Canapi Ventures launches maiden fund with $545m capital pool

FinTech-focused venture capital firm Canapi Ventures has closed its inaugural fund with a capital pool of $545m.

Among the investors to the fund was the Canapi Alliance, a group of over 35 banks and strategic investors seeking deeper relationships with the FinTech space. The group, which includes 23 of the top 100 banks in the US by asset size, will also serve as a potential distribution network for portfolio companies.

Other contributions to the fund included The American Bankers Association, the Independent Community Bankers Association and other state banking associations.

The new vehicle will invest in early to growth-stage FinTech companies which are evolving outdated business models.

Canapi co-managing partner Gene Ludwig said, “Banks are looking for technology partners that can help them thrive and innovate in a rapidly changing and hyper-competitive market. We believe many of these solutions have to come from early stage companies and that is why we launched Canapi Ventures.

“The best early stage company founders seek investment partners who not only provide capital but possess deep domain expertise and an ability to help fintech companies tangibly grow revenue and customers. We believe our model is unique in that it aligns the interests of both banks that want to use innovative technologies as well as the companies creating those technologies and represents a true ‘win-win’ for all parties involved.”

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