---
url: 'https://qubit.capital/blog/top-fintech-pe-firms'
title: Top PE Firms Investing in FinTech
author:
  name: Mayur Toshniwal
  url: 'https://qubit.capital/blog/author/mayur'
date: '2026-05-20T12:40:00+05:30'
modified: '2026-07-24T19:28:22+05:30'
type: post
categories:
  - Industry-Specific Insights
image: 'https://qubit.capital/wp-content/uploads/2026/05/top-fintech-pe-firms-1.webp'
published: true
---

# Top PE Firms Investing in FinTech

Founders who just closed a Series B or C are now fielding inbound calls from private equity firms, not just VCs. The top fintech PE firms now underwrite to a longer hold and harder operating bar than the venture rounds already raised.

[Advent International](https://www.adventinternational.com/news/heidrick-struggles-completes-take-private-transaction-backed-by-advent-international-corvex-private-equity-and-a-global-network-of-strategic-investors/)‘s practice in a control deal is to place an operating partner on the board, often as chairman, once it closes.

This list ranks the top fintech PE firms active right now, with check size, ownership stake, and board-seat asks for each. By the end, you’ll know whether your next raise should target PE or another VC round, and which fits your check size.

How we ranked this list

A firm makes the cut only with an in-scope fintech deal on record now, not one from years back, at a check size and lead-investor role that fits a growth-stage payments, lending, banking-infrastructure, or insurtech company, with evidence of a named lead or board seat rather than a passive stake. This list cannot tell you whether a venture round would serve you better than PE, which rests on your runway and growth rate. The read reflects our ongoing founder-advisory work.

        
            
            
                
                    
                        
                            
                                
                                    Table of Contents                                
                                
                                                                    
                            
                            
                                
                                        

      - 
        [The 12 Top Fintech PE Firms](#the-12-top-fintech-pe-firms)
        

          
            [Growth Equity or Buyout: Check the Stake Size, Not the Label](#growth-equity-or-buyout-check-the-stake-size-not-the-label)
          

          - 
            [Is This a PE Round or Another VC Round?](#is-this-a-pe-round-or-another-vc-round)
          

        

      
      - 
        [Conclusion](#conclusion)
      

    

                                
                            
                        
                    
                    
                        
                    
                
            

    
## The 12 Top Fintech PE Firms

![Blackstone logo](data:image/png;base64,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)1. BlackstoneAUM$1.4 trillion*Typical check$280M+ for a majority stake (control buyout)Best forFounders ready to sell control, not raise growth capitalLimitationStructures as full buyouts, rarely minority growth checks
Blackstone operates at buyout scale, not growth-equity scale, and fits founders ready to hand over control rather than take a check. Its [Blackstone Acquires Majority Stake in Sony Payment Services](https://www.privsource.com/acquisitions/deal/blackstone-acquires-majority-stake-in-sony-payment-services-B6Szmv) deal bought an 80% stake for roughly $280 million.

That price values the payments business as a control buyout, not a minority growth-equity round. Dry powder is not the constraint here, given the pace of capital coming into the firm.

Per [Blackstone Q1 inflows top $68bn despite ‘turbulent environment’](https://alternativecreditinvestor.com/2026/04/23/blackstone-q1-inflows-top-68bn-despite-turbulent-environment/), $37 billion went into credit and insurance strategies in Q1 2026. It also weighed selling SP.LINKS for about $626 million in June 2026, per [List of 228 Acquisitions by Blackstone (Jul 2026)](https://tracxn.com/d/acquisitions/acquisitions-by-blackstone/__K-Q-HPaxEADrID4gvkZwQzi8J3S3p0eMJMHT6v0rmCo).
What we seeExpect the process to run differently from a VC round. Control deals like this typically bring board seats and a heavier monthly reporting cadence than a minority check would. Underwriting has also gotten tougher across the industry, so [the growth case needs to hold up](https://qubit.capital/blog/fintech-financial-model-investor-trust) over a longer hold period.
![Apollo Global Management logo](data:image/png;base64,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)2. Apollo Global ManagementAUMApproximately $1.03 trillionTypical checkControl buyouts from roughly $1B to $6B+Best forFounders open to a full buyout, not a growth roundLimitationRarely writes minority growth checks
Apollo Global Management manages approximately [$1.03 trillion in assets under management](https://ir.apollo.com/news-events/press-releases/detail/622/apollo-reports-first-quarter-2026-results) as of the end of March 2026. Credit strategies make up $834 billion of that total, more than four times the $192 billion held in equity strategies.

