Some incredibly exciting news - I joined
@btv_vc
!! ๐ค Can't wait to back and partner with incredible founders building the next generation of financial services and learn from / work with this amazing team ๐ช
@pitdesi
@iamjakestream
@jenny_colgate
@_laurenmessner
๐
The Mint Demo Day is coming up in a few weeks...
If this tweet gets 250+ likes, I will dye my hair Mint Green for the big day... let's see if we can make it happen ๐
Me: *flosses every single night*
My dentist (seeing my gums start to bleed after blasting my gums with power tools for 20 minutes): you should really be flossing daily
๐
The second cohort of
@TheMint_vc
kicks off next week. Has been tons of work but also lots of fun spending the last few months selecting the cos and figuring out how to structure an experience that will be even better than the last one. LFG!!
HELOC credit card provider
@avencard
just raised $142M in Series D funding at a $1B val. Some of the investors: Khosla Ventures, General Catalyst, Caffeinated Capital
Some stats on the biz:
- 33k customers
- $1.5B in credit lines issued
- Annualized rev $100M+ (3x YoY growth)
If you have an HSA/FSA account, check out
It scans ur receipts from places like Amazon & Target, finds eligible expenses (things u wouldn't think of like sunscreen or ibuprofen), & then generates claims forms + submits them to ur provider on ur behalf!
We loved having
@immad
, Co-Founder + CEO of
@mercury
, back at
@TheMint_vc
! It was a great conversation reflecting on the journey of building Mercury: the lessons learned from building a product at the earliest stages. Here are some of those insights + learnings:
Getting minty ๐ in Times Square ๐ค
@TheMint_vc
Applications for cohort III are open!! Run, donโt walk to
Shoutout to
@brexHQ
+
@_laurenmessner
for making this happen!!!
๐ Excited to announce
@btv_vc
's investment in Permanent! Farmers today need one thing most critically: buyers. Smaller farms lack the resources to handle logistics, & rely on costly brokers with manual, opaque processes to access larger buyers. Thatโs where Permanent comes in.
1/ Feel like the pace of fintech M&A is really starting to pick up. Given the fact that an IPO doesnโt appear to be a great option for fintech cos at the moment, paired with the challenges in raising venture funding in this macro environment, expect to see a lot more M&A activity
NYC friends! Weโre co-sponsoring a coffee hang on Feb. 7 with
@CitiVentures
,
@roibendaniel
at Received, and
@ValleyBank
. Good coffee, new friends, and convos about fintechโฆthatโs our kind of Tuesday! Whoโs coming?
It was awesome to have
@gokulr
as our special guest at The Mint a few weeks ago! He shared great insights on how to set a solid foundation of growth thinking at the earliest stage. Here are our favorite snippets!
We're launching an accelerator
@btv_vc
!
Fintech founders have unique needs; we're building the best accelerator to serve them. Our first cohort starts in SF on Aug 1.
Check us out at - happy to answer any questions, & please send founders our way!
It's hard to send concrete feedback to founders you pass on, but can be so valuable to a founder!
@jbahrdestefano
always sends great feedback on his passes - try to meet with him... even if he passes you'll learn something!
Overheard (so far) during the first day of
@TheMint_vc
:
- "We just signed a $10k per month contract"
- "Can we use the office on the weekends?"
aaaaand we're off!! ๐ค๐ค๐ค
Proud to announce
@btv_vc
's continued investment in
@bankwithrelay
as part of their $32M Series B financing! Business banking has fundamentally changed, + Relay is the new leader in doing it right.
Learn more here
cc
@iamjakestream
@ycwest
@pitdesi
We had
@timchen
, CEO of
@NerdWallet
, at The Mint to talk to our founders. To make things fun,
@iamjakestream
, Timโs Co-Founder, interviewed him. It was a great conversation reflecting on their early days of starting + growing a co. Here are some of the insights + learnings!
In Nov '22, we launched
@btv_vc
's quarterly newsletter. Its an extension of our LP update but is public-facing and covers a broader range of BTV portfolio updates + news. Now that the content page of our website is live, check out the latest edition!
Announcement ๐:
@BrikMate
is out of stealth and announcing their pre-seed round, led by us (
@btv_vc
)!
It was a real pleasure to have
@JosefPipoly
+
@AliYeysides
join us for the 2nd cohort of our pre-seed program,
@TheMint_vc
(quick plug: the next cohort starts in August!)
It was so much fun watching all the companies from our inaugural cohort absolutely crush it at Demo Day!! Crazy to think about how much each of the teams accomplished in the last 3 months. Can't wait to see all of the amazing things our spearmint-ers go on to do from here :) ๐๐
Just finished the 1st cohort of The Mint,
@btv_vc
โs fintech-focused accelerator. It's been awesome to be in an office in SF working with founders daily.
