Canapi Ventures reveals new $750m fund to support US fintech entrepreneurs
Canapi Ventures, a US-based venture capital firm backed by around 70 American financial institutions and investors, has raised $750 million as part of its latest fund as it looks to boost its investment in fintechs and “power the new financial services economy”.
Canapi Ventures announces $750m Fund II
The company’s bumper ‘Fund II’ takes its total assets under management to over $1.4 billion and will be deployed to support “entrepreneurs and companies looking to create a sounder, more inclusive and equitable financial ecosystem”.
In its Fund I, the VC firm claims to have made 20 investments across verticals such as fraud and identity, financial infrastructure, lending and credit, payments, and real estate technology, estimating to have delivered around $40 million in annualised revenue and supporting the creation of 1,500 new jobs in the fintech and financial services industry.
Some of its recent investments include Nova Credit, Alloy and Codat.
With the new fund, Canapi hopes to broaden its investment horizons and support companies looking to solve developing challenges in the industry, including those working towards the responsible use and governance of AI and those at the intersection of financial services and climate technology. The company also plans to support fintech founders from diverse backgrounds.
“Our venture capital model connects high-quality fintech companies to our extensive network of banks and strategic partners, creating strong symbiotic value in this important ecosystem,” says Canapi managing partner, Gene Ludwig.
“Our connectivity in Washington and to its regulators has allowed us to help our companies better understand and comply with complex requirements while building alongside founders to maximise impact.”
Along with the new fund, Canapi, which was founded in 2018, claims it has more than than doubled its team size since its Fund I and has also expanded its geographic footprint with new offices in New York City and San Francisco, in addition to its HQ in Washington DC.
