The fund brought in an investment of US$210 million from a global network of 21 institutional investors and notable figures in fintech and financial services industry
Beacon VC, Thai Kasikornbank’ venture capital arm, announces that it has made an investment into the third fund of NYCA Partners, a global fintech investors.
The official statement of the investment announcement said that the fund brought in an investment of US$210 million from a global network of 21 institutional investors and notable figures in fintech and financial services industry.
Founded in 2014 by a former President of Visa Hans Morris, NYCA invests in companies where technology creates a competitive advantage in financial services spanning from banking, payments, and investing, to insurance with hands-on approach.
In total, NYCA Partners has assembled a group of 55 Limited Partners Advisors who help in analysing prospective investments and provide deep assistance and expert advice to their portfolio companies.
“The investment marks our first investment outside of Southeast Asia. NYCA is led by a team of former C-level executives from major financial institutions, including J.P. Morgan, Citibank, Goldman Sachs, BlackRock, and Visa,” said Thanapong Na Ranong, Managing Director of Beacon VC.
Na Ranong further noted the reason for the investment is that Beacon VC looked to back the team’s ability to select and invest in companies that complement the existing financial infrastructure.
The investment will also allow collaboration, in which NYCA Partners agreed on bringing innovation from the fintech globally to Thailand, insights from NYCA’s network of investors and advisors to KBANK, and portfolio management practices from NYCA to Beacon VC.
“We meet innovators in all stages of early growth, and we are eager to unearth the next disruptor in all the many corners of financial services. By connecting our investors and advisors with fintech entrepreneurs, we aim to create a relationship that enables a more efficient and empowering financial system for all of us,” said Hans Morris, Managing Partner of NYCA Partners.
With its current fund size of US$135 million, NYCA is the fourth VC fund investment made by Beacon VC, following Southeast Asia-based fintech fund Dymon Asia Ventures, Singapore-based growth-stage fund Vertex Ventures, and Thailand-based education technology accelerator StormBreaker Venture.
Beacon VC also has made direct investments in startups across Southeast Asia, including Southeast Asia’s neobank application, Aspire Financial Technologies, cross-border payment company InstaReM, and ride-hailing and financial services unicorn Grab.
In March this year, it also invested in Horganice, a cloud-based rental properties management solutions for apartments, dormitories, and markets.
Founded in 2017, Beacon VC is a wholly-owned corporate venture capital fund of Kasikornbank PLC. Beacon VC focusses on strategic investments in early to growth-stage technology startups covering not only fintech, but also consumer internet and enterprise technology.
–
Image Credit: Beacon VC
The post Kasikornbank-owned Beacon VC joins in the third fund of NYCA Partners appeared first on e27.