Canapi Ventures, a venture capital firm investing in early to growth-stage fintech companies, closed its inaugural venture capital funds, at $545m.
The vehicles received support from the Canapi Alliance, made up of more than 35 banks and strategic investors (including the American Bankers Association, the Independent Community Bankers Association and several state banking associations) seeking attractive investments withing the fintech ecosystem
Led by Managing Partners Gene Ludwig and Chip Mahan, Canapi focuses on identifying opportunities to provide growth capital to entrepreneurs building enterprise solutions for the financial services industry of the future.
Canapi made its first investment last year in Built Technologies, a provider of cloud-based software to the construction lending industry.
Ludwig co-founded Promontory Interfinancial Network, which has provided hundreds of billions of dollars in funding to its network of approximately 2,900 financial institutions. He is also the founder and CEO of Promontory Financial Group, now an IBM company, which is recognized as a premier regulatory and compliance consulting firm for financial services and fintech companies. Earlier in his career, he served as the 27th Comptroller of the Currency and is widely recognized for his expertise in fintech regulatory and compliance matters.
Mahan founded and currently serves as CEO and chairman of Live Oak Bancshares, headquartered in Wilmington, NC. Its banking subsidiary, Live Oak Bank, specializes in providing lending and financial services to small businesses nationwide. During his time at Live Oak Bancshares, he co-founded nCino, a cloud banking services provider to hundreds of banks globally. Mahan previously led S1 Corporation and founded Security First Network Bank, one of the world’s first internet banks.
The team includes several other financial services and venture capital veterans including Partners Walker Forehand, Neil Underwood, Dan Beldy, and Jeff Reitman as well as Senior Advisors Jeffrey Goldstein and Jim Hale.
Canapi has offices in Washington, D.C., Wilmington, NC, and New York City.