500 Startups, a leading global venture capital seed fund and accelerator, has announced the launch of a US$25 million global FinTech Fund for investment in companies that are deemed as: “Financial Services For the Rest of Us.”
500 FinTech, as the the fund is known, will run as program which will include a dedicated early-stage fund, an accelerator program and a corporate partner program.
Through the program, entrepreneurs delivering superior value to underserved audiences – whether directly, or in partnership with traditional players – will be worked with.
The fund will target startups in Lending, Investment Advisory, Personal Finance Management, Blockchain, Money Movement, and Insurance. The fund will be used to invest in more than 100 early stage companies globally.
The 500 FinTech Fund will be run by Sheel Mohnot, a 500 Partner. For more information on the fund, send him an email at email@example.com
500 FinTech was launched because after 6 years of investment in FinTech Startups – nearly 80 investments in 10 countries – and learning a lot about building next generation financial services, 500 Startups believes that “we are still in the early days of the financial services revolution” and “it’s a great time to be an early stage FinTech investor.”
500 FinTech follows 500 Falcons, a US$30 million micro-investment fund for startups in Africa and the Middle East, which was launched last year.
Sometimes in October last year, 500 Startups also made mention of plans to invest in startups in Nigeria due to its “big population and increasing access to technology and payments” which essentially makes it an attractive market, and the need to help in the diversification of Nigeria’s economy.
500 Startups, which has invested in hundreds of Internet startups in 50 countries all over the world, is a Silicon Valley venture capital seed fund and startup accelerator founder by former Paypal and Google alumnus.