Vesey Ventures closes on $78M debut fund to back earlystage fintech startups

News Summary

  • It aims to help startups there partner, expand and commercialize in the U.S.The new firm is staying mum about its LPs, saying only they include seven “very prominent financial institutions,” as well as founders and executives from financial incumbents, family offices and institutional investors.
  • The founding partners all agreed on one thing when starting the new firm: that it was clear that startups with better business development strategies had better outcomes.“And that’s ultimately the insight that we built a thesis on,” said Fitzgerald.
  • And for us, that is the infrastructure layer…that we always help our companies build and reinforce so that they can become trusted financial institutions for the long term.
  • That has become a really important pillar, and now it’s back in vogue.”Huang also acknowledges that in 2021, the trio stepped back from investing “because it was getting way too frothy.”“Every company was sort of a ‘me too company,’ she recalls.
  • Vesey’s self-described mission is to back companies “transforming financial services” at the seed to Series B stages.
  • The trio had made early investments in more than 50 fintech companies, including the likes of Stripe, Plaid, Melio and Trulioo.
After working together for nearly one decade, three former managing directors of Amex Ventures in early 2022 branched out to form their own fintechfocused venture firm, Vesey Ventures. The trio had [+5346 chars]