Digital Ventures, a fintech venture capital arm of Thailand’s Siam Commercial Bank(SCB), said it will invest in US-based Nyca Fund II, marking a new milestone in the venture capital firm’s effort to grow its global network of fintech investment.
Digital Ventures, which declined to reveal the investment figure, is the only Thai investor among Nyca’s ten institutional limited partners.
As a Limited Partner, SCB will get more involved with fintech-focussed companies in the US and have more exposure to those startups from an early stage, the VC firm said.
“The US is a large fintech startup market with approximately $13 billion investment every year. Coupled with the country’s innovation capability, it is important for us to have a strong presence in this market. Thanks to Nyca’s extensive connection in both finance and technology, we strongly believe that Nyca will be a great radar scanning new opportunities for us in the US market,” Thana Thienachariya, chairman of Digital Ventures’ executive committee, said in the statement.
“By combining Nyca’s expertise in bridging financial system expertise and Silicon Valley connections technology together with SCB’s funding, fintech entrepreneurs in Nyca’s portfolios will have greater access to funds and opportunity to enter into the Asian market,” Thana added.
Nyca Partners, based in New York, is led by a veteran banker Hans Morris. With a unique perspective and facility to help entrepreneurs transform payments, credit models, digital advice, and financial infrastructure, it aims to invest $25 million per year in companies innovating in financial technology and payments.
Digital Ventures was launched in 2016 with an initial fund of $50 million. So far, it has announced its investments in Singapore-based Golden Gate Ventures’ Southeast Asia-focussed fund in June and US-based blockchain firm Ripple in September last year.