Betsy Cohen’s FTAC Ventures Eyes $300 Million for Debut Fund

(Bloomberg) -- FTAC Ventures, an investment firm co-led by financial-services veteran Betsy Z. Cohen, is in discussions to raise a debut fund dedicated to financial-technology bets, according to people with knowledge of the matter.

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The company has begun meeting with prospective investors as it seeks to raise $300 million for a fund ahead of a targeted first close during the first quarter of 2022, said one of the people, who requested anonymity because the talks are private. A final close is expected later next year.

Betsy Cohen, Daniel Cohen, Anju Patwardhan and Dan Long are slated to be FTAC Ventures’ four general partners. The effort plans to make wagers in early-stage companies as well as other closely held startups poised to go public that are seeking to disrupt or transform the banking sector, the person said. It will have the ability to invest globally.

An FTAC Ventures spokesperson declined to comment.

“Our mission is to support financial-technology innovators,” FTAC Ventures says on its website. “Our support begins with capital but extends to helping companies grow from our experience as investors, founders and operators.”

Most investments will be in companies that have demonstrated product-market fit, and where growth can be accelerated with the assistance of FTAC Ventures’ technical, regulatory and other expertise, according to the website

Cohen, 80, has made investments in companies including ClickSwitch, Taulia, BillGO and Arcus, her SPAC investment firm, FinTech Masala, says on its website. The bets were made in part through special-purpose vehicles featuring external capital, a person with knowledge of the matter said.

Cohen, a former bank executive, has separately raised 11 blank-check firms. Some of those have struck deals with companies including Robinhood Markets Inc. rival eToro, payments firm Payoneer Global Inc. and investment-banking firm Perella Weinberg Partners.

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