Wellington Management

Wellington Management Company LLP, founded in 1928 and headquartered in Boston, Massachusetts, is a prominent investment management firm providing comprehensive solutions to institutional clients worldwide. The firm specializes in a diverse range of investment strategies, including equity, fixed income, multi-asset, and alternative investments, tailored to meet the unique return and risk objectives of its clients. Wellington Management employs a collaborative approach, leveraging proprietary research and analytical tools to identify opportunities and manage risks across global capital markets. The firm caters to a wide array of clients, including sovereign institutions, endowments, foundations, wealth managers, and insurance companies, spanning more than 50 countries. With a focus on long-term investment principles, Wellington Management fosters independent thought and debate within its teams, ensuring that resources are effectively utilized to deliver consistent results. The firm also emphasizes environmental, social, and governance (ESG) considerations in its research and investment processes, engaging with companies on key ESG topics.

Michael Carmen

Senior Managing Director, Partner, Private Equity Lead Portfolio Manager and Equity Portfolio Mgr

Adam Fraser

Managing Director

Kelly McDonnell

Vice President

Joshua Sommerfeld

Private Equity Principal

Past deals in Banks

Dave

Post in 2022
Dave Inc. is a financial services company based in Los Angeles, California, founded in 2015. The company has developed a mobile application designed to assist users in managing their finances by providing insights into bank overdrafts and predicting expenses. The app enables users to avoid overdraft fees and low balances by offering features such as paycheck advances, budgeting tools, and resources for finding side gigs. With a focus on helping users maintain financial stability, Dave serves approximately 7 million Americans by providing essential tools for budgeting and credit building. The application is accessible on both the App Store and Google Play, positioning Dave as a key player in the challenger bank space.

Anchorage Digital

Series D in 2021
Anchorage is a crypto-native Qualified Custodian catering to institutional investors, providing a secure platform for trading, staking, and governance of digital assets. Founded in 2017 by former security engineers from Square and Docker, the company is headquartered in San Francisco, California. Anchorage has developed a regulated platform that emphasizes security and usability, facilitating simple participation in digital assets while ensuring robust custody solutions. The firm has attracted significant funding from prominent investors and serves a clientele that includes many of the largest and most recognized names in the cryptocurrency industry, positioning itself as a leader in the space.

Teya

Series C in 2021
SaltPay is a FinTech company dedicated to building a better future for merchants by servicing them through payment and management tools. Focused on efficiency, technology, and people, they give merchants the help they need to grow.

Current

Series D in 2021
Current is a leading U.S. challenger bank built to meet the needs of people with unique lives who have been overlooked by the traditional banking industry. Our proprietary Current Core technology allows us to provide premium banking services for everyone, regardless of age or income, and improve the financial outcomes of our members without overdraft fees, minimum balance requirements, or hidden fees. We give members up to two days faster direct deposit paychecks, free overdrafts up to $100 with Overdrive™ , points on purchases redeemable for cash back, access to 55,000 free ATMs worldwide as well as 24/7 member support 365 days a year.

Current

Series C in 2020
Current is a leading U.S. challenger bank built to meet the needs of people with unique lives who have been overlooked by the traditional banking industry. Our proprietary Current Core technology allows us to provide premium banking services for everyone, regardless of age or income, and improve the financial outcomes of our members without overdraft fees, minimum balance requirements, or hidden fees. We give members up to two days faster direct deposit paychecks, free overdrafts up to $100 with Overdrive™ , points on purchases redeemable for cash back, access to 55,000 free ATMs worldwide as well as 24/7 member support 365 days a year.

Affirm

Series G in 2020
Affirm is a financial technology company that offers installment loans to consumers at the point of sale, allowing them to make purchases from online merchants and pay for them in fixed monthly installments. Founded in 2012 and headquartered in San Francisco, with an additional office in Chicago, Affirm aims to provide transparent financial products that empower consumers and enhance their buying experience. Customers can select Affirm as a payment method at checkout, complete a real-time application, and choose a payment plan that aligns with their budget. The service stands out by offering upfront pricing with no hidden fees or compounding interest, unlike traditional credit options. Affirm partners with over 2,000 merchants across various sectors, including retail, travel, and electronics, to provide consumers with a flexible alternative to credit cards. Loans are facilitated through a partnership with Cross River Bank, ensuring a reliable financing option for users.

Current

Series B in 2019
Current is a leading U.S. challenger bank built to meet the needs of people with unique lives who have been overlooked by the traditional banking industry. Our proprietary Current Core technology allows us to provide premium banking services for everyone, regardless of age or income, and improve the financial outcomes of our members without overdraft fees, minimum balance requirements, or hidden fees. We give members up to two days faster direct deposit paychecks, free overdrafts up to $100 with Overdrive™ , points on purchases redeemable for cash back, access to 55,000 free ATMs worldwide as well as 24/7 member support 365 days a year.

Affirm

Series F in 2019
Affirm is a financial technology company that offers installment loans to consumers at the point of sale, allowing them to make purchases from online merchants and pay for them in fixed monthly installments. Founded in 2012 and headquartered in San Francisco, with an additional office in Chicago, Affirm aims to provide transparent financial products that empower consumers and enhance their buying experience. Customers can select Affirm as a payment method at checkout, complete a real-time application, and choose a payment plan that aligns with their budget. The service stands out by offering upfront pricing with no hidden fees or compounding interest, unlike traditional credit options. Affirm partners with over 2,000 merchants across various sectors, including retail, travel, and electronics, to provide consumers with a flexible alternative to credit cards. Loans are facilitated through a partnership with Cross River Bank, ensuring a reliable financing option for users.