The 7 inaugural "spearmint" companies pitched their startups to >200 investors at Demo Day.
detail on every company ๐
We just published the latest
@btv_vc
quarterly newsletter. If you want to learn more about the latest happenings at BTV and within our portfolio, check it out! ๐
Our most recent talk at
@TheMint_vc
was on how to Close Design Partners, from
@jordanxwan
. Jordan gave incredibly tactical advice + guidance on how to find, work with, and close design partners as a b2b focused company. Here are some of the insights + learnings:
Weโre hiring a new investor at
@btv_vc
!
We are small and collaborative team, so youโll get exposure to nearly every aspect of being a VC.
Weโll expect you to play a critical role in sourcing new investments, conducting due diligence, and supporting portfolio companies.
We're
We had
@jmgards
, Founder of
@marqeta
, as our special guest at
@TheMint_vc
๐
The story is inspiring + unconventional. It took ~7 years for Marqeta to hit its stride, & at one point, it nearly ran out of ๐ธ. Eventually, Marqeta went public @ a $15B val.
Jason shared valuable
Was a treat to hear from
@itaidamti
last night about
@unit_co_
โs story and whatโs happening in BaaS
Shout out to
@FirstMarkCap
-
@adamn
+
@DezFleming
always do an awesome job of gathering great nyc fintech peeps and bringing in great nyc fintech founders to speak ๐
Last year, we launched
@TheMint_vc
, a pre-seed investing program to better support fintech founders. If u want to learn more the program / why we did it, check out this ๐งต from
@pitdesi
If u want to join cohort
#2
(Mar-May) or know folks who would be a good fit, hit us up!!
The 1st cohort of our fintech-focused accelerator,
@TheMint_vc
wrapped in October w/ 7 companies, and was a huge success... so we're prepping to do it again in March!
Curious about The Mint?
Summary + why we decided to launch an accelerator in tweets below.
We had
@drewhouston
, CEO and Co-Founder of
@Dropbox
, at The Mint last week to talk to our founders in a fireside-style chat. Drew shared inspiring reflections on the early days of starting a company + how things have changed in the ensuing 16 yrs (!), check them out!
๐๐๐
@mercury
announced earlier today that it is expanding into consumer banking with the launch of Mercury Personal!
Mercury Personal customers can set auto-transfer rules to move $$$ between accts, give access to addtl users + customize permissions for each, issue multiple
Feel like PE fintech activity starting to heat up. Some headlines over last 6 mos:
Vista to acquire Avalara for $8.4B (Aug 22)
Centerbridge & Bridgeport to acquire CSI for $1.6B (Aug 22)
Cinven to acquire TaxAct for $720M (Nov 22)
Vista to acquire Duck Creek for $2.6B (Jan 23)
We loved having
@jaltma
, Founder + Chairman of
@LatticeHQ
, as our special guest at
@TheMint_vc
a few weeks ago! It was a great conversation reflecting on the journey of building Lattice. Here are some of the insights + learnings:
Our final founder fireside speaker at The Mint was
@eglyman
, CEO + Co-Founder of
@tryramp
! Eric shared tons of inspiring reflections about starting + selling Paribus along with building + growing Ramp. Here are some of our favorite takeaways:
Was on a Zoom with
@pitdesi
early this AM. I was in the office but he wasn't. He saw I was wearing a
@tacobell
T shirt so he changed into one so that when he was in the office later in the day, we'd both be wearing TB shirts. I made this art to commemorate this touching moment.
๐๐ธ
@FranShares
, which gives investors the chance to invest in franchises for as little as $500, raised $4.2M in seed funding.
Their marketplace helps franchise operators access investment and fund expansion by connecting them w/ investors wanting a piece of a biz
Wow
@mercury
acquired ๐
Teal had raised $8M in seed funding to build its accounting infrastructure for vertical software-as-a-service businesses. Their tech allowed the vsaas companies to build their own accounting tools to offer to their SMB customers
A few weeks back,
@yinonar
, CEO & Founder of
@albertapp
, spoke to our accelerator batch. Yinon shared valuable reflections, including those on being a wartime CEO and going from burning cash to profitability, so weโre sharing some of the insights and learnings.
@dgmason
Who you hanging with in NYC??? Must be peeps who grew up on the upper east side ๐ As someone who was born and raised there, hasnโt been my experience at all - always has been a city defined by its hustle + grit
Thrilled to announce our investment in
@TrebolHQ
!
At
@btv_vc
, we think there is a massive opportunity to transform business verification in Latin America. While banks and lenders can verify a consumer's identity with a few pieces of information, allowing customers to open new
Proud to have contributed to the Young VCโs Handbook.
The Young VC's Handbook answers many of the questions I had when I first started the job - it has something for everyone interested in VC / even on the job, check it out!
@skbjml
did an excellent job pulling this together
The Young VCโs Handbook is now live!
When I started in venture, I was overwhelmed with implicit rules and jargon
And it looked like I wasnโt the only one - many who joined the industry before or after me also had the same set of questions (1/5)
It was a real treat to have
@seanharper
, Founder + CEO of
@KIN
, host a fireside chat at
@TheMint_vc
๐
The five ๐ insights + learnings:
1. Find an underserved segment of the market
2. Innovation isn't always primarily about product features
3. Figure out your differentiators +
Great piece from Jeremy at
@nyca
(3rd of a 3 part credit focused series) on merging alternative data with conventional bureau data. Would love to talk to any other folks interested in solving some of today's problems in credit data and modeling!
