Main Set

Main Set is excited to share that our Investment Professional, Ivan Wong, will be speaking at rev™ London by Pitchflix on 17 September at Level39, Canary Wharf. This unique event flips the script - with investors pitching to #Founders. Ivan will be sharing insights with Pre-seed to Series A #Founders, covering what Main Set looks for and how we partner with ambitious #Fintech entrepreneurs. 👉 Don’t miss the chance to join the conversation and connect with both founders and investors shaping the next wave of innovation. 🔗 Register here: https://lnkd.in/ewd6Gu36

Main Set Monthly | #Fintech Index | August 2025 🔎 After a strong start to the year (+17.0% YTD), the Main Set #Fintech Index © softened –1.0% MoM, trailing S&P 500 (+1.3%) and NASDAQ 100 (+1.0%). The month’s tape favoured mega-cap platforms and defensives, but #Fintech still leads YTD versus S&P 500 (+10.8%) and NASDAQ 100 (+12.2%) - a reminder that the category’s 2025 leadership remains intact despite a cooler August print. What moved under the hood 👀 #Lending (+14.0% MoM) led on improving origination trends and funding conditions, while #HealthcareFintech (–11.8% MoM) lagged amid regulatory/reimbursement noise. Notable movers 📈 ↳  OpenDoor | +97% Ripped on a leadership shake-up (CEO exit; interim leader installed) and heavy retail/meme interest, plus an “AI pivot” narrative; rate-cut hopes also buoyed housing-beta names. ↳ Sapiens | +48% Jump driven almost entirely by a take-private deal: Advent to acquire Sapiens for $43.50/share (~64% premium). ↳ Lemonade | +42% Strong Q2 print with +35% revenue, improved TTM loss ratio ~70%, and raised FY25 revenue guidance; investors leaned into improving unit economics. ↳ Root Inc. | -26% Sold off post-Q2 despite solid headline numbers; management flagged near-term profitability pressure and a tougher personal-auto backdrop. ↳ Coinbase | 18% Post-earnings slide on weaker trading activity/adjusted profit, compounded by a broader crypto drawdown through late August. ↳ Upstart | -18% Beat and raised FY25 revenue, but shares fell on concerns about balance-sheet loan build and a lower net-interest-income outlook in the guide. Takeaway 💡 #Fintech gave back a touch of beta this month, but the year’s outperformance vs. the majors is still clear - driven by segments with improving unit economics and clearer profitability paths, key business characteristics aligned to Main Set's investment strategy.

_Main Set | Fintech Mixer: Tallinn A few years ago, Tallinn was best known for its medieval old town and digital government. Today, it’s also home to one of the most exciting fintech communities in Europe. On Thursday, 4 September, we’re bringing that community together. Main Set, a London-based fintech VC, is teaming up with Tenity and FinanceEstonia to host an evening designed for founders, investors, and operators who are shaping the future of finance. Think of it as a chance to: ✨ meet the people behind the next wave of fintech innovation ✨ connect with investors who are actively supporting bold ideas ✨ share stories, challenges, and opportunities over drinks and light bites 📅 When: Thursday, 4 September, 18:00–23:00 EEST 📍 Where: Tallinn, TBD 👉 Request to Join - https://hubs.li/Q03FN6cb0 Attendance is by registration and subject to approval — but if you’re building, investing, or supporting fintech in the region, we’d love to have you with us. Kevin Chavanne

McKinsey & Company highlights that financial data & markets infrastructure (FDMI) is one of the fastest-growing corners of financial services: 1️⃣ $278bn market in 2023 2️⃣ 8% annual revenue growth (2019–23) 3️⃣ 17% CAGR in shareholder returns, outpacing the sector’s 10% At Main Set, this validates our conviction behind the generational retooling of Financial Services infrastructure where #Fintech's next wave of value is being built. Our own FDMI investment in Databento is a great example of this: API-first, institutional-grade market data. 🔗 Read the full McKinsey & Company report here: https://lnkd.in/ekanvVdp Credit to the authors: Promila Gurbuxani | Anutosh Banerjee | Laura Heaphy, CFA | Matthieu de Vergnes | Rushabh Kapashi

