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Home Newsbytes

ABA Joins Banks, State Associations as Investor in Fintech Venture Fund

January 22, 2020
Reading Time: 1 min read

As part of an effort to accelerate financial-sector innovation and incubate fintech startups that are well-equipped to partner with banks, Canapi Ventures today announced $545 million in commitments for its two inaugural venture capital funds—including a passive investment from the American Bankers Association. More than 35 banks, as well as several state bankers associations, are also investors in Canapi. The passive fund investment by ABA complements the association’s recent direct investments in two fintech startups: Finxact and Summit Technology Group.

Co-led by former Comptroller of the Currency and Promontory Financial Group founder Gene Ludwig and Live Oak Bank chairman and CEO Chip Mahan—who themselves have been instrumental in launching fintech startups like Promontory Interfinancial Network and nCino—Canapi also draws on the expertise of its bank investors to evaluate fintech firms and help portfolio companies grow revenue and meet the needs of the banking sector.

“We believe our model is unique in that it aligns the interests of both banks that want to use innovative technologies as well as the companies creating those technologies and represents a true ‘win-win’ for all parties involved,” said Ludwig. Canapi’s first investment last year was in Nashville-based Built Technologies, whose construction lending platform has been endorsed by ABA since 2018.

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