< The 2015 Fintech Finance 35

There is no single formula for fintech financing, yet many of the playbooks written over the years owe a debt to FTV Capital. The San Francisco–based firm was formed in 1998 as Financial Technology Ventures, “at the intersection of important emerging technologies and financial services,” says Richard Garman, who joined founding partners James Hale and Robert Huret early on. They built a “sustainable, repeatable business model” around “deep domain expertise” like Garman’s — he was previously CEO of three technology companies, including bank-consortium-owned Electronic Payment Services. That went hand-in-hand with what in the early years was not yet dubbed an ecosystem: a “global partner network” of executives of dozens of major financial institutions, along with a smaller strategic advisory board that meets periodically to share intelligence on market trends and help portfolio companies accelerate sales. The FTV founders stepped aside from day-to-day management before launching the third of the firm’s four funds, which have raised a cumulative $1.8 billion and invested in nearly 90 companies, including such IPO exits as outsourcer ExlService Holdings in 2006 and Financial Engines in 2010. Managing partner Garman, 58, who had an earlier association with Hale and Huret at Montgomery Securities, and Brad Bernstein, 48, formerly of Oak Hill Capital Management and head of FTV’s New York office since 2003, moved into the spotlight for FTV III, which closed in 2008 with $512 million, and $700 million FTV IV of 2014, which is about 50 percent invested. Not buying into an incumbent-banks-are-doomed thesis, Bernstein says, “We see a perfect storm of opportunity in this sector, much of it evolutionary rather than revolutionary.” FTV’s investments tend to be institution-facing, not customer-facing, as with payments venture WePay, which serves online marketplaces and crowdfunding platforms.

 
The 2015 Fintech Finance 35

1. James Robinson III & James Robinson IV RRE Ventures 2. Jane Gladstone Evercore Partners 3. Matthew Harris Bain Capital Ventures Model Portfolios to Deliver Alternative Asset Exposure Sponsored by BlackRock April 29, 2025 4. Steven McLaughlin Financial Technology Partners 5. Jonathan Korngold General Atlantic

6. Richard Garman & Brad Bernstein FTV Capital 7. Amy Nauiokas & Sean Park Anthemis Group 8. Thomas Jessop Goldman Sachs Group 9. Meyer (Micky) Malka Ribbit Capital 10. Hans Morris Nyca Partners

11. Maria Gotsch Partnership Fund for New York City 12. Marc Andreessen Andreessen Horowitz 13. Barry Silbert Digital Currency Group 14. Jay Reinemann Banco Bilbao Vizcaya Argentaria 15. Mariano Belinky Santander InnoVentures

16. François Robinet AXA Strategic Ventures 17. Vanessa Colella Citi Ventures 18. Alan Freudenstein & Gregory Grimaldi Credit Suisse NEXT Fund 19. Justin Brownhill & Neil DeSena SenaHill Partners 20. Rodger Voorhies Bill & Melinda Gates Foundation

21. Michael Schlein Accion International 22. Kenneth Marlin Marlin & Associates 23. Rumi Morales CME Ventures 24. Mark Beeston Illuminate Financial Management 25. Vladislav Solodkiy Life.SREDA

26. Fabian Vandenreydt Innotribe SWIFT 27. Derek White Barclays 28. Alex Batlin UBS 29. Jeffrey Greenberg & Vincenzo La Ruffa Aquiline Capital Partners 30. P. Howard Edelstein REDI Holdings

31. Nektarios Liolios Startupbootcamp FinTech 32. Roy Bahat Bloomberg Beta 33. Andrew McCormack Valar Ventures 34. Lawrence Wintermeyer Innovate Finance 35. Janos Barberis FinTech Hong Kong