Former Visa president raises $125m for new fintech fund
27 January 2017 | 9463 views | 1
Nyca Partners, a fintech startup-focused venture capital firm set up by former Visa president Hans Morris, has raised more than $125 million for its second fund.
Morris, who before becoming Visa president spent 27 years at Citi, set up Nyca Partners in 2014 with a $30 million fund, backing more than 30 firms - including LendingClub, SigFig and Orchard - in merchant payments, alternative credit, digital advice and finacial infrastructure.
The new fund has 10 institutional investors and 29 Limited Partner Advisors and has already made a dozen investments, including in insurance startups Embroker and Ladder.
Says Morris: "By providing financial technology knowledge to early stage companies, we are able to offer a unique and much-needed service. This is an exciting time for fintech and this latest fund will allow us to continue to invest in companies that leverage technology to build platforms that empower consumers."
After a bumper few years, the North American fintech funding scene has cooled in recent months. A recent report from Citi shows that North American VC investment in 2016 is expected to be down by more than a third on 2015.