FGV Capital, A US-based venture capital firm, has closed its second investment fund at $35m, exceeding its original $25m target as it prepares to deploy the capital into early-stage companies across FinTech, financial access and AI.
Investors in Fund II include Reinsurance Group of America (RGA), MassMutual, Bank of America and the Stellar Development Foundation, alongside foundations, fund of funds, family offices and high-net-worth individuals.
The close takes FGV Capital’s total assets under management above $60m.
The firm plans to use Fund II to back businesses operating across FinTech, financial access and AI, with a focus on companies combining differentiated technology with strong distribution strategies. FGV argues that founders increasingly need more than capital as they look to establish product-market fit, build distribution and scale their businesses.
The investment strategy comes as AI and FinTech continue to converge, with startups increasingly developing products that sit on top of emerging technologies and financial infrastructure. FGV said it is particularly interested in companies capable of creating new categories while developing defensible routes to market.
FGV Capital, formerly known as Fiat Ventures, has backed more than 40 companies through its first fund, second fund and co-investment vehicles. Its portfolio includes Splitero, Brellium, Trellis, Sunfish, Possible Finance and Wagmo, with several portfolio companies subsequently raising Series A and Series B funding.
Across the wider FGV platform, the team has worked with more than 325 companies since its founding in 2018, spanning FinTech, healthtech and AI. The firm also provides portfolio companies with support covering go-to-market strategy, strategic finance and recruitment, alongside developing an AI-powered platform focused on growth and distribution.
FGV Capital co-founder and managing partner Marcos Fernandez said, “Fund I showed that our model can consistently win access to top founders and create meaningful value for them. With Fund II, we’re applying that approach at institutional scale. We’re leading and co-leading more rounds, structuring transactions, and demonstrating that the real winners need a partner with a differentiated platform, deep operating experience, and a relentless focus on founder outcomes.”
FGV Capital co-founder and general partner Drew Glover said, “There’s been almost no real innovation in how venture itself works. We flipped that script by building a growth and distribution platform first and a fund second. To a traditional venture, that sounds disruptive, but we know that founders want partners who will get in the trenches with them to find product-market fit, build durable distribution and scale responsibly. Oversubscribing Fund II and the FGV rebrand demonstrates the success of this model on a bigger scale.”
RGA chief innovation officer, Americas, Chris Murumets added, “FGV Capital brings together expertise in financial services, technology, and data-driven growth, areas that are increasingly important to the future of our industry. As an investor in Fund II and a strategic partner across several initiatives, RGA values FGV’s ability to connect early-stage companies with the resources and insights needed to grow thoughtfully. We look forward to continuing our work together to support innovation across insurance and financial services.”
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