New Haven Register (New Haven, CT)

Point72 Ventures leads $35M investment in fintech firm

- By Paul Schott pschott@ stamfordad­; twitter: @paulschott

STAMFORD — Point72 Ventures, the venture capital firm founded by billionair­e hedge fund investor Steven Cohen, has announced it is leading a $35 million Series C funding round in financialt­echnology firm Zero Hash.

“Zero Hash has developed a unique platform to help fintechs and financial institutio­ns seamlessly embed crypto(currency) products and experience­s into their applicatio­ns in a flexible and compliant way,” Point72 Ventures partner Adam Carson said in a statement. “We believe embedded finance solutions, like Zero Hash’s crypto API platform, will help play an important role in enabling broader adoption of digital assets by allowing consumers to access crypto through the fintech apps and financial services brands they already use and trust.”

The new funding — which also includes contributi­ons from a number of other investors — will help Chicago-based Zero Hash to keep expanding its product offerings, which extend to the decentrali­zed finance and non-fungible token markets, according to company officials.

Those funds will also help the firm grow across its compliance, marketing, product and engineerin­g divisions. The company has nearly doubled its number of employees since the beginning of 2021 and recently reached profitabil­ity.

In addition, the company said it plans on expanding its global licensing framework and making acquisitio­ns.

Zero Hash said it powers some of the largest “neo-banks” including MoneyLion and Wirex and broker-dealers including tastyworks and TradeStati­on. Zero Hash also said that it is working with “some of the largest brands across the fintech and financial services ecosystem” to deliver upcoming cryptocurr­ency offerings.

“Zero Hash is defining an entire new fintech vertical of ‘digital-assets as a service,’” Edward Woodford, the company’s founder and CEO, said in a statement. “Zero Hash is a pure-play B2B embedded infrastruc­ture platform that allows any platform to integrate digital assets natively into their own customer experience quickly and easily.”

Among other transactio­ns in 2021, Point72 Ventures announced in February that it was leading a $90 million investment in Shield AI, a selfdrivin­g software company. In January, it disclosed it was leading a nearly $19 million investment in financial-technology firm Trade Ledger. Also in January, Ventures said that it was coleading a $7 million investment in Swapp, a constructi­onplanning technology firm.

Ventures was founded in May 2016, about twoand-a-half years after Greenwich resident Cohen founded the main investment firm that he runs today, Stamford-based hedge fund Point72. Ventures’ launch responded to the large volume of deals pitched to Cohen.

In total, Ventures has invested in more than 70 companies. Ventures has offices at Point72’s headquarte­rs at 72 Cummings Point Road in Stamford’s Waterside section, as well as others in New York City and Palo Alto, Calif. It operates separately from the hedge fund, but its insights are shared with the latter.

 ?? Tyler Sizemore / Hearst Connecticu­t Media ?? Point72 Ventures, the Steven Cohen-founded venture capital firm, has offices in Stamford.
Tyler Sizemore / Hearst Connecticu­t Media Point72 Ventures, the Steven Cohen-founded venture capital firm, has offices in Stamford.
 ?? ?? Cohen

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