500 Startups Looks to Target 500 Fintech with Launch of New Fund

500 Startups is taking their diverse investing strategy and making it wider with the launch of micro funds, including one

Founded by Dave McClure, 500 Startups is taking their already diverse startup investing strategy and making it wider. Creating new verticals to invest in, 500 Startups is launching new micro-funds to focus on specific areas of interest.

Targeting the financial technology sector is the new 500 FinTech fund being launched today by 500 Startups. With a mission to invest in companies that they deem to be involved in “Financial Services For the Rest of Us”, 500 Startups is looking to raise $25 million for the fund which will invest in 100 early stage companies.

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According to company, areas of focus for investments where the aim is to find firms that meet the mission of providing “financial services for the rest of us” are in lending, investment advisory, personal finance management, blockchain, money movement, and insurance startups. Heading the 500 FinTech Fund will be Sheel Mohnot, a current partner at 500 Startups.

The fintech focus isn’t new for 500 Startups, whose investments and accelerator programs include 80 companies in the past that are involved with financial technology. Along with a slew of cryptocurrency and blockchain companies that they have backed are a portfolio of fintech firms, of which a majority have a focus towards consumers. Among them are several success stories including CreditKarma which hit unicorn status with a $175 million fundraising and $3.5 billion valuation in 2015.

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