Fiat Growth and Fiat Ventures relaunch as FGV, combining over $60 million in institutional-grade capital and a proven growth platform to back the next generation of fintech

SAN FRANCISCO, CA – August 25, 2026 – FGV Capital, the venture arm of FGV, today closed its $35 million Fund II. The vehicle, which includes co-investment capital, was oversubscribed from its original $25 million target. FGV Capital will employ Fund II to back early-stage companies at the intersections of financial technology, financial access, and AI innovation.

“We are particularly interested in vertical AI applications that solve specific problems within financial services, including insurance, compliance and security,” the founders said of Fund II's focus. “We are also looking at the intersection of finance and healthcare, stablecoin infrastructure, cross-border payments and payment rails. Within digital assets, our focus is on infrastructure and practical applications rather than tokens or individual crypto projects. Our key thesis is that fintech is everywhere - it's being embedded into every industry and vertical - and we like to invest across these verticals, giving our LPs exposure to what we consider the 'future of finance.' We gain unique access to information from our consultancy, and the ability to attract founders to our ecosystem through our events, media arm and network. Our goal is to build informed thesis areas, but ultimately back the best founders building in the future of finance and adjacent industries.”

Led by Marcos Fernandez, Drew Glover, Alex Harris and Rohit Ramkumar, FGV Capital differentiates itself from traditional, AUM-driven venture firms by leveraging a founder-focused growth platform that rivals those of multi-billion-dollar funds. Rather than competing on check size alone, FGV Capital has reverse engineered the traditional venture capital model by building a full-stack growth and distribution platform first and layering capital on top. This enables the firm to consistently attract high caliber founders to their ecosystem, win competitive deals, and deliver strong returns without relying on mega fund scale. Fund II is backed by LPs including Reinsurance Group of America (RGA), MassMutual, Bank of America, and the Stellar Development Foundation, alongside foundations, fund of funds, family offices and high-net-worth individuals.

“Rather than competing on check size alone, we identify specific areas within a company's go-to-market strategy where we can immediately provide teams, strategy or distribution partners,” the founders explained. “That has helped us win deals where founders were considering five, six or seven other firms. After we invest, we connect portfolio companies back to those same growth engines to support them as they scale. Founders understand that capital is a commodity, and that the real differentiation is the size and scale of the platform that a firm can bring. We're fortunate to have a platform that's on par with multi-billion dollar platform funds while also being nimble in the way we can invest capital. This provides us with a distinctive advantage, especially at the early stages where founders are most vulnerable, and as they look for the GTM wedges that take hold.”

“Fund I showed that our model can consistently win access to top founders and create meaningful value for them,” said Marcos Fernandez, Co-Founder and Managing Partner at FGV Capital. “With Fund II, we’re applying that approach at institutional scale. We’re leading and co-leading more rounds, structuring transactions, and demonstrating that the real winners need a partner with a differentiated platform, deep operating experience, and a relentless focus on founder outcomes.”

Alongside the Fund II close, the firm is unveiling a refreshed, unified brand architecture that unites Fiat Growth and Fiat Ventures under the FGV brand. While remaining distinct entities, the new FGV brand creates a single platform recognized across founders, investors, and allocators. This rebrand reflects both the breadth of FGV’s services and ecosystem, and its commitment to building an enduring venture capital firm.

This evolution mirrors broader market shifts. In the current deployment phase of AI and fintech, founders are no longer simply building core models; they are creating category-defining products and distribution systems on top of foundational technologies. The firm is committed to backing the companies that combine this differentiated technology with defensible go-to-market strategies while bringing more than just capital to the table, making them the partner of choice for founders building at this new frontier.

“There’s been almost no real innovation in how venture itself works,” said Drew Glover, Co-Founder and General Partner at FGV Capital. “We flipped that script by building a growth and distribution platform first and a fund second. To a traditional venture, that sounds disruptive, but we know that founders want partners who will get in the trenches with them to find product-market fit, build durable distribution and scale responsibly. Oversubscribing Fund II and the FGV rebrand demonstrates the success of this model on a bigger scale.”

Since launching in 2018, the FGV team has partnered with over 325 companies across financial technology, healthtech, AI, and more, driving billions of dollars in revenue through all facets of go-to-market from D2C multi-channel acquisition, B2B sales support, B2B2C distribution partnerships and more. As AI reshapes what growth looks like and elevates the importance of distribution, FGV is intentionally building its proprietary AI-driven platform to remain at the forefront of this shift.

“We focus on repeatable customer acquisition, B2B sales and B2B2C distribution partnerships, including the partnerships and sales frameworks that help companies reach the right audiences,” the team added. “We also look for proprietary data, strong customer relationships and early signs of organic adoption. Within fintech and healthcare, regulatory, compliance and licensing requirements can also create natural barriers to entry. FGV, our market-leading consultancy, has over a dozen service lines catering to all of these different GTM and acquisition strategies, giving us flexibility in supporting our portfolio of companies as fintech expands into every vertical and industry. We've done this as operators at fintech's leading companies like Chime, SoFi, Brex and Ripple, and we're seeing it play out in real time today. That depth and breadth of experience gives our portfolio of founders a unique differentiation and a strategic advantage against their competitors.”

The firm is continuing to expand its services to support founders through all aspects and stages of scaling. In addition to hands-on support for systematically acquiring and retaining customers, FGV-backed companies benefit from strategic finance support to sharpen decision making and top-tier talent and recruitment to build their team. The firm will continue to expand services that drive better outcomes for founders.

“FGV Capital brings together expertise in financial services, technology, and data-driven growth, areas that are increasingly important to the future of our industry,” said Chris Murumets, Chief Innovation Officer, Americas, RGA. “As an investor in Fund II and a strategic partner across several initiatives, RGA values FGV’s ability to connect early-stage companies with the resources and insights needed to grow thoughtfully. We look forward to continuing our work together to support innovation across insurance and financial services.”

“As a network designed for regulated finance, Stellar was built to make financial services more open, efficient, and compliant at global scale. We see that same ethos in FGV Capital, whose growth-platform-first model is helping founders build the inclusive, scalable financial infrastructure the next decade demands,” said Jose Fernandez da Ponte, Stellar Development Foundation President and Chief Growth Officer.

To date, FGV Capital has invested in over 40 portfolio companies across Fund I, Fund II, and co-investment vehicles, including Splitero, Brellium, Trellis, Sunfish, Possible Finance, and Wagmo. Recent milestones, including several Series B and Series A announcements from the early portfolio, underscores the team’s core mission of pairing a hands-on growth platform with focused early-stage capital for strategic gain. Fund II brings the firm’s total AUM to over $60 million.

“FGV Capital delivers value beyond capital through its deep fintech expertise, industry connectivity, and a hands-on approach to drive founder success,” said Akobe Sandy, Head of First Fund at MassMutual. “We’re excited to partner with FGV as they continue backing the next generation of fintech and AI innovators and helping to shape a more accessible and responsible financial future.”

About FGV Capital

FGV Capital, formerly known as Fiat Ventures, is a venture capital firm focused on supporting and growing the next generation of market leading early-stage companies at the intersections of financial technology, healthtech, and AI. FGV Capital prioritizes tech that is built to drive financial mobility and inclusion, as well as the teams and founders that reflect the market a decade from today, seeking entrepreneurs who understand the way the world is evolving. To learn more visit fgv.co.

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