Conversion Capital

Conversion Capital is a New York-based venture capital firm established in 2012, specializing in early to growth-stage investments within the financial technology (FinTech) and enterprise software sectors. The firm distinguishes itself by focusing on companies that are building the foundational infrastructure and innovative applications transforming financial services. Their investment thesis centers on identifying disruptive technologies and business models that address critical pain points and create efficiencies across the financial ecosystem, from banking and payments to capital markets and insurance.

The firm adopts a hands-on approach, often partnering with founders from the seed stage through later growth rounds, providing strategic guidance and leveraging their deep industry networks. Conversion Capital's portfolio showcases a strong track record of backing companies that have achieved significant market traction and valuation. Notable investments include early participation in FinTech giants like Plaid, a leading data transfer network, and Ramp, a rapidly growing corporate spend management platform. They seek to support companies with strong product-market fit and scalable business models, demonstrating a commitment to long-term value creation.

Conversion Capital has systematically grown its capital base over the years, reflecting its expanding investment capacity and market influence. The firm successfully closed its fourth fund, Conversion Capital Fund IV, in 2021, securing $125 million in commitments. This follows their previous funds, including Conversion Capital Fund III, which closed at $85 million in 2018, and Fund II at $50 million in 2015. This progression in fund size enables Conversion Capital to write initial checks typically ranging from $1 million for promising seed-stage ventures up to $7 million for Series A or B rounds, with the flexibility to participate in larger follow-on investments as portfolio companies scale.