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.

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.

“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.

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 https://www.fgv.co/.

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