Financial Venture Studio, a San Francisco, CA-based venture firm focused on early stage fintech startups in the US, closed its inaugural fund, FVS Fund I, at $13m.
The fund received commitments from an array of institutional investors, including pension and institutional funds, insurance companies and commercial banks, as well as family offices and notable individuals from the venture capital ecosystem.
Founded in 2018 by Ryan Falvey and Tyler Griffin, who met through their work together at the $30 million Financial Solutions Lab, an accelerator funded by JPMorgan Chase through the nonprofit CFSI, Financial Venture Studio invests in teams that can improve the way that Americans conduct their financial lives. Selected companies receive an investment, as well as a six-month networking program, designed to help them navigate critical elements of the financial services industry. To date, the firm has invested in 18 companies through three cohorts of its program, as well as a handful of other later-stage fintechs, including Dave, Point, Propel, and Digit.
The firm has had two exits from its investments since inception: the sale of Sheltr to Hippo Insurance, and the sale of Joust Banking to ZenBusiness.