Zendrive, a startup that uses smartphone sensors to measure drivers’ behavior, has raised $13.5 million in Series A funding led by Sherpa Capital, with participation from Nyca Partners, Thomvest Ventures, and earlier backers First Round Capital, BMW i Ventures, Fontinalis Partners. Tad Montross, who’s the chairman and CEO of General Re Corporation, also joined the round.
For more than half a decade, a seemingly irresistible momentum has been building around the idea that finance and technology are converging at a historical inflection point, a combination of business transformation and competitive disruption that has come to be labeled fintech.
The online lending market continues to generate heat in the financial services sector as student lending service CommonBond rakes in another $275 million in available lending capital.
They made their name on Wall Street. Now, they are trying to disrupt it.
Some of world’s highest-profile bankers have poured millions of dollars into the booming fintech sector during the past year as they tap into new technology providing online financial services from payments and lending to digital currencies and cross-border transfers.
The venture capital cultures of Wall Street and Silicon Valley “don’t get each other,” says former Citigroup and Visa executive Hans Morris. He founded Nyca Partners in 2014 to promote mutual understanding in identifying financial technology investment opportunities. The firm’s themes: digital advice, alternative credit, payments and infrastructure.