$220 Million Fund continues to focus on digitization of Financial Technology
NASHVILLE, Tenn., July 27, 2022 /PRNewswire/ -- FINTOP Capital, a venture capital firm led by industry veterans focused on B2B SaaS (software as a service) companies in the Financial Technology (FinTech) space, announced today the successful close of FINTOP Fund III totaling $220 million, surpassing the firm's goal of $200 million. FINTOP Fund III is already active with five investments including Plinqit, Freight Science, Compliance.ai, Amaryllis and Xelix.
"We remain committed to capital-efficient entrepreneurs that are building great businesses in FinTech, and this new Fund will allow us to make bigger investments in more companies," said Joe Maxwell, managing partner at FINTOP Capital. "As operators, we understand the unique challenges entrepreneurs are facing in light of the economic downturn, as we've been through this cycle ourselves multiple times. However, we know that the modernization of finance continues to be a strong tailwind of the economy, and we are well-positioned to use these changing times as an opportunity to source strong deals and support budding companies with capital, a solid network and a strategic playbook so they can thrive."
FINTOP Fund III is built on the success of the previous 2016 and 2020 Funds, with most of the limited partners (LPs) from the previous Funds joining Fund III. FINTOP Capital relies on the management expertise of its partners, all of whom have experience operating FinTech companies of their own. As operators themselves, they excel at helping portfolio companies grow, which has led to many of the portfolio companies seeking out investments directly from FINTOP Capital for access to this knowledge base and network.
There are two recent new additions to the experienced partner stack, including Jared Winegrad and Chris Haley. Winegrad, a founding member of FINTOP who has now been promoted to partner, was the director of finance and operations at a small venture studio in Nashville prior to FINTOP. In addition to managing operations at FINTOP, Winegrad has played a key role in a number of FINTOP's investments, including Beanworks (acquired by Quadient), Kindful (acquired by Bloomerang), and Quavo. Haley is a FinTech operator with executive experience at companies like Black Diamond (CFO & General Counsel), Knowledge Infusion (COO), Harbor View Advisors (Partner), LegacyShield (CEO), and BridgeFT (Executive Chairman).
Co-founder and managing partner Rick Kushel added, "It's such an exciting time to be investing in FinTech, and we believe that Jared and Chris will be instrumental in the next phase of FINTOP's growth. Between the three flagship FINTOP Funds and our two JAM FINTOP Network Funds, JAM FINTOP Banktech and JAM FINTOP Blockchain, we've raised over $700 million aimed at this industry, and we will continue to leverage that capital and our expertise to push FinTech forward."
FINTOP Capital is a venture capital firm focused on Financial Technology (FinTech) companies with offices in Nashville, Tenn., St. Louis, Mo., New York City, Jacksonville, Florida, and New Jersey. Run by financial leaders and operators who have built successful startups themselves, the firm understands the ups and downs of the startup world. They bring strong networks, experience and capital to entrepreneurs building B2B service-enabled SaaS and software companies in the FinTech space.
SOURCE FINTOP Capital