back Back

Mendoza Ventures announces a close on its $100m early growth FinTech fund

By Edlyn Cardoza

January 06, 2023

  • Bank of America
  • Cybersecurity Venture Capital Firm
  • Financial Inclusion

Mendoza Ventures, FinTech, Cybersecurity Venture Capital Firm, Bank of America, Grasshopper Bank, Financial Inclusion, Fund Management, Latin AmericaMendoza Ventures, a female and Latinx-founded FinTech, AI, and Cybersecurity Venture Capital firm, has achieved a first close on its third fund. The $100 million fund will invest in early growth-stage startups focusing on diverse teams. The initial close was led by Bank of America, including Grasshopper Bank and other investors.

“As a female and Latinx founded and led venture fund, we are uniquely positioned to fund the series A to B for diverse or female led founders,” said Adrian Mendoza, General Partner of Mendoza Ventures. “This is one of the very few diverse-led VC funds that are funding at this stage especially in a market where capital is shrinking for diverse founders.”

Fund II’s capital allocation of 80% to underrepresented founders (defined as female, immigrant, a person of color, or LBGTQ) underscores how these commitments have ripple effects from diverse founders to impacting diverse communities through fintech. Fund III breaks the $100 million glass ceiling for female and diverse GPs in Venture Capital and fills in the early growth capital gap for diverse and female-led startups.

“Bank of America’s investment into Mendoza Ventures underscores our ongoing efforts to address the persistent gap in access to growth capital for minority- and women-led businesses,” said Renee Nalbandyan, Director of Global Corporate Strategy at Bank of America. “Mendoza Ventures is at the forefront of supporting innovation and driving diversity not only within Venture Capital, but also across the fintech industry, and our investment is a step towards creating positive change and more economic opportunities across the country.”

The anchor funding comes from Bank of America as part of their commitment to advancing racial equality and economic opportunity, of which over $400 million is allocated to investments in mission-focused venture funds.

Previous Article

January 06, 2023

First West Credit Union and Fiserv expand their relationship to bring Clover to small businesses across British Columbia

Read More
Next Article

January 06, 2023

FINFI introduces purchase-linked saving plans

Read More

IBSi Daily News Analysis

digital wallets

March 01, 2024

Bank of America

Banking Sector and regulatory framework: addressing India’s growing demand for secure lockers

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

March 01, 2024

Mumtalakat funds Singapore Gulf Bank to expand footprint in Bahrain

Read More

March 01, 2024

FinTech Fello launches Fello 2.0 to boost savings & rewards ecosystem

Read More

February 29, 2024

RegTech Napier AI lands £45m investment from Crestline

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q4 2023
Know More
Wealth Management & Private Banking Systems Report Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
Get your copy now! IBSi Sales League Table 2023