That imbalance shows up in how Apollo approaches fintech deals, favoring control buyouts and lending platforms over minority growth rounds. Its purchase of a majority stake in [consumer-lending platform Aqua Finance](https://ir.apollo.com/news-events/press-releases/detail/46/athene-and-apollo-to-acquire-majority-stake-in-fast-growing), done jointly with Athene at roughly $1 billion, set that pattern.

In July 2025, [Apollo funds closed a $6.3 billion all-cash buyout](https://www.apollo.com/insights-news/pressreleases/2025/07/apollo-funds-complete-acquisitions-of-international-game-technology-s-gaming-digital-business-and-everi-combined-enterprise-to-operate-as-igt-3108340) of IGT’s Gaming & Digital business and Everi Holdings. The combined enterprise runs as IGT with a standalone FinTech unit built from Everi’s payments and financial technology operations for gaming venues.
What we seeApollo’s process reads more like an M&A buyout than a venture round. Expect diligence built around control, board seats, and post-close integration, not just a check size. Founders hoping to keep control after signing should factor that in early.
![KKR logo](data:image/png;base64,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)3. KKRAUM$758 billionTypical check$93M growth rounds to $3.1B control buyoutsBest forFounders weighing growth capital against a full saleLimitationGrowth deals sit far below KKR’s buyout scale
KKR is one of the largest alternative managers [a fintech founder could approach](https://qubit.capital/industries/fintech). It manages $758 billion in assets as of the first quarter of 2026, per its [first-quarter 2026 earnings release](https://www.sec.gov/Archives/edgar/data/0001404912/000140491226000011/q126earningsrelease_vf.htm).

In 2024 it led a $93 million growth round into Vitesse, a London payments platform, taking one board seat instead of control. Patrick Devine, the KKR Managing Director on that board, framed the bet as a sector thesis in [Vitesse’s funding announcement](https://www.vitesse.io/press/vitesse-raises-93m-in-series-c-funding-led-by-kkr-to-propel-us-expansion-and-product-development).

“The global insurance industry is a key strategic focus for KKR. We see a real market opportunity for Vitesse to disrupt and add significant value to the industry.”

A year later, KKR paid $3.1 billion to take full control of OSTTRA, unlike its Vitesse minority stake, per [Alternatives Watch](https://www.alternativeswatch.com/2025/10/10/kkr-completes-3-1bn-financial-services-acquisition/).
What we seeKKR moves fast when it wants control, slower and more collaborative on minority growth checks. Board seats on the growth side tend to be light touch, one seat, not a full governance overhaul. Founders should ask early which mode KKR is playing, since term sheets differ sharply between the two.
![Carlyle logo](data:image/png;base64,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)4. CarlyleAUM$475 billion*Typical check~$200M buyout equity (Intelliflo deal size)Best forWealthtech and advisory-infrastructure platforms, not consumer paymentsLimitation~7-year hold horizon, longer than a typical growth round
Carlyle fits founders running wealthtech platforms or advisory-infrastructure businesses, not consumer payments apps chasing another venture round. It shows up on only one broader fintech-buyer list, a sign of a fresh push, not years of deal history.

FinTech Futures reported: [Carlyle buys Intelliflo from Invesco in $200m acquisition deal](https://www.fintechfutures.com/m-a/carlyle-buys-intelliflo-from-invesco), adding a UK adviser-software platform to its portfolio. The price splits into $135 million upfront, plus up to $65 million in earn-outs, funded from Carlyle’s EUR 3 billion tech fund.

Intelliflo serves over 30,000 independent financial advisers across roughly 2,600 advisory firms in the UK, infrastructure rather than a payments platform.

