia Capital, Apr 30, 2025 (sequoiacap.com)
18. Partnering with Rillet: The Financial ERP for the AI Age — Sequoia Capital, May 28, 2025 (sequoiacap.com)
19. Privy and Stripe: Making the Future of Finance Frictionless — Sequoia Capital, Jun 11, 2025 (sequoiacap.com)
20. Partnering with Aspora: Diaspora Banking Goes Global — Sequoia Capital, Jun 15, 2025 (sequoiacap.com)
21. Bringing AI to Wealth Management (Nevis) — Sequoia Capital, Dec 2, 2025 (sequoiacap.com)
22. Partnering with WithCoverage: Insurance As It Should Be — Sequoia Capital, Jan 13, 2026 (sequoiacap.com)
23. Partnering with Catalyst: Turning Ideas into Trades — Sequoia Capital, Oct 8, 2026 (sequoiacap.com)
24. Nubank IPO: Only the Beginning — Sequoia Capital, Dec 9, 2021 (sequoiacap.com)
25. The Sequoia Capital Fund: Patient Capital for Building Enduring Companies — Sequoia Capital, Oct 26, 2021 (sequoiacap.com)
26. Klarna Group plc, final prospectus (Form 424B4) — SEC EDGAR, Sep 10, 2025 (sec.gov)
27. Ethos Technologies Inc., final prospectus (Form 424B4) — SEC EDGAR, Jan 30, 2026 (sec.gov)
28. Nu Holdings Ltd., prospectus (Form 424B1) — SEC EDGAR, Dec 9, 2021 (sec.gov)
29. Robinhood Markets, Inc., final prospectus (Form 424B4) — SEC EDGAR, Jul 30, 2021 (sec.gov)
30. Square, Inc., final prospectus (Form 424B4) — SEC EDGAR, Nov 19, 2015 (sec.gov)
31. Xoom Corporation, final prospectus (Form 424B4) — SEC EDGAR, Feb 15, 2013 (sec.gov)
32. Green Dot Corporation, final prospectus (Form 424B4) — SEC EDGAR, Jul 22, 2010 (sec.gov)
33. eBay to Acquire PayPal (PayPal Form 8-K, Exhibit 99.1) — SEC EDGAR, Jul 8, 2002 (sec.gov)
34. Xoom Corporation Form 8-K: merger agreement with PayPal — SEC EDGAR, Jul 2, 2015 (sec.gov)
35. Kalshi valuation jumps to $40 billion in latest funding round — CNBC, Oct 29, 2026 (cnbc.com)
36. Kalshi secures over $300 million as interest in prediction market platforms grows — Reuters, Oct 10, 2025 (reuters.com)
37. Kalshi raises $300 million in Series D funding at $5B valuation — Investing.com, Oct 10, 2025 (investing.com)
38. Kalshi raises $1B at $11B valuation, doubling value in under two months — TechCrunch, Dec 2, 2025 (techcrunch.com)
39. Kalshi valued at $22 billion in latest funding round, WSJ reports — Reuters, Mar 19, 2026 (reuters.com)
40. Kalshi doubles valuation in 5 months, hitting $22B — TechCrunch, May 7, 2026 (techcrunch.com)
41. Fintech Mercury lands $300M in Sequoia-led Series C, doubles valuation to $3.5B — TechCrunch, Mar 26, 2025 (techcrunch.com)
42. Mercury Raises $200 Million Series D at $5.2B Valuation — Mercury via Business Wire, May 20, 2026 (businesswire.com)
43. Mercury Receives OCC Conditional Approval to Establish Mercury Bank, N.A. — Mercury via Business Wire, Apr 27, 2026 (businesswire.com)
44. Aspora gets $50M from Sequoia to build remittance and banking solutions for Indian diaspora — TechCrunch, Jun 15, 2025 (techcrunch.com)
45. Rowspace launches with $50M to turn institutional knowledge into compounding edge for finance — Rowspace via PR Newswire, Feb 25, 2026 (prnewswire.com)
46. Fin Raises $17M to Launch Stablecoin Product for High-Value Payments — Fin via PR Newswire, Dec 3, 2025 (prnewswire.com)
47. Sequoia, Founders Fund Back $70 Million Raise for Latam's ARQ — Bloomberg, Mar 3, 2026 (bloomberg.com)
48. Thiel Boosts Trade Republic Stake Through €1.2 Billion Secondary — Bloomberg, Dec 17, 2025 (bloomberg.com)
49. Payment Company Stripe to Acquire Crypto Wallet Provider Privy — Bloomberg, Jun 11, 2025 (bloomberg.com)
50. Stripe closes $1.1 billion Bridge deal, prepares for aggressive stablecoin push — CNBC, Feb 4, 2025 (cnbc.com)
51. Stripe's $1.1 billion deal for crypto firm Bridge marks much-needed win for VCs — CNBC, Oct 23, 2024 (cnbc.com)
52. Square Welcomes the Tola Team — Square, Aug 11, 2025 (squareup.com)
53. Fintech Green Dot strikes deal to sell itself in two pieces — American Banker, Nov 24, 2025 (americanbanker.com)
54. Green Dot Reports Second Quarter 2026 Results — Green Dot via Business Wire (Yahoo Finance), Aug 10, 2026 (finance.yahoo.com)
55. Klarna stock jumps 15% in NYSE debut after pricing IPO above range — CNBC, Sep 10, 2025 (cnbc.com)
56. Klarna seeks U.S. bank charter in latest push beyond buy now, pay later — CNBC, Jul 6, 2026 (cnbc.com)
57. Nu Secures Approval to Establish US National Bank — Nu, Jan 29, 2026 (nu.com)
58. Corporate Decision #1365: Bridge National Trust Bank (preliminary conditional approval) — Office of the Comptroller of the Currency, Feb 12, 2026 (occ.gov)
59. PayPal Submits Applications to Establish an Industrial Bank to Expand Access to Financial Services for U.S. Small Businesses — PayPal, Dec 15, 2025 (newsroom.paypal-corp.com)
60. Capital One is buying startup Brex for $5.15 billion in credit card firm's latest deal — CNBC, Jan 22, 2026 (cnbc.com)
61. Capital One completes acquisition of Brex — Capital One, Apr 7, 2026 (capitalone.com)
62. Ramp Raises Series F at $44 Billion Valuation — Ramp via PR Newswire, Jun 4, 2026 (prnewswire.com)
63. Ramp Reaches $60 Billion Valuation as Annualized Revenue Tops $2 Billion — Ramp via PR Newswire, Oct 15, 2026 (prnewswire.com)
64. Stripe publishes 2025 annual letter and announces tender offer to provide liquidity to current and former employees — Stripe, Feb 24, 2026 (stripe.com)
65. Sequoia hits rewind, undoing 20 years of expansion — TechCrunch, Nov 4, 2026 (techcrunch.com)
66. Sequoia Capital to split into three parts, separating its China and India businesses — CNBC, Jun 6, 2023 (cnbc.com)
67. Sequoia Capital marks down its FTX investment to $0 — CNBC, Nov 10, 2022 (cnbc.com)