New FinTech VC Reciprocal Ventures looks for $60m


There’s another new FinTech-focused venture firm launching with Reciprocal Ventures seeking $60m for its debut fund.

The New York-based firm is being launched by former trader at hedge fund SAC Capital Advisors Michael Steinberg who was charged with insider trading in 2013 before the conviction was overturned in 2015.

Steinberg began making investments in small privately held companies while working at SAC and previously said the fund aims to back companies supporting financial institutions rather than disrupting them.

Steinberg is joined on the team by venture investor Josh Kuzon who will serve as principal having previously worked on Silicon Valley Bank’s payments strategy and corporate development team.

News of the new fund comes as FinTech investor TTV Capital closes its fourth fund with $93m.

Last week also saw Singapore-based Dymon Asia Ventures reach a $20m first close on its $50m debut FinTech fund targeted at South-East Asia.

Copyright © 2017 FINTECH GLOBAL

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