SMBC sets up VC fund to invest in US fintech startups

It has a fund size of $300m.

Sumitomo Mitsui Banking Corporation (SMBC) has established SMBC Fin Atlas Beyond Fund, a corporate venture capital fund that will invest in US financial technology (fintech) startups.

Formed in collaboration with Fin Capital, the inaugural $300m SMBC Final Atlas Beyond Fund, LP, aims to invest in the sectors of banking technology, payments, asset and wealth management, insurtech, risktech and cyber, vertical fintech, and AI infrastructure.

The fund is domiciled in the Cayman Islands. Its duration is set at 10 years, the Japanese megabank said in an announcement.

Fin Capital is an asset manager focused on private market investing, from pre-see to pre-IPO, in B2B fintech software companies. Founded in 2018, it manages over $1b in assets under management (AUM). It has offices in San Francisco, New York, Miami, and Tokyo.