Coinbase

Series E in 2018
Coinbase, Inc. is an online platform that enables merchants, consumers, and traders to buy, sell, and store digital currencies, including Bitcoin, Ethereum, and Litecoin. Founded in 2012 and based in San Francisco, California, Coinbase provides various products and services, such as a user-friendly website for transactions, digital wallets, and merchant payment processing tools. The platform allows users to connect their bank accounts to facilitate the buying and selling of cryptocurrencies. Additionally, Coinbase Ventures serves as the company's investment arm, focusing on early-stage startups in the cryptocurrency and blockchain sectors. With a mission to create an open financial system for the world, Coinbase has positioned itself as a significant player in the digital currency market.

SoFi

Series E in 2015
SoFi is a finance company headquartered in San Francisco, California, that provides a diverse range of lending and wealth management services. Established in 2011, it primarily serves early-stage professionals by offering various financial products, including personal loans, mortgage refinancing, and MBA loans. Additionally, SoFi offers services such as estate planning, credit cards, and small business financing. The company's aim is to help individuals achieve financial independence and reach their goals, whether that involves homeownership, retirement savings, or managing student debt. By creating modern financial solutions, SoFi seeks to assist its customers in borrowing, saving, spending, investing, and protecting their money effectively.

Klarna

Secondary Market in 2015
Klarna is a payment solutions provider that specializes in eCommerce, offering services for both consumers and merchants in several countries, including Sweden, Germany, Austria, Switzerland, and Norway. Founded in 2005 and headquartered in Stockholm, Klarna enables shoppers to select how and when to pay for their purchases through a variety of options such as card payments, direct banking, and installment plans. The company is particularly known for its "buy now, pay later" model, which allows consumers to finance retail purchases without interest over time. For merchants, Klarna provides a comprehensive suite of services that includes technology solutions, credit risk management, and customer administration, facilitating a streamlined shopping experience both online and in-store.

nCino

Series B in 2015
nCino, Inc. is a software-as-a-service company that specializes in cloud-based applications for financial institutions both in the United States and internationally. Founded in 2011 and headquartered in Wilmington, North Carolina, nCino offers a comprehensive bank operating system designed to enhance profitability, productivity, regulatory compliance, and operational transparency. Its platform includes features for customer relationship management, onboarding, account opening, loan origination, and enterprise content management. The solutions are tailored for various financial entities, including commercial and retail banks, credit unions, and global financial institutions. nCino's technology leverages data analytics and artificial intelligence to streamline complex processes, allowing institutions to efficiently manage client onboarding, loan life cycles, and regulatory requirements. Additionally, the company provides professional services such as configuration, implementation, training, and advisory support, with most of its revenue generated from subscription services.

SoFi

Series D in 2015
SoFi is a finance company headquartered in San Francisco, California, that provides a diverse range of lending and wealth management services. Established in 2011, it primarily serves early-stage professionals by offering various financial products, including personal loans, mortgage refinancing, and MBA loans. Additionally, SoFi offers services such as estate planning, credit cards, and small business financing. The company's aim is to help individuals achieve financial independence and reach their goals, whether that involves homeownership, retirement savings, or managing student debt. By creating modern financial solutions, SoFi seeks to assist its customers in borrowing, saving, spending, investing, and protecting their money effectively.

GreenSky

Venture Round in 2014
GreenSky, Inc., a technology company, provides point-of-sale financing and payment solutions to merchants, consumers, and banks. It offers a proprietary technology infrastructure that supports the full transaction lifecycle, including credit application, underwriting, real-time allocation to bank partners, document distribution, funding, settlement, and servicing functions. The company was founded in 2006 and is headquartered in Atlanta, Georgia.

Malauzai

Series C in 2014
Malauzai Software, Inc. is a software development company that specializes in mobile and Internet banking solutions tailored for community financial institutions such as banks and credit unions. Founded in 2009 and based in Austin, Texas, Malauzai offers a range of products including Consumer, Small Business, and Employee SmartApps, SmartwebApps, and SmartwearApps. These solutions are designed to enhance the customer experience by facilitating financial transactions through various devices, including wearable technology, smartphones, tablets, and desktops. The company's MOX enterprise platform serves as a SmartApp Management Infrastructure, effectively meeting the diverse needs of its users. Malauzai's Consumer product supports retail banking customers, while its Small Business product addresses the specific requirements of micro to medium-sized businesses. Additionally, the Employee product provides mobile tools for financial institution staff, improving both front-office and back-office operations. As of June 2018, Malauzai operates as a subsidiary of Finastra Group Holdings Limited.

nCino

Series B in 2014
nCino, Inc. is a software-as-a-service company that specializes in cloud-based applications for financial institutions both in the United States and internationally. Founded in 2011 and headquartered in Wilmington, North Carolina, nCino offers a comprehensive bank operating system designed to enhance profitability, productivity, regulatory compliance, and operational transparency. Its platform includes features for customer relationship management, onboarding, account opening, loan origination, and enterprise content management. The solutions are tailored for various financial entities, including commercial and retail banks, credit unions, and global financial institutions. nCino's technology leverages data analytics and artificial intelligence to streamline complex processes, allowing institutions to efficiently manage client onboarding, loan life cycles, and regulatory requirements. Additionally, the company provides professional services such as configuration, implementation, training, and advisory support, with most of its revenue generated from subscription services.
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