Home NewsBusiness Greenwich-based Oak HC/FT leads $54M funding round for San Francisco fintech firm

Greenwich-based Oak HC/FT leads $54M funding round for San Francisco fintech firm

by Marjorie

GREENWICH — Enterprise capital agency Oak HC/FT has introduced its main position in $54 million of funding for Highnote, a San Francisco-based financial-technology agency.

Greenwich-based Oak led the Collection A funding and co-led the seed funding spherical with one other enterprise capital agency, Costanoa Ventures, whereas a number of different traders additionally participated.

These funds will assist the expansion of Highnote, which describes itself as the primary card-issuing platform particularly constructed for small and mid-sized corporations. The corporate was based by John MacIlwaine, former common supervisor at Braintree, a PayPal firm, and Kin Kee, Braintree’s former director of structure.

“We perceive the various challenges enterprises presently face in embedding funds capabilities to drive buyer engagement, loyalty and income, in addition to for customers and (small and medium companies) that want entry to wages and funds instantly,” Oak accomplice Matt Streisfeld stated in an announcement. “We see a large alternative rising to whomever is ready to crack the code. We’re constructing that at Highnote, and consequently, we’re thrilled to supply the assist they should proceed their unimaginable velocity.”

Based in 2014, Oak manages about $3.3 billion in property. The HC/FT is an abbreviation that refers to its concentrate on early to “growth-stage” corporations in well being care and monetary expertise.

It has maintained that technique with the launch of its Fund IV earlier this 12 months which supplied the funding for the Highnote funding.

“As we take into consideration what we wish to accomplish with the brand new fund and the areas we put money into, well being care and fintech are about 50 p.c of the economic system,” Oak co-founder and managing accomplice Annie Lamont stated in an interview earlier this 12 months.

Oak’s different investments this 12 months have included main roles in a $98 million funding spherical for e-commerce supplier cart.com and a $100 million infusion in Medicare company Advise Well being Holdings.

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