Plug and Play closes $50 million Fintech & AI Fund to drive impact through direct access to global decision makers
Fund is backed by nine institutional investors and further cements Plug and Play as the largestcorporate innovation platform in the world
SUNNYVALE, Calif., June 10, 2025 /PRNewswire/ -- Plug and Play, one of the world's most active early-stage investors, announced today during its Silicon Valley June Summit 2025 the closing of its $50 million Fintech & AI Fund with nine institutional investors. Plug and Play runs nine funds in total.
The fund is the largest industry-themed fund the company has raised to date and invests in companies globally. The fund reflects the evolution of the innovation journey taken by many high-profile financial services companies.
Over the years, many of Plug and Play's limited partners have actively participated in pilot and innovation programs and aided in collaborative development efforts. This participation reinforces the partners' trust in Plug and Play and its ability to recognize, fund, and scale innovative technologies.
"Plug and Play's ecosystem has been a valuable source of innovation and market insight," said Sandeep Manchanda, Head of Insurance M&A and Partnerships at EXL, one of the investors of the fund. "With this fund, we're taking that engagement even further - partnering earlier and more strategically with the AI-driven technologies shaping the next chapter of insurance and financial services."
Plug and Play made the fund announcement during the Enterprise & AI Expo, a part of the Silicon Valley June Summit 2025. The event features three days of more than 75 speakers and more than 200 startups coming together to discuss and demonstrate a range of technologies at the company's Sunnyvale headquarters.
"AI is changing everything and industry startups are scaling faster than ever," said Eugenio Gonzalez, Partner at Plug and Play. "The fund supports our value proposition of accelerating sales cycles by connecting companies with the right decision makers at global corporations. It is a key part of this dynamic ecosystem that includes a roster of entrepreneurs and corporations we've developed over the years. It reflects a shift from shorter-form experimentation to long-term value creation as this fund allows us to back exceptional founders earlier and support them more meaningfully as they build the future of fintech, enterprise, and insurtech."
In addition to capital, Plug and Play provides portfolio companies with access to a global network of over 550 corporate partners across more than 25 industries. This network provides startups with opportunities, including pilot projects, customer acquisition, and revenue growth. Plug and Play brings a strong track record, with more than 300 successful exits and a global portfolio of thousands of startups.
About Plug and PlayPlug and Play is the leading innovation platform, connecting startups, corporations, venture capital firms, universities, and government agencies. Headquartered in Silicon Valley, we're present in 60+ locations across five continents. We offer corporate innovation programs and help our corporate partners in every stage of their innovation journey, from education to execution. We also organize startup programs and have built an in-house VC to drive innovation across multiple industries where we've invested in hundreds of successful companies including Dropbox, Guardant Health, Honey, Turing, Lending Club, N26, PayPal, and Rappi. For more information, visit https://www.plugandplaytechcenter.com/.
© Plug and Play Financial Services Fund I, L.P. (legal entity of the Fintech & AI Fund)
Plug and Play Press ContactJacky TsangSenior Communications & PR Associatepress@pnptc.com
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