Thursday, September 24, 2020

Thai venture capital funds invests in new VC fund

Sep 25. 2019
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By The Nation

Beacon Venture Capital (Beacon VC), the corporate venture capital arm of Kasikornbank, has announced its investment in NYCA Partners’ third venture capital (VC) fund.

NYCA was ranked as the third most active financial technology (fintech) VC fund by CB Insights in 2018. The fund brought in investment of US$210 million from a global network of 21 institutional investors and notable figures in fintech and financial services industry.

Founded in 2014 by former president of Visa, Hans Morris, NYCA invests in companies where technology creates a distinct competitive advantage in financial services spanning banking, payments and investing to insurance. NYCA is well-known for its hands-on approach. Over the past five years, NYCA Partners has assembled a group of 55 advisers who help in analyzing prospective investments and provide deep assistance and expert advice to their portfolio companies to help entrepreneurs become more successful.

Speaking at the recent launch, Beacon VC’s managing director Thanapong Na Ranong said that the investment marked the company’s first investment outside of Southeast Asia.  “NYCA is led by a team of former C-level executives from major financial institutions, including J. Morgan, Citibank, Goldman Sachs, BlackRock, and Visa. We are impressed with the team’s ability to leverage their financial services experience to select and invest in companies that complement the existing financial infrastructure. Through the collaboration, we will bring innovation from Fintech worldwide to Thailand, insights from NYCA’s global network of investors and advisers to KBANK, and portfolio management best practices from NYCA to Beacon VC,” he said.

“NYCA is delighted to collaborate with Beacon VC to bring leading fintech companies from around the world to Thailand. We meet innovators in all stages of early growth, and we are eager to unearth the next disruptor in all the many corners of financial services. By connecting our knowledgeable investors and advisoers with fintech entrepreneurs, we aim to create a symbiotic relationship that enables a more efficient and empowering financial system for all of us,” Morris added. 

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 Southeast Asia’s fast-growing neobank application Aspire Financial Technologies, global cross-border payment company InstaReM, and ride-hailing and financial services unicorn Grab.

Beacon Venture Capital founded in 2017. It is a wholly-owned corporate venture capital fund of Kasikornbank and focuses on strategic investments in early to growth-stage technology startups covering not only fintech, but also consumer internet and enterprise technology. Currently, Beacon VC has a fund size of $135 million and has invested in notable technology startups such as Aspire Financial Technologies, InstaReM, and Grab.

NYCA Partners is a leading venture capital fund focused on connecting innovative companies to the global financial system. NYCA’s rich experience and deep connections in both finance and technology give it a unique perspective and facility to help entrepreneurs transform payments, credit models, digital advice, and financial infrastructure. NYCA strives to form truly collaborative partnerships, offering capital and expert advice. Some of NYCA’s notable investments include a consumer credit unicorn Affirm, a micro-investing application Acorns, and a business payment and credit network Fundbox.

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