WILMINGTON – Chip Mahan, the Wilmington entrepreneur who has led the building of Live Oak Bank and rapidly growing cloud financial firm nCino, alongside partner Gene Ludwig unveiled a $545 million investment fund targeting the fintech sector on Wednesday under the name Canapi Ventures.
The firm drew a wide range of investors, including banks and financial institutions as well as the American Bankers Association and the Independent Community Bankers Association.
Launched in 2018 and already with 11 employees, Canapi operates offices in Wilmington as well as Washington, D.C. and New York City.
Canapi will target for backing “entrepreneurs building enterprise solutions for the financial services industry of the future,” the investment firm announced.
The amount of capital is welcome news in North Carolina where investment capital from the region remains relatively scarce. And the state does have a growing fintech sector led by nCino as well as Charlotte-based AvidXchange.