IA Capital Group Inc., a venture capital firm focused on financial technology, is announcing the completion of five fintech investments over the past 12 months, including Credit Sesame, Crown Global Insurance, Marqeta, LiftForward, and a yet to be announced fifth company. The firm also reported major milestones in three existing portfolio companies: Financeit, TIO Networks Corp., and Homeowners of America Holding Corp. IA Capital manages the Inter-Atlantic funds which are comprised of both traditional multi-LP funds and strategically-targeted single-LP vehicles on behalf of major institutional investors.
IA Capital led the financing round in each of the new investments. A representative of IA Capital or its investors serves on the board of directors of each company. The investments were completed on behalf of either a New York-based insurance company or a single-LP fund managed for a top U.S. life insurer. The single-LP fund, a strategically targeted fund called Inter-Atlantic G Fund LP, was launched in February 2016.
IA CAPITAL IS PLEASED TO REPORT THE FOLLOWING PORTFOLIO COMPANY MILESTONES:
FINANCEIT, INC., a point-of-sale consumer financing platform based in Toronto, announced the close of a minority equity financing round led by Goldman Sachs. Since launching in 2011, Financeit has signed up more than 4,000 merchant partners and received more than $1 billion in loan applications. The firm's investment in Financeit is owned by a single-LP fund managed on behalf of a top U.S. life insurer.
TIO NETWORKS CORP, (TSX-V: TNC), a cloud-based bill payment processor based in Vancouver, was one of the best performing fintech stocks in North America during 2015, with a stock price appreciation of 147%. TIO won multiple awards in 2015 including Cantech TSX.V Tech Stock of the Year. IA Capital has been a major investor in TIO since 2008. The firm's investment in TIO is owned by Inter-Atlantic Fund II LP, a multi-LP venture capital fund.
HOMEOWNERS OF AMERICA HOLDING CORP, a homeowners insurance company based in Irving, TX, has grown to over $100 million insurance premiums in force and over 100,000 active policyholders. IA Capital provided the initial capital to launch Homeowners in 2006. The firm's principals currently oversee Homeowners on behalf of its owners Partners Group AG, Pfizer corporate pension plan, and other limited partners of the Inter-Atlantic funds.
THE FINTECH INVESTMENTS COMPLETED OVER THE PAST 12 MONTHS INCLUDE:
CREDIT SESAME, INC. – Mountain View, CA. Industry: Credit Monitoring & Debt Management
CROWN GLOBAL INSURANCE GROUP LLC – Wilmington, DE. Industry: Insurance
MARQETA, INC. – Emeryville, CA. Industry: Payments
LIFTFORWARD, INC. – New York, NY. Industry: Small Business Lending
Andrew Lerner, IA Capital's Managing Partner, said "Fintech is attracting top talent like never before. As a result, the quality of the fintech companies we are seeing is better than at any time in our firm's 24-year history. Our institutional investors recognize the opportunity and are helping us accelerate our investment activity."