Nyca Partners Raises $125 Million Fund to Back Fintech Startups
- Previous investments include Axioma, EmBroker, Ladder, LeapYear and LendingClub Corp which went public in late 2014.
New York-based Nyca Partners, which was set up by former Visa Inc President Hans Morris, today announced the successful closing of its latest venture capital fund with more than $125 million, as the Silicon Valley VC firm looks to continue investing in early-stage U.S. Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term startups.
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The new fund, dubbed Nyca Investment Fund, has 10 institutional investors and 29 limited partner advisers including Brian Finn, former president of Credit Suisse First Boston, Tom Miglis, former COO of hedge-fund firm Citadel LLC, and Neal Wolin, former deputy undersecretary of the U.S. Treasury. Corporate investors in the fund include the Royal Bank of Canada, Northwestern Mutual Life Insurance Co. and Intuit Inc, the company said.
Nyca closed its $30 million first fund back in in July 2014. Since then, the fund has provided a stable pool of capital for long-term investment opportunities. Its previous investments include Axioma, EmBroker, Ladder, LeapYear, and Personetics, as well as LendingClub Corp which went public in late 2014.
Nyca believes it can offer better returns to limited partners that invest in venture capital with a fund under $200 million. One big exit, such as Lending Club, can provide the full return investors may be looking for.
David Sica, a principal at Nyca Partners, commented: "The market is sobering up and looking for high-quality metrics. The first wave of fintech was very much about building standalone large brands. We are now in an environment where the existing financial institutions and incumbent players are looking for ways to partner with startups."
"When we started Nyca nearly three years ago, the goal was to create a unique firm that was comprised of experienced financial services and technology professionals that could help companies succeed in the global financial system," said Hans Morris, CEO of Nyca Partners.
"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 Leverage In financial trading, leverage is a loan supplied by a broker, which facilitates a trader in being able to control a relatively large amount of money with a significantly lesser initial investment. Leverage therefore allows traders to make a much greater return on investment compared to trading without any leverage. Traders seek to make a profit from movements in financial markets, such as stocks and currencies.Trading without any leverage would greatly diminish the potential rewards, so traders In financial trading, leverage is a loan supplied by a broker, which facilitates a trader in being able to control a relatively large amount of money with a significantly lesser initial investment. Leverage therefore allows traders to make a much greater return on investment compared to trading without any leverage. Traders seek to make a profit from movements in financial markets, such as stocks and currencies.Trading without any leverage would greatly diminish the potential rewards, so traders Read this Term technology to build platforms that empower consumers," he concluded.
New York-based Nyca Partners, which was set up by former Visa Inc President Hans Morris, today announced the successful closing of its latest venture capital fund with more than $125 million, as the Silicon Valley VC firm looks to continue investing in early-stage U.S. Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term startups.
To unlock the Asian market, register now to the iFX EXPO in Hong Kong
The new fund, dubbed Nyca Investment Fund, has 10 institutional investors and 29 limited partner advisers including Brian Finn, former president of Credit Suisse First Boston, Tom Miglis, former COO of hedge-fund firm Citadel LLC, and Neal Wolin, former deputy undersecretary of the U.S. Treasury. Corporate investors in the fund include the Royal Bank of Canada, Northwestern Mutual Life Insurance Co. and Intuit Inc, the company said.
Nyca closed its $30 million first fund back in in July 2014. Since then, the fund has provided a stable pool of capital for long-term investment opportunities. Its previous investments include Axioma, EmBroker, Ladder, LeapYear, and Personetics, as well as LendingClub Corp which went public in late 2014.
Nyca believes it can offer better returns to limited partners that invest in venture capital with a fund under $200 million. One big exit, such as Lending Club, can provide the full return investors may be looking for.
David Sica, a principal at Nyca Partners, commented: "The market is sobering up and looking for high-quality metrics. The first wave of fintech was very much about building standalone large brands. We are now in an environment where the existing financial institutions and incumbent players are looking for ways to partner with startups."
"When we started Nyca nearly three years ago, the goal was to create a unique firm that was comprised of experienced financial services and technology professionals that could help companies succeed in the global financial system," said Hans Morris, CEO of Nyca Partners.
"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 Leverage In financial trading, leverage is a loan supplied by a broker, which facilitates a trader in being able to control a relatively large amount of money with a significantly lesser initial investment. Leverage therefore allows traders to make a much greater return on investment compared to trading without any leverage. Traders seek to make a profit from movements in financial markets, such as stocks and currencies.Trading without any leverage would greatly diminish the potential rewards, so traders In financial trading, leverage is a loan supplied by a broker, which facilitates a trader in being able to control a relatively large amount of money with a significantly lesser initial investment. Leverage therefore allows traders to make a much greater return on investment compared to trading without any leverage. Traders seek to make a profit from movements in financial markets, such as stocks and currencies.Trading without any leverage would greatly diminish the potential rewards, so traders Read this Term technology to build platforms that empower consumers," he concluded.