JAM Special Opportunity Ventures (JSOV), a JAM partner, and FINTOP Capital have announced the closure of JAM FINTOP Banktech, a $150 million investment fund aimed at accelerating technology adoption at community banks across the United States. All 66 of the fund’s limited partners are community banks, which is unusual.
The fund’s limited partners’ total assets of more than $600 billion will make them the country’s fifth-largest bank.
The alliance brings together experienced fintech pioneers and bank experts to invest in the next generation of companies that transform the way banks and their customer’s transfer, monitor, and interact with money.
Adam Aspes, a General Partner at JSOV stated that community banks have immeasurable value, but they must evolve to stay competitive. We will help banks map out their technology plan through our collaboration with FINTOP.
FINTOP Managing Partner Joe Maxwell commented that they are helping community banks find solutions that make them more competitive and cost-efficient with JAM. They believe that community banks can thrive if they adopt the right technologies, and they think that JAM FINTOP Banktech can help them do so.
Lisa Shields, CEO of FISPAN (an established FINTOP portfolio company) and Special Advisor to the fund, said, that JAM FINTOP Banktech will find and invest in companies that solve challenges that community banks face. JAM FINTOP Banktech will be the premier investor in creative bank tech companies thanks to FINTOP’s extensive operating expertise and network.
Dan O’Malley, the CEO of Numerated (a FINTOP portfolio company), is also a Special Advisor to the fund. The JAM FINTOP Banktech investment team is currently reviewing investments in B2B bank tech companies with successful bank deployments and annual recurring sales of $1 million or more.
FINTOP is a group of founders who helped lay the groundwork for fintech. The company makes investments in the next generation of fintech companies that revolutionize how financial institutions and their customers transfer, monitor, and engage with money. In the fintech space, they invest in B2B SaaS and service-enabled software companies.
For more information, visit https://www.fintopcapital.com/
About JAM Special Opportunity Ventures
JSOV is a subsidiary of JAM, a 26-year veteran of the public and private markets who invests in financial services companies. JSOV was established in 2020 to collaborate with top financial services investors, management teams, and innovators. Sy Jacobs, Ryan Zacharia, and Adam Aspes are the company’s founders.
For more information, visit https://jampartners.com