Canapi Ventures, a venture capital firm focused on fintech startups, has successfully raised $750 million for its second fund.
Founded by former Comptroller of the Currency Gene Ludwig and Live Oak Bancshares CEO Chip Mahan, Canapi launched its first fund in 2020, securing support from over 30 banks and strategic investors, culminating in a $545 million fund. This initial fund made 20 investments in various sectors, including fraud and identity, financial infrastructure, lending and credit, payments, and real estate technology. It also facilitated nearly 100 partnerships between its limited partners (LPs) and portfolio companies, such as Alloy, Built, Thoropass, and Greenlight.
The Canapi Alliance has expanded to include 70 members, comprising community banks as well as regional and super-regional banks and service providers.
With its second fund, Canapi plans to continue similar investments while also targeting companies focused on AI governance, cybersecurity, and the intersection of financial services and climate technology. According to Ludwig, “Our venture capital model connects high-quality fintech companies to our extensive network of banks and strategic partners, creating strong symbiotic value in this important ecosystem.”