Main Set Industry Insights | July 2025 Fintech Funding Roundup 🔎 Trends 📈 🔵 Pre-Seed/Seed and Series A-C funding experienced a decline in July (-28% MoM) as investors took a customary summer break. 🔵Late-stage rounds surged significantly (+89% MoM), led by US giants (∼$1.7Bn) and a rise in Rest of the World (∼$48Mn - the strongest non-US late-stage total in three months), indicating renewed crossover and strategic interest. Standout Investment Rounds 👇 1️⃣ Ramp | corporate card + expense/AP/procurement stack ↳ $500Mn Series D 2️⃣ Xelix | AI-driven AP controls, supplier reconciliation ↳ $160Mn Series B 3️⃣ Huspy | digital home-buying and mortgage ↳ $59Mn Series B 4️⃣ Savvy Wealth | advisor-led digital wealth platform ↳ $72Mn Series A 5️⃣ Lightyear | retail investing app broadening product ↳ ~$20Mn Series B So what? 🤔 Late-stage momentum shows sustained conviction in #Fintech, while softer early-stage activity could reset valuations. A two-speed market is emerging, creating differentiated entry points for investors. ↳ Main Set: this type of bifurcation supports the rationale behind our multi-stage investment strategy, focusing on price:value dislocation and inherently strong unit economic engines as opposed to boxing ourselves in when externalities can limit attractive investment opportunities over certain periods. 💡 Please reach out to learn more. Our door is always open. Ioto Iotov CA, CFA, CAIA | Ivan Wong | Jack Hogan

Proud to back Scaleup Finance (Nume), a Main Set portfolio company helping founders build real finance muscle from day one through its agentic AI CFO solution. In this interview, our Founder Ioto Iotov CA, CFA, CAIA shares hard-won lessons on what great founders do differently - from honest, data-driven self-assessment to post-raise cost discipline, investor-ready reporting, and why #Fintech’s next wave is a once-in-a-generation opportunity. Read the full conversation here: https://lnkd.in/dY9N5qws

Main Set investment team, Ioto Iotov CA, CFA, CAIA and Ivan Wong, are thrilled to be heading to #Tallinn on 04 September for our #FintechMixer, hosted in partnership with Tenity and FinanceEstonia. Further event information and registration: https://lu.ma/o7cp6iwv Purpose-built for #Fintech founders, investors and ecosystem partners, this is set to be an evening of meaningful ideas, casual networking, and collaboration in one of Europe’s most vibrant tech hubs. At Main Set, we’re committed to embedding ourselves fully in the local #Fintech ecosystem. Some of #Estonia’s top VCs will also be in attendance - not just to join the conversation, but to help shape it. If you're based in #Tallinn and building in #Fintech - or curious to explore ways to collaborate - please do reach out. We’d love to connect.

Main Set is delighted to join the British Private Equity & Venture Capital Association (BVCA) community! As a #Fintech-focused VC, Main Set is dedicated to backing founders who are building the next generation of technology infrastructure for financial services. Being part of the British Private Equity & Venture Capital Association (BVCA) network is an exciting step as we continue to scale our inaugural fund and deepen our connections with investors, founders, and peers across the UK, Europe and the US. Thank you to the BVCA for the warm welcome - we look forward to contributing to the conversation and working together to strengthen the venture ecosystem. #VentureCapital #Fintech #BVCA #MainSet

#Fintech is in the midst of a generational retooling - and we’re investing at the inflection point. 🚀 At Innovation Bay's Venture Downunder in Australia, our Founder & Managing Partner Ioto Iotov CA, CFA, CAIA shared Main Set's progress to date, our ambitions, and why we believe this is a once-in-a-generation opportunity to back the companies building the future of financial infrastructure. From global market insights and Australia–UK ecosystem comparisons, to the way Main Set uses proprietary data to uncover and accelerate category leaders, Ioto’s session explored: 1️⃣ The scale and trajectory of the multi-trillion-dollar #Fintech opportunity 2️⃣ How network connectivity drives capital flows and collaboration across regions 3️⃣ The role of AI-native, data-led investing in finding tomorrow’s winners today We’re proud to be embedded in the global #Fintech venture ecosystem - connecting capital, ideas, and operators across Australia, the UK, and beyond. If you’re building, investing, or collaborating in #Fintech, let’s connect - the opportunity has never been greater. Our door is always open if you would like to discuss the above themes in more detail. Thank you Ryan Burns & Innovation Bay for hosting and Kate Galpin for so expertly moderating.

Great to see Main Set investment WealthOS be recognised in FinTech Global's #WealthTech100 list for the third year running. #ConsistencyIsKey We backed WealthOS because we saw a team reimagining and retooling the creaking infrastructure of wealth management - and this continued recognition is testament to the impact they’re having. Proud to be on the journey with you Anton Padmasiri Chamat Arambewela. Read the article in full: https://lnkd.in/gSWuFmfd