Notes from Carey's presentation:
- Carey’s foundations as a young person were laid in the retail/lumber/hardware family business.
- One of the goals of BankTech Ventures is to help the community banking industry face digital transformation.
- The LP’s (the investors in BankTech) include over one hundred banks.
- The firm partners with influencers who help shape public policy around community banks.
- Fintech has exploded in the past decade. There’s a rich talent ecosystem.
- BankTech writes $1M - $5M checks. They can invest by themselves, lead, follow, etc.
- They want companies that could be part of a bank’s solution stack, and add strategic value.
- Sometimes LP’s are looking to acquire BankTech portfolio companies.
- Founders, when you think about who you want on your cap table, make sure you know the motivations of the VCs and their LPs.
- Some contracts can include right to first refusal and right to buy.
- AI is trained on data, and banks have useful data.
- Regulators are pushing back on banks who are early adopters of AI. Regulators want to be sure banks are able to understand and explain how their AI tools work.
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