It's raining money for fintech startups; Sequoia backs Smallcase and Turtlemint
The Indian arm of US-based VC Sequoia has reportedly led a $6 million round in Turtlemint and in pouring in around $7-8 million in Smallcase.
- With Sachin Bansal looking to play his second entrepreneurial innings in fintech; Fosun, Matrix, IDG, all admitting the desire to invest in fintech; new startups launching in the space almost every month; it can certainly be discerned that fintech is on boom these days.
- Compared to its lead in a $30 million investment in Cred $15 million monetary infusions in Drip Capital , these might be small amounts, but this illustrates the very fact that the scope in fintech has increased to such an extent that investors are not hesitating even from buying stakes in small firms.
- Previously, Sequoia has made investments in B2B startup Numberz ($3 million), Bankbazaar, Capital Float, Mobikwik, Scripbox, Fisdom, Upwardly, in the fintech and investment space.
- Going further, it would be interesting to see how the Sequoia fintech equation fairs for the VC, and how fintech as a segment grows in the overall startup ecosystem.