FinTech news in sequoia capital category

We obtained a letter that Drive sent out to its limited partners tonight that reads: Dear Limited Partner, This week an article was published indicating that our Partner Emeritus Mark Kvamme is launching a new investment fund. Columbus Business First reported that Kvamme, who races cars, is not zipping off to semi-retirement but instead talking with potential backers about a new fund, the Ohio Fund, which will apparently invest in multiple asset classes, including other funds, public stocks, private companies in Ohio, and infrastructure. In fact, in June, the firm — cofounded by veteran VCs Mark Kvamme and Chris Olsen — seemed to be riding high, with a couple of apparent wins and news funds that brought Drive’s assets under management to more than $2 billion. According to our sources, part of the split traces to a relationship between Olsen and Yasmine Lacaillade, who was Drive’s COO for nearly seven years before leaving the firm in April to launch her own investment outfit.

When Sabbah spoke with journalist last year, he said Telda had obtained a license from Egypt’s apex bank, the Central Bank of Egypt (CBE) under its new regulations, allowing the company to issue cards and onboard customers digitally. According to sources who spoke to journalist, Telda was yet to go live in the Egyptian market after raising that much money because it ran into issues with the apex bank, among them the appropriate licensing it needed to be called a digital bank, which seemed to be Telda’s description at the time. Telda, an Egyptian consumer money app founded by ex-Swvl executive Ahmed Sabbah last April, has raised $20 million in seed funding. Telda eventually secured licence approval from the CBE a few weeks ago to launch as a consumer money and payment app in the Egyptian market.

Island, a Dallas-based startup that built a secure browser for the enterprise, has raised $115 million in a Series B round, valuing the company at $1.3 billion just weeks after emerging from stealth with $100 million in initial funding.

If you run an organization that mostly receives and sends crypto assets and if you want to pay people in cryptocurrencies, chances are you could use something like Multis.