ICBA Introduces BankTech Ventures Investment Fund

Washington, D.C. (Nov. 19, 2021) — The Independent Community Bankers of America (ICBA) today announced the Initial Closing of a fund launched by BankTech Ventures, LP (“BTV”). The venture capital fund is designed to accelerate technology opportunities and adoption at community banks.

ICBA serves as one of the investment managers and a general partner, working collaboratively to select, invest, incubate, and fast-track technology solutions that solve for community bank pain points and provide value for the fund’s community bank investors. The fund closed its first round of funding with $55 million from its initial limited community bank partners and has a final target of $150 million to $200 million.

“Technology has become integral to customer interactions and addressing our industry’s most pressing issues, which is why ICBA launched its ThinkTECH Accelerator program three years ago and why we’re taking the next step with participation in BankTech Ventures,” ICBA Senior Vice President and Chief Innovation Officer Charles Potts said. “By sourcing and funding the solutions of tomorrow through this initiative, we are helping community bankers maximize efficiencies, expand revenue opportunities, and, ultimately, deliver a memorable customer experience that fosters long-lasting relationships.”

Potts serves on the BankTech Ventures’ Investment Committee, providing insight and guidance to help community bank investors stay ahead of fintech trends. Community bank investors will gain early access to a vetted network of leading and emerging technology solutions tailored to address community banks’ unique business challenges and opportunities.

Serving on the committee with Potts are:

• Carey Ransom, managing director of BankTech Ventures.
• Carson Lappetito, president of Sunwest Bank.
• Eric Sprink, president and CEO of Coastal Community Bank.
• Wayne Miller, executive director of The Venture Center.
• Steven Hovde, chairman and CEO of the Hovde Group.

"As the financial services industry evolves to meet new market dynamics and shifting customer expectations, community banks have adapted their core value streams, partnering with innovative fintechs to meet customers where they are while creating a seamless and satisfying banking experience," Managing Director of BankTech Ventures Carey Ransom said. “We’re thrilled to work with our investors to deliver a portfolio of high-quality, committed tech companies to support their strategic and operational needs.”

About ICBA
The Independent Community Bankers of America® creates and promotes an environment where community banks flourish. ICBA is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education, and high-quality products and services.

With nearly 50,000 locations nationwide, community banks constitute 99 percent of all banks, employ more than 700,000 Americans and are the only physical banking presence in one in three U.S. counties. Holding more than $5.8 trillion in assets, over $4.8 trillion in deposits, and more than $3.5 trillion in loans to consumers, small businesses and the agricultural community, community banks channel local deposits into the Main Streets and neighborhoods they serve, spurring job creation, fostering innovation and fueling their customers’ dreams in communities throughout America. For more information, visit ICBA’s website at www.icba.org 

About BankTech Ventures, LP

Established in 2021, BankTech Ventures, LP is the first venture fund created for and by key leaders in community banking, bank technology and fintech. BTV serves the community banking ecosystem through strategic investments, education and collaboration with its limited partners and ICBA members by delivering a de-risked and/or fully vetted network of leading and emerging bank technology companies to enhance a community bank's value, as well as aim for strong returns from the underlying investments in these companies. Learn more at www.banktechventures.com.

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