Buyout hold periods have stretched to around seven years industry-wide, per [Global Private Equity Report 2026](https://www.bain.com/globalassets/noindex/2026/bain-report_global-private-equity-report-2026.pdf), up from five to six years between 2010 and 2021.
What we seeStructuring part of the price as an earn-out, as Carlyle did with Intelliflo, usually means tighter reporting for the team after close. Sellers should get earn-out milestones defined in the term sheet, not left for negotiation after signing. With buyout hold periods running longer industry-wide, that governance relationship lasts longer than founders may expect.
![TPG logo](data:image/x-icon;base64,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)5. TPGAUM$306 billion*Best forGrowth-stage fintech firms weighing a buyoutLimitationLonger holds, higher growth bar to clear returns
TPG runs one of the largest platforms in the buyout world, with 632 portfolio companies in its [Tracxn investor profile](https://tracxn.com/d/private-equity/tpg/__oKvZtWF69-o1kerV4K2to3m7vEe94euqDXKQWE9n6f4). That profile shows 17 funding rounds and 12 acquisitions in the past year alone.

That pace makes it a natural buyer for growth-stage fintech founders weighing a buyout [against another venture round](https://qubit.capital/blog/fintech-funding-rounds-pre-seed-to-series-c). The [return math behind every buyout](https://qubit.capital/blog/pme-benchmarking) has gotten harder industry-wide, according to Bain & Company’s [2026 private equity outlook](https://www.bain.com/insights/outlook-gaining-traction-global-private-equity-report-2026/).

A deal that needed 5% annual earnings growth a decade ago now needs about 12% to clear the same target. Holds have also stretched, from five or six years to roughly seven.

TPG’s fintech bets tend to favor platforms that widen access for small businesses, not pure scale plays. Yemi Lalude is a TPG partner who co-leads the Rise Funds in Europe, the Middle East and Africa.

He made that point in [TPG’s announcement of its investment in Tide](https://www.tpg.com/news-and-insights/tide-secures-strategic-investment-from-leading-global-investor-tpg): “We are excited to support Tide’s mission to democratize access to financial and administrative services for SMEs, helping them thrive from inception through to growth.”
What we seePlatforms this size tend to run a more formal reporting cadence once the deal closes. Founders are better off asking about board reporting frequency and covenant terms before signing, not after.
![EQT logo](data:image/png;base64,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)6. EQTAUMEUR 291 billionTypical checkEUR 50m-250m equity tickets via EQT GrowthBest forGrowth-stage fintechs past product-market fit seeking a European platformLimitation2026 dealflow skewed to platform buyouts and Asia, not new fintech control deals
EQT manages EUR 291 billion in total assets, per its [half-year 2026 report](https://news.cision.com/eqt/r/eqt-ab--publ--half-year-report-2026,c4375599). Growth-stage fintechs raising EUR 50 million to EUR 250 million in equity fit its [EQT Growth](https://eqtgroup.com/private-capital/eqt-growth) vehicle best.

EQT Ventures and EQT Growth have backed 20 [fintech portfolio companies](https://stories.eqtventures.com/articles/the-eqt-ventures-and-growth-fintech-portfolio-map) that raised EUR 3.1 billion combined. Those companies now process over EUR 600 billion in payments, more than 10% of European eCommerce.

