Lachy Groom, a former Stripe product manager, has finished raising his third, $250 million venture fund, according to a June securities filing and a person with direct knowledge of the matter. The new fund, called LGF3, follows Groom’s second, $110 million fund, launched last year, and will similarly focus on investing in seed and Series A deals. The new fund, one of the largest raised by a...
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Fintech’s Big Wakeup Call
Fintechs were supposed to transform banking by making it dead simple for users to open savings accounts or pay their bills. But a series of recent high-profile setbacks with both fintechs and the traditional banking sector is setting off alarm bells. This month’s series of bank collapses has shined a spotlight on the health of small banks, typically a behind-the-scenes partner of...
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The Instant Oral History of the Silicon Valley Bank Collapse
On a cosmic level, the collapse of Silicon Valley Bank was a mere blip. The murmurs about trouble began last Wednesday, the panic spread via group texts and Twitter threads on Thursday, the bank went under on Friday, the government got its act together on Saturday, and on Sunday every current and former customer of SVB could breathe a cautious sigh of relief.
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