500 Startups Looks to Target 500 Fintech with Launch of New Fund

Founded by Dave McClure, 500 Startups is taking their already diverse startup investing strategy and making it wider. Creating new verticals to invest in, 500 Startups is launching new micro-funds to focus on specific areas of interest.

Targeting the financial technology sector is the new 500 FinTech fund being launched today by 500 Startups. With a mission to invest in companies that they deem to be involved in “Financial Services For the Rest of Us”, 500 Startups is looking to raise $25 million for the fund which will invest in 100 early stage companies.

According to company, areas of focus for investments where the aim is to find firms that meet the mission of providing “financial services for the rest of us” are in lending, investment advisory, personal finance management, Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term, money movement, and insurance startups. Heading the 500 FinTech Fund will be Sheel Mohnot, a current partner at 500 Startups.

The fintech focus isn’t new for 500 Startups, whose investments and accelerator programs include 80 companies in the past that are involved with financial technology. Along with a slew of cryptocurrency and blockchain companies that they have backed are a portfolio of fintech firms, of which a majority have a focus towards consumers. Among them are several success stories including CreditKarma which hit Unicorn Unicorn Unicorns represent privately held startup companies whose value exceeds $1 billion. The term itself was coined by venture capitalist Aileen Lee back in 2013, with Unicorns since assuming the gold standard of companies.At the time of writing, approximately 465 unicorns exist, with standouts becoming ubiquitous in everyday life. This includes Ant Financial, DiDi, Airbnb, Stripe, Lyft, and Palantir Technologies, among many others.While all wildly successful, many unicorns are themselves the product Unicorns represent privately held startup companies whose value exceeds $1 billion. The term itself was coined by venture capitalist Aileen Lee back in 2013, with Unicorns since assuming the gold standard of companies.At the time of writing, approximately 465 unicorns exist, with standouts becoming ubiquitous in everyday life. This includes Ant Financial, DiDi, Airbnb, Stripe, Lyft, and Palantir Technologies, among many others.While all wildly successful, many unicorns are themselves the product Read this Term status with a $175 million fundraising and $3.5 billion valuation in 2015.