EQT’s 2026 capital has gone toward platform deals, agreeing to buy Coller Capital and closing a $15.6 billion Asia buyout fund. EQT also explored a [sale process for Banking Circle](https://thepaypers.com/fintech/news/eqt-and-financial-technology-partners-look-into-selling-banking-circle), signaling it may be exiting fintech infrastructure rather than entering it.
What we seeEQT runs portfolio companies through a [Troika governance structure](https://eqtgroup.com/about/governance) of chairperson, advisory partner, and CEO. The chairperson is usually an Industrial Advisor, often a former CEO. Full boards meet five to six times a year, with the Troika meeting weekly early in the deal.
![Thoma Bravo logo](data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAIAAAACACAMAAAD04JH5AAAAElBMVEVHcEwAAAAAAAAAAAAAAAAAAABWYIjnAAAABXRSTlMArZbVRucE1tQAAADoSURBVHic7dvBCsMgEIThqNv3f+WGljbVk7sMDKT/3Ee/RDCX7HEQQqZE9M3EUtztrZkWGY/9tBnQEtUp1xI9V1QDIlsUA5KPLwfk99cCCvtLAenzVwNKRSGg1tUBSgegBBSrOkCxKAMUT0AHqNwBUkDmC3hPQLUIAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA4C6A4QZ0NyDcgPKv5SLAcAPCDDhfgBcQZsBr0MwIGIcX8N7fB/gs4AJ8Bw09gHE1HYD2O645iukzoG/31mFRQv4+T75f+fY3Q7D1AAAAAElFTkSuQmCC)7. Thoma BravoAUMMore than $172 billionTypical checkDiscover Fund IV $6.2bn (middle market), Explore Fund II $1.8bn (lower middle market)Best forFintech companies ready for a full sale, not a minority roundLimitationNo growth-equity option since April 2026; control terms only
Thoma Bravo is now a control-buyout specialist for fintech companies large enough to sell the whole business, not raise another round. The firm [wound down its growth-equity strategy](https://www.privateequityinternational.com/thoma-bravo-to-wind-down-growth-equity-strategy/) in April 2026, so minority checks are no longer on the table.

Recent fintech deals show a clear payments focus: the $2bn take-private of Olo and the earlier $2.6bn [Bottomline Technologies acquisition](https://www.fintechfutures.com/m-a/private-equity-firm-thoma-bravo-snaps-up-us-fintech-bottomline-in-2-6bn-deal). Target companies are already sizable: Trading Technologies was underwritten near $170m in revenue, rising toward an estimated $224m.

Hold periods now run near seven years across the industry, per [Bain’s 2026 outlook](https://www.bain.com/insights/outlook-gaining-traction-global-private-equity-report-2026/). Reaching a 2.5x return over five years now needs EBITDA growth near 12%, up from 5% before.
What we seeFounders who come in expecting a growth check often find the term sheet reshaped around control instead. Board seats and reporting cadence tend to tighten once Thoma Bravo owns the company outright, not just a stake. Diligence tends to run deep on payments compliance and processor economics, in line with its Bottomline and Olo deals.
![CVC Capital Partners logo](data:image/png;base64,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)8. CVC Capital PartnersAUM€151 billion fee-payingTypical checkControl buyouts, not minority growth checksBest forFounders ready to sell control outrightLimitationLittle precedent for minority growth-equity rounds
CVC Capital Partners fits a founder weighing a full exit over another growth round, given its scale in control buyouts. Over the trailing twelve months the firm posted [€18.6 billion of private equity realisations](https://www.cvc.com/media/news/2026/q1-2026-activity-update/) at 2.9x gross MOIC and 22% IRR.

That return bar shapes how a buyout offer gets structured, not the growth story a VC round rewards. In July 2026 CVC completed its [acquisition of US credit manager Marathon Asset Management](https://www.cvc.com/media/news/) for up to $1.2 billion.

The firm also closed a $8.7 billion secondaries fund in the same quarter, above a $7 billion target. Its European mid-market Catalyst fund closed at €1.9 billion, the vehicle most relevant to a growth-stage deal.

CVC’s most recent private equity buy before that was [Majesco, an insurance software platform](https://www.cbinsights.com/investor/cvc-capital-partners), showing insurtech exposure.
What we seeCVC’s process runs like a large buyout shop: heavy diligence, then fast execution once terms are set. Expect board seats and control-level reporting asks from day one, not the lighter governance of a growth round. Founder rollover terms often get pitched as partnership but administered like a control investment.
![Advent International logo](data:image/png;base64,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)9. Advent InternationalAUM$94 billionTypical check$50M to $2B, growth equity through buyoutsBest forProfitable fintechs with $25M+ EBITDA weighing a buyoutLimitationA board chairman seat comes with the check
Advent International is one of the largest buyout firms, built for founders ready to trade another growth round for a full exit. Its [technology program](https://www.adventinternational.com/investment-strategy/investment-programs/) invests from $50 million and can back minority growth equity, buyouts, or take-privates, up to $2 billion combined.

