Mendoza Ventures, a female and Latinx-founded FinTech, has announced that Truist Ventures is investing in its ambitious Early Growth FinTech Fund which is targeting $100m.
With this fresh injection of funds, Mendoza Ventures aims to further strengthen its support for early growth-stage startups, particularly those with a focus on diverse teams. The investment from Truist Ventures not only fuels the growth of Mendoza Ventures but also signifies a broader endorsement of their strategic approach to venture funding in the fintech sector.
In January, Mendoza Ventures unveiled its third fund, marking a significant milestone in its venture capital journey. This latest funding round welcomed Truist as the third financial institution to back Mendoza Ventures, joining the ranks alongside notable institutions such as Bank of America and Grasshopper Bank.
The move is set to lay the foundation for an active collaboration that embraces external innovation, promotes knowledge exchange, and contributes to positive social change within the FinTech industry.
Mendoza Ventures, established in 2016, focuses on supporting innovative early-stage companies that play a pivotal role in shaping the future of finance. The firm’s dedication to diversity sets it apart, with a keen interest in backing startups with diverse teams. This commitment is reflected in their recent announcement of a new non-profit initiative called Mendoza Impact, designed to bridge funding gaps and provide educational resources for early-stage diverse founders.
Adrian Mendoza, General Partner at Mendoza Ventures, stated, “Our vision has always been to redefine how venture funds collaborate with financial institutions to support portfolio companies strategically. Truist Ventures’ support validates our approach and empowers us to create substantial outcomes for diverse-led startups and investors alike.”
Tarun Mehta, Head of Corporate Development and Truist Ventures, said, “Mendoza Ventures supports innovative, early-stage companies that are shaping the future of finance. This partnership fuels our shared ambition to drive advancements and increase inclusion in the broader fintech industry.”
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