When it comes to finding companies to invest in Point72 Ventures looks to the founders of financial services, artificial intelligence and enterprise technology startups to get ideas.
After all, the early-stage venture capital fund backed exclusively by Steve Cohen, the famed investor, hedge fund manager, and philanthropist, wants to get in on the startups that have founders that are enabling the changes they see in the global economy. With fintech startups transforming the way consumers and business owners bank and with artificial intelligence enabling a much more personalized and customizable experience, Point72 Ventures wants to capitalize. It's also focused on enterprise technologies that will transform how businesses operate on a global basis.
Creditjusto.com is one example of the types of companies the Stamford, Conn.-based venture capital firm seeks to invest in. Point72 Ventures recently participated in a $42 million venture funding round for the Mexican online lender. It marked the first time Point72 Ventures invested in Mexico. Creditjusto.com was founded in 2015 and has originated about $90 million in loans and equipment leases since then. It focused on small businesses in Mexico and is among a wave of technology startups that are popping up in the country. They are trying to sell financial services to customers who have largely been ignored by traditional banks.
“Here’s this big market that’s largely under-served and inefficient, and this modern lender can make sense of data that’s available,” Pete Casella, a partner at Point72 Ventures, said in an interview with Reuters. “If you can better underwrite a customer and do it faster then you’re going to capture share.”
In the U.S. Point72 Ventures has backed some of the more high profile financial technology companies that are transforming how we invest, save and pay for things. The venture capital firm is an investor in Acorns, the mobile trading app, extend, which enables companies to issue credit to employees instantly and Flybits, a data intelligence company that recently raised $35 million in a Series C round of funding led by Point72 Ventures.
They are all having a big impact on the global economy, leveling the playing field for the masses. "We believe that banks and other financial institutions are struggling to communicate with their customers about their products and services in the digital environment, and Flybits is the best technology to help," said Tripp Shriner, Partner, Point72 Ventures when announcing the capital raise. "Flybits has built a superior end-to-end solution for personalization of the digital customer experience in financial services and we are pleased to partner with them and support their future growth."