Advent’s [deal criteria](https://www.eaglerockcfo.com/blog/private-equity-firms/advent-international-review) also require $25 million or more of EBITDA, with deal values from $50 million to $5 billion. Its latest fund, [GPE XI](https://www.privateequityinternational.com/advent-eyes-26bn-for-latest-flagship-fund/), had raised $20 billion toward a $26 billion target by September 2025.

In 2026 Advent joined [Stripe’s $53 billion bid for PayPal](https://www.calcalistech.com/ctechnews/article/syezdo4efx), backed by $50 billion in bank financing. Advent’s 2025 [take-private of Nuvei](https://fintech-intel.com/paytech/nuvei-acquired-by-advent-international-in-6-3bn-deal/) for $6.3 billion is the closest precedent for founders weighing that same trade.
What we seeAdvent typically installs its own operating partner as board chairman once a deal closes, not just an observer seat. In the [Heidrick & Struggles take-private](https://www.adventinternational.com/news/heidrick-struggles-completes-take-private-transaction-backed-by-advent-international-corvex-private-equity-and-a-global-network-of-strategic-investors/), that meant naming former EY chief executive Carmine Di Sibio to run the board. Founders coming from venture cap tables should expect structured, hands-on governance from day one, not lighter reporting rhythm of a growth round.
![Andreessen Horowitz Fintech logo](data:image/x-icon;base64,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)10. Andreessen Horowitz FintechAUMMore than $90 billionTypical checkMinority growth and venture rounds, $17.4m-$25.8m averageBest forFounders staying independent through growth-stage fundingLimitationNo control-buyout option, checks stop at growth-equity size
Andreessen Horowitz Fintech invests from seed through growth stage, across banking, lending, insurance and real estate. That range is described on the [firm’s fintech investment page](https://a16z.com/fintech/), wider than most buyout shops on this list.

Entry points come earlier here too, well before any control buyout. A16z closed [182 investments in 2025](https://news.crunchbase.com/venture/a16z-15b-new-funds-american-dynamism-ben-horowitz/), a pace no control-focused PE firm can match.

Of its $15 billion January 2026 raise, [Axios reported](https://www.axios.com/2026/01/09/andreessen-horowitz-15-billion-for-new-funds) $3 billion went to the fund covering fintech and crypto. Portfolio company Brex is being [bought by Capital One for $5.15 billion](https://www.americanbanker.com/news/capital-one-to-acquire-payments-fintech-brex-in-5b-deal), a strategic exit rather than a PE buyout.

General partner Angela Strange sets out the firm’s core thesis on why fintech investing works. Writing on [Andreessen Horowitz’s site](https://a16z.com/every-company-will-be-a-fintech-company/), Strange framed the shift plainly.

“In the near future, I believe every company will derive a significant portion of its revenue from financial services.”
What we seea16z moves fast and writes a check without asking for control. Its diligence process is built for venture speed, not PE-style scrutiny. Expect lighter reporting asks early, then a harder reset once a buyout process begins.
![Sequoia Capital logo](data:image/png;base64,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)11. Sequoia CapitalAUMMore than $85 billionTypical check$25M-$200M+, minority stakeBest forGrowth-stage founders who want capital, not a board takeoverLimitationNo buyout structure; board seat likely once the round closes
Sequoia Capital is a growth-equity investor, not a buyout shop, built for [founders who want capital without giving up control](https://qubit.capital/blog/types-of-vc-firms). It writes [growth-stage checks of $25 million to $200 million or more](https://waveup.com/blog/top-fintech-venture-capital-firms/), always as a minority position.

Sequoia led Stripe’s $1.5 billion Series I in 2025, the largest fintech raise of that half, and still just a growth round. It backed 126 companies across all sectors in 2025 and another 66 through June 2026, per [Tracxn’s investor profile](https://tracxn.com/d/venture-capital/sequoia-capital/__C16oDw9zCP_DohQqpFHBpyGTKnJWP9YQZ60yJxhPs3U).

