500 Startups, Silicon Valley-based venture capital and startup accelerator, has announced a new $25 million fintech fund, 500 FinTech.
Prior to launching this vertical fund, 500 Startups have invested in nearly 80 early-stage fintech startups across 10 countries in the last 6 years, including iMoney, CreditKarma, FeeFighters (acquired by Groupon) and Simple (acquired by BBVA).
Sheel Mohnot, a partner at 500 Startups, will be leading the new fintech fund. As written in his announcement, they will be looking to invest in about 100 early-stage fintech companies globally, with 30-40% of these companies outside of the United States.
In the latest Batch 16 of their accelerator program, 500 Startups accepted a total of 10 Fintech companies out of the 52 companies joining the batch.
Mohnot also mentioned that, ‘We will work with entrepreneurs delivering superior value to underserved audiences – whether directly, or in partnership with traditional players. We’re targeting startups in Lending, Investment Advisory, Personal Finance Management, Blockchain, Money Movement, and Insurance.’
Mohnot will also be running the FinTech track within their San Francisco accelerator program, and
Aside the new Fintech vertical fund, 500 Startups announced a $25 million vehicle, 500 Kulfi, focused on early-stage investments in India.
*Image taken from 500.co