Tyler Griffin, co-founder and Managing Accomplice
Tyler Griffin is co-founder and Managing Accomplice at Monetary Enterprise Studio
Ryan Falvey, co-founder and Managing Accomplice
Ryan Falvey is co-founder and Managing Accomplice at Monetary Enterprise Studio
SAN FRANCISCO, Nov. 19, 2020 (GLOBE NEWSWIRE) — Monetary Enterprise Studio, a enterprise agency targeted on early stage fintech startups within the US, at present introduced the ultimate shut of its inaugural fund, FVS Fund I. The Fund closed with over $13 million in commitments from an array of main institutional traders, together with pension and institutional funds, insurance coverage firms and business banks, in addition to household places of work and notable people from the enterprise capital ecosystem.
Monetary Enterprise Studio invests in nice groups that it believes can enhance the way in which that People conduct their monetary lives. Chosen firms obtain an funding, in addition to a bespoke six-month networking program, designed to assist firms navigate crucial parts of the monetary companies trade. Up to now, the agency has invested in 18 firms by three cohorts of its program, in addition to a handful of different later-stage fintechs, together with Dave, Level, Propel, and Digit.
Monetary Enterprise Studio was based in 2018 by Ryan Falvey and Tyler Griffin, who met by their work collectively on the $30 million Monetary Options Lab, an accelerator funded by JPMorgan Chase by the nonprofit CFSI. Griffin had beforehand based funds firm Prism Cash, which he bought to PayNearMe.
The agency has had two exits from its investments since inception: the sale of Sheltr to Hippo Insurance coverage, and the sale of Joust Banking to ZenBusiness. Seventy-five % of this system’s alumni have raised a complete of practically $60 million in follow-on capital from notable enterprise companies together with QED, Valar, Andreessen Horowitz, Kleiner Perkins and Matrix, amongst others.
“Since selecting our first cohort of fintech startups two years ago, we have proven our program’s strength in helping early stage founders navigate some of the most critical parts of being successful in fintech,” mentioned Ryan Falvey, co-founder and Managing Accomplice. “Our emphasis on building a network designed to accelerate growth has captured the attention of many top co-investors, some of whom have gone on to provide Series A funding rounds for our companies.”
“As a former fintech founder, I know all too well the difficulty in connecting with the right people, whether bank partners or influencers. I also know the importance of making early connections in the regulatory area, making the right technical architecture choices, and forging early relationships in the capital markets,” mentioned Tyler Griffin, co-founder and Managing Accomplice. “Our program provides the access and insights needed in these critical areas to help fintech startups grow truly transformational companies.”
Cathrine Andersen, the Danish co-founder and CEO of Roger, chosen for the primary FVS cohort, discovered her expertise in this system invaluable. “This is probably the most valuable program you can do as an early stage fintech anywhere in the world. Our participation took us where we wanted much quicker than we could have on our own,” she mentioned. Roger has since raised a Collection A led by QED Traders.
“The FVS program was hugely helpful in our journey of starting, building, and selling Sheltr,” mentioned Andrew Wynn, co-founder and CEO of Sheltr, which was acquired by Hippo Insurance coverage shortly after finishing the FVS program. “The team’s expertise, connections and programming are all best in class. However, their willingness to spend a ton of time working with—and sometimes for—us is what really stood out to us about this program and this team.”
One of many agency’s Restricted Companions is Brian Plum, CEO of Blue Ridge Bank. “As a community bank that seeks partnerships with fintech startups, we have seen a lot of companies,” Plum mentioned, “The FVS team has an uncanny ability to pick the best of the best of them, and help make them better. I’m excited by the Fund’s strong early performance, and I can’t wait to see what’s next.”
Highlights from the FVS portfolio embody:
- Agentero, a SaaS firm that makes use of sturdy knowledge to empower unbiased insurance coverage brokers with the knowledge they should enhance income, save time, and ship a superior buyer expertise
- Anvil, an end-to-end platform that automates paperwork processes utilizing a no-code workflow builder or developer-friendly APIs, replaces countless kinds with intuitive workflows that collect data as soon as and share it wherever it must go, enabling digital transformation
- Copilot, a private finance app that learns from its customers and their relationships with cash, delivering hyper-personalized insights that assist customers effortlessly perceive and higher handle how they spend, save, and make investments
- Everlance, an app utilized by greater than 1 million individuals to trace mileage, bills, and tax withholding; customers vary from the self-employed to Fortune 500 firms
- Flex, which allows individuals to pay lease on a schedule that works for them, assuaging pricey late charges historically levied on late lease funds
- Harvest Platform leverages AI to extend the web worth of customers by lowering debt and enhancing creditworthiness by automation; the corporate additionally helps customers entry the credit score they want by offering lenders with various knowledge
- HoneyBee, a SaaS-based answer that permits midsize employers to create a monetary security internet for his or her groups, so staff can entry monetary counseling on demand, plus no-cost, 0% curiosity wet day funds to cowl unplanned bills
- NestEgg, an AI property supervisor that makes it simple for unbiased landlords to handle a portfolio of properties of any measurement in minutes every month, presents monetary companies that enhance cash movement and produce homeowners along with contractors and different professionals to offer protected, completely satisfied houses for renters
- Pillar Life, a digital platform that helps individuals defend and take care of family members by making it simple to arrange all essential data in a single place, from monetary accounts to authorized paperwork and medical information.
- Level, a cellular banking platform, has reimagined banking with a debit playing cards reward program that rivals the perfect of elite bank cards, for a brand new era of card customers preferring debit
- Roger, an answer driving the following massive shift in accounting and B2B funds with a SaaS platform that permits purchasers to automate accounts payable and different handbook workflows to save lots of money and time whereas chopping down on fraud
- Token Transit, a pre-COVID firm constructing for the post-COVID way forward for transit, the place funds are contactless, and legacy transit authorities can entry sturdy route and rider knowledge to dramatically improve efficiencies
- Zaam, an end-to-end SaaS answer for onboarding enterprise clients onto monetary platforms, helps monetary firms enhance buyer onboarding, improve income from greater conversion charges, and scale back operational prices
About Monetary Enterprise Studio
Monetary Enterprise Studio invests in nice early stage groups who’re in search of to enhance how People conduct their monetary lives. From extra environment friendly financial savings to superior investments to quicker funds and higher data, the promise of at present’s monetary merchandise has by no means been higher. Study extra in regards to the agency’s portfolio and distinctive strategy at www.finventurestudio.com.
Pictures accompanying this announcement can be found at:
Kathy Osborne for Monetary Enterprise Studio