Netherlands-based Velocity Capital, an investor into Cellulant, Yoco & Mines has launched a €105M Fintech Ventures Fund to invest into global fintech startups in a move expected to help people, businesses, and financial institutions grow economic opportunity.
Yoco, is a South African-based fintech platform allowing SMEs to accept card payments, manage sales, and use insights to grow their business while Mines is a Nigerian-based digital Credit-as-a-Service platform for domestic banks, mobile operators, retailers, and payment processors. Nairobi-based Cellulant is Africa’s top payments platform connecting merchants, banks and mobile operators with their customers.
According to Willem Willemstein, general partner & founder of Velocity Capital, “At Velocity, we are interested in funding founders who demonstrate a vision for applying FinTech to improve the human experience, the tenacity to make it a reality no matter what, and a business model that is already showing traction. This founder-first approach is something we strongly believe in and one that has always served us well.”
Because Velocity’s partners have been founders, CEOs, and operators of companies in highly regulated B2B and B2C industries, they offer their portfolio companies the experience and know-how to help navigate those complex landscapes.
Joining Willemstein in the management of the fund are FinTech venture capital veteran Allard Luchsinger and former FinTech founder and CEO Don Montanaro.
Velocity’s FinTech Venture Fund already includes a portfolio of innovative companies that address major barriers and inefficiencies in banking, credit, payment, insurance, money management, and investing. The firm is looking to round out its evergreen fund with new breakthrough solutions in these and other high-growth FinTech areas.
“While we seek fast growth where possible, we also recognize the realities of business and have structured our fund differently to have the capacity to be patient,” added Willemstein. “We care more about preparing and supporting our founders to run big companies than about a ticking clock.”