It also stayed among the most active fintech investors in [Crunchbase’s Q1 2026 ranking](https://news.crunchbase.com/venture/most-active-fintech-investors-yc-q1-2026/), even as total deal count fell. Compare that to private equity: buyouts now need close to 12% EBITDA growth to hit target returns, per [Bain’s 2026 outlook](https://www.bain.com/insights/outlook-gaining-traction-global-private-equity-report-2026/).

On governance, [Sequoia states it skips board seats at seed](https://sequoiacap.com/article/sequoia-and-seed-investing/), though growth-stage rounds like this typically add one.
What we seeSequoia’s no-board-seat stance is a seed-stage policy, not a growth-stage one. At this check size, expect a board seat and standard reporting rights in the term sheet. That is normal for a check this size, but worth flagging before signing.
![Clayton, Dubilier & Rice logo](data:image/png;base64,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)12. Clayton, Dubilier & RiceAUMApproximately $82 billionTypical checkLarge-cap buyout scale, no disclosed fintech-specific checkBest forInsurance distribution and brokerage platforms, not payments or lending softwareLimitationThin track record in core fintech subsectors
Clayton, Dubilier & Rice runs one of the largest buyout platforms in the market, managing [approximately $82 billion](https://www.privateequityinternational.com/institution-profiles/clayton-dubilier-rice.html). CD&R led the investor group, with Stone Point Capital, that acquired [Truist Insurance Holdings](https://www.cdr.com/news/cdr-and-stone-point-capital-acquire-truist-insurance-holdings), the fifth-largest US insurance brokerage.

That skews CD&R’s financial-services book toward insurance distribution and brokerage, not payments infrastructure or lending platforms. CD&R earns a place on this list more for balance-sheet scale than for a fintech specialty.

The firm is raising toward a [$26 billion target](https://www.privateequitywire.co.uk/cdr-targets-26bn-for-latest-flagship-private-equity-fund/) for its next flagship fund, sized for large buyouts, not $50 million checks. Buyout holds now run around [seven years](https://waveup.com/blog/understanding-moic-in-private-equity/), so founders should expect a longer runway and tougher return math than a growth round.
What we seeCD&R’s process tends to move at large-buyout pace, with diligence built for insurance and financial-services brokerages rather than software-first fintech. Expect governance and reporting asks calibrated to a fund this size, not a founder-led growth round. If your business isn’t insurance-adjacent, raise the fit question early in the process.

### Growth Equity or Buyout: Check the Stake Size, Not the Label

A term sheet rarely says “growth equity” or “buyout” in plain words. The ownership stake the fund asks for tells you which one you’re getting.

A minority stake usually means the fund is betting on your growth curve and expects you to keep running the company. A majority stake means the fund wants control, and your board composition shifts toward their nominees within the first year.

Read the stake size in the term sheet before you read anything else. It tells you more about what changes for you than any pitch the partner gives you.

### Is This a PE Round or Another VC Round?

The two investor types want different things after the check clears. A late-stage VC wants growth and the option to back your next round too.

A PE fund wants a clear path to a return inside a fixed fund life, shorter than a typical venture hold. That means more structured reporting and a firmer view on your exit timeline.

If you can’t yet describe your path to profitability or an exit in concrete terms, you’re probably not ready for a PE conversation. Raise the VC round first and revisit PE once that answer is clear.

## Conclusion

These firms split into two camps: buyout funds that want control and board seats, and growth-equity funds that write large minority checks. Each firm on the list fits a different fintech sub-sector and check-size range, from payments and lending to banking infrastructure and insurtech.

That split, more than deal size, is what should answer whether you raise from PE or VC next.

Match your revenue scale and governance readiness against each firm’s stated criteria before reaching out. If you’re past $20M in revenue and weighing a $50M+ round, that match determines whether PE or VC is the right door.

A 30-minute call to map your revenue and governance readiness against the right PE or VC path. Qubit Capital’s fundraising advisory helps fintech founders prepare for that conversation and connect with the right investors. [Talk to a Qubit advisor about your next round](https://qubit.capital/startup-services/fundraising-assistance).