Real phone call from last night between me & the owner of an NYC pizza institution
Me: what time do you guys close tonight
Guy on phone: ๐ค when we run out of dough ๐ค
That's exactly what you want to hear. Pizza was ๐ฅ๐ฅ๐ฅ
@andruyeung
๐ from
@btv_vc
๐ญ sector: All things fintech!
๐ stage: Pre seed and seed
๐ต check size: generally $500K-$2M
โ other: typically prefer to lead or co-lead rounds. Other than that, not much - happy to invest pre-revenue / pre-product and we invest globally :)
More fintech M&A!
@Experian
acquired behavioral analytics co.
@neuro_id
. NeuroID analyzes usersโ real-time behavior e.g., keystrokes, mouse movements + typing speed, to determine intention. Terms not disclosed
Personally, expect a lot more consolidation to come in this space
Busy day for consumer fintech!
@Klarna
announced that it is launching its credit card in the U.S.
Some features / perks:
- No annual fee
- No foreign txn fee
- Users can earn up to 10% cash back on selected merchants
Partner bank --> WebBank
Hot start to the week for fintech funding:
- B2B BNPL co.
@tranch_hq
raised $100M in equity and debt in a seed funding round (congrats
@PKelvin7
!)
- B2B enterprise sales closing & financing platform
@vartanainc
raised $12M in Series A funding and a $50M line of credit (1/2)
Me trying to convince my friends to do daily cold exposure (ice baths, cold showers, etc.) - โI like doing things that suck. Thatโs part of my philosophy.โ
To all of the amazing people at Affirm impacted by the RIF, please reach out. There is no shortage of awesome opportunities across the growing BTV portfolio! And if those don't work for you, would love nothing more than to help find something else great.
ModernFi, the interbank solution that allows banks to exchange deposits on demand via a tech-enabled marketplace, raised $4.5M in a seed funding round led by a16z.
What a week in fintech!
-
@one
started offering BNPL @ 4600
@Walmart
stores
-
@Uber
rolled out Pay By Bank + added
@Klarna
's pay now offering
-
@Visa
launched open banking in the U.S. (Tink)
-
@stripe
is back in on crypto after a 6yr hiatus
You know where to find it ๐
There's been a good bit of fintech M&A these last few weeks:
-
@Payoneer
acquired HR & payroll co.
@JoinSkuad
for $61M cash
-
@Square
acquired no-code rules engine for risk & fraud
@usesliderule
(terms undisclosed)
-
@stripe
acquired payments co.
@lmsqueezy
(terms undisclosed)
Some exciting personal news - today is my last day at
@PromontoryFG
! Being a part of this firm for the past 3 years & 4 months has been an incredible personal & professional experience. However, I have been deeply interested in the fintech space for some time.
African remittance + B2B payments co
@NALAmoney
raised $40M in Series A funding - according to TC "one of the largest Series A txns in Africa." ๐
Founder + CEO
@Benji_Fernandes
shared on LI "34x growth in 20 mos, 10x revenue growth in the past 10 mos + profitable."
Another busy week in fintech!
- New regulatory guidance on third party risk management for community banks โ๏ธ
- a look under the hood
@Chime
- compliance lapses at
@Square
-
@binance
's former founder + CEO going to jail for 4 months
You know where to find it ๐
Busy week in fintech!
-
@Plaid
launched a new consumer report product to help lenders underwrite using bank data;
-
@CapitalOne
,
@stripe
, +
@Adyen
partnered to fight fraud; and
-
@RobinhoodApp
agreed to purchase crypto exchange
@Bitstamp
for $200M
You know where to find it ๐
๐
@venmo
just dropped split expense functionality
"With Venmo Groups, users will be able to track, split, manage and settle up these ongoing expenses within the Venmo app."
What are some good examples of easy / good user experiences to handle group engagement AND split payments?
Only one that comes to mind is splitting an Uber with friends mid ride. DoorDash group ordering is cool but one person pays so you still have to square up separately after
That is why I accepted an offer to join
@Affirm
- what became resoundingly clear during the interview process is that this is a very exciting time for a great company with a great mission and great people. I can't wait to get started!
Let's say that, in theory, the fellas were gonna have a slumber party this weekend. Theoretically, what sort of activities are must do iiiif this sort of thing were to happen (e.g., pillow fights, energy drinks + video games, etc.). All theoretical suggestions welcome.
๐๐ธ
@SavvyWealthInc
raised $26.5M in a Series A round led by Canvas Ventures ($15.5M of which comes from a "Series A-2 funding round")
Savvy provides tech-enabled solutions for wealth management firms that eliminate manual back office tasks and workflows for financial advisors
Digital bank
@gogreenwood_
, created to improve financial access & opportunities for Black & Latino individuals & business owners, acquired Kinly, a fintech focused on improving the financial outcomes of Black America. Terms of the deal were not disclosed.