Carey Ransom to lead the innovative fund built specifically for community banks by a unique group of partners in the community bank ecosystem.
IRVINE, Calif., Oct. 13, 2021 /PRNewswire/ -- BankTech Ventures, LP, (BTV) a venture capital fund with general partners from The Venture Center, the Independent Community Bankers of America (ICBA), Hovde Group and leading community banks including, Coastal and Sunwest Bank, today announced Carey Ransom as its Managing Director. Ransom, a serial technology entrepreneur and fintech investor, takes the helm as the fund looks to partner with many of the country's community banks.
Supported and endorsed by the ICBA and The Venture Center, producer of Finovate's 2020 Best Accelerator of the Year, BankTech Ventures specializes in connecting and accelerating bank technology-focused startups. BankTech Ventures' limited partner base expects to reach over 150 community banks across the US, making the strategic value of the fund's ecosystem for both bank-focused startups and community banks unprecedented.
"Community banks are the cornerstone of thousands of cities and towns across the country, and as they continue to evolve in serving their communities, emerging technologies will play a key role," Ransom said. "I'm excited to join an all-star banking and technology team in launching BankTech Ventures to invest in the next generation of community bank-focused technologies. Together, we will help ensure community banks remain competitive amid a rapidly changing landscape."
Mr. Ransom's 25-year career in software and venture capital include being an early senior executive at both Aspiration and Happy Money, Chief Product & Innovation Officer at Experian, and most recently as co-founder and President of Operate, a venture studio investing in and partnering with over 20 SaaS and fintech entrepreneurs.
"We are thrilled to have Carey Ransom join BankTech Ventures and lead the day-to-day fund operations," Carson Lappetito, President of Sunwest Bank said. "Carey and I have worked together on innovative technology and ideas for Sunwest over many years, and it's a wonderful evolution to continue our momentum with BankTech Ventures."
BankTech Ventures, LP (www.banktechventures.com) is targeting $150-200MM for its first fund and expects a first close at the end of October. The fund is already evaluating several investment opportunities. The fund's other general partners are Eric Sprink, CEO of Coastal Community Bank; Carson Lappetito, President of Sunwest Bank; Steve Hovde, Chairman & CEO of Hovde Group; Charles Potts, Chief Innovation Officer, ICBA; and Wayne Miller, Executive Director, The Venture Center.
About BankTech Ventures, LP.
Established in 2021, BankTech Ventures, LP is the first venture fund created for and by key leaders in community banking, bank technology and fintech. BTV serves the community banking ecosystem through strategic investments, education and collaboration with its limited partners and ICBA members by delivering a de-risked and/or fully vetted network of leading and emerging bank technology companies to enhance a community bank's value, as well as aim for strong returns from the underlying investments in these companies. Learn more at www.banktechventures.com.
About Sunwest Bank
Founded in 1969, Sunwest Bank is a privately held commercial bank with more than $2.0 Billion in assets. Headquartered in Irvine, CA, with operations in California, Arizona, Idaho, and Utah; Sunwest is an entrepreneurial business bank with a long tradition of providing excellent service to entrepreneurs, privately held corporations, family offices, small-medium sized business and real estate developers throughout the Western United States. Sunwest Bank is a Member FDIC and Equal Housing Lender. To learn more about Sunwest Bank, visit https://www.sunwestbank.com/.
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SOURCE Sunwest Bank