Vesey Ventures has introduced a $78 million initial fund, which is aimed at early-stage FinTech firms. According to their press release, the venture capital company was founded by three former managing directors at Amex Ventures: Dana Eli-Lorch, Lindsay Fitzgerald, and Julia Huang.
The founders have almost a decade of experience collaborating with financial services companies to establish partnerships between FinTech firms that need infrastructure, capital, licenses, and customers and those building such technologies.
“Our aim with Vesey Ventures is to offer our portfolio companies an early competitive advantage by bridging the gap between technology users and builders,” Eli-Lorch, Fitzgerald, and Huang stated in the release. “Partnerships can be a transformative aspect of a FinTech’s growth story, and we have an unparalleled history of delivering them to our founders.”
According to the press release, the founders have previously made early investments in successful FinTech companies such as Stripe, Plaid, Toast, Melio, Trulioo, Signifyd, iZettle, FalconX, Menlo Security, BioCatch, Codat, and others. Additionally, they have established over 100 partnerships between financial services institutions and startups.
Vesey Ventures’ new fund, headquartered in the United States and Israel, has already invested in Coast, Cyrus, Grain, Equi, and Proper, as per the release. Coast founder and CEO Daniel Simon stated in the release that Vesey Ventures has provided creative business development concepts, as well as the appropriate hires and advisors.
In the release, Simon expressed that “Partnering with Vesey Ventures has been like jet fuel for Coast. The team quickly grasped my business and recognized the tactics that could be employed to make a difference for us.”
The debut of Vesey Ventures’ new fund occurs as FinTechs have changed their focus to profitability, a target that few neobanks have accomplished despite shaking up the conventional banking system on a global scale.