Beacon Venture Capital, the corporate venture capital arm of Thailand’s Kasikornbank, has announced its participation in the third VC fund of US fintech investor NYCA Partners, which was closed recently at $210 million.
NYCA Investment Fund III claims a global network of 21 institutional investors and notable figures in fintech and financial services industry, including Beacon’s fellow Thai CVC, Digital Ventures, the VC arm of Siam Commercial Bank.
Founded in 2014 by a former Visa president Hans Morris, NYCA invests in companies where technology creates a distinct competitive advantage in financial services spanning from banking, payments, and investing, to insurance.
The firm closed its first fund in 2014 at $30 million, while its second vehicle closed at $140 million in 2016.
Over the past five years, NYCA Partners says it has assembled a group of 55 limited partners advisors who help in analyzing prospective investments and provide deep assistance and expert advice to their portfolio companies to help entrepreneurs become more successful.
For Beacon, this deal marks its first investment outside of Southeast Asia. The firm believes that by partnering with NYCA, which is led by a team of former C-level executives from major financial institutions like J.P. Morgan, Citibank, Goldman Sachs, BlackRock, and Visa, it will be able to have access to the fintech companies that will offer value to its holding company as well as the Thai market in general.
“Through the collaboration, we will bring innovation from the Fintech worldwide to Thailand, insights from NYCA’s global network of investors and advisors to KBANK, and portfolio management best practices from NYCA to Beacon VC,” says Beacon VC managing partner Thanapong Na Ranong.
NYCA is the fourth VC fund investment made by Beacon VC, following Southeast Asia-based fintech fund Dymon Asia Ventures, Singapore-based growth-stage fund Vertex Ventures, and Thailand-based education technology accelerator StormBreaker Venture.
Additionally, Beacon VC has actively made direct investments in startups across Southeast Asia, including neobank application Aspire Financial Technologies, global cross-border payment company InstaReM, and ride-hailing and financial services unicorn Grab.