Better Tomorrow Ventures

Better Tomorrow Ventures Research Document Investment Thesis Better Tomorrow Ventures (BTV) is an early-stage fintech specialist fund founded in 2019 by Jake Gibson (co-founder of NerdWallet) and Sheel Mohnot (two fintech exits: FeeFighters and Innovative Auctions). BTV's core thesis is that "Financial technology will create a better tomorrow" — they believe in backing experienced fintech operators who understand the complexities of building in the financial services space. The firm explicitly positions itself as an extension of founders' teams, not just capital providers. Their value proposition goes far beyond check-writing: they offer extensive network access to tier-1 VCs, founders, advisors, and strategic partners, plus operational expertise in fintech-specific challenges like regulatory compliance, partnerships with incumbent financial institutions, and go-to-market strategies in highly regulated markets. Sector Focus BTV invests exclusively in fintech and adjacent sectors: Core Fintech Categories: Payments Infrastructure - Payment processing, merchant services, cross-border payments Banking & Cards - Neobanks, business banking, card issuance, deposit products Lending & Credit - Consumer credit, SMB lending, alternative lending, credit scoring Accounting & Finance Automation - Financial operations software, bookkeeping, expense management Payroll & Benefits - Payroll platforms, benefits administration, HR financial services Insurance - InsurTech, insurance operations, risk management Infrastructure & APIs - Financial data APIs, banking-as-a-service, financial infrastructure Marketplaces & Commerce - B2B financial marketplaces, B2C commerce with financial elements Specialized Finance - Trade financing, agriculture finance, equipment financing They also invest in vertical SaaS and marketplace businesses that serve fintech or financial services ecosystems. Stage Focus BTV is definitively an early-stage specialist: Pre-Seed: $500K-$2M for teams with founding team and initial concept Seed: $500K-$4M for teams with product-market fit validation Series A (selective): Up to $4M follow-on investments for exceptional portfolio companies Their portfolio shows strong concentration at Pre-Seed and Seed stages. They explicitly welcome pre-product founders and provide their accelerator program "The Mint" for pre-seed companies to structure their thinking and goals. Check Size BTV's typical investment range is $500K-$4M , with concentration in: Pre-seed: $500K-$1.5M Seed: $500K-$4M Series A follow-ons: selective participation, typically under $3M They manage $450M AUM across their fund portfolio and have deployed capital at scale, having invested in 100+ fintech companies. Lead Tendency BTV leads the vast majority of their investments. They describe themselves as "early-stage fintech investors committed to helping you win" and position themselves as lead investors in pre-seed and seed rounds. Their operational involvement (board seats, active mentoring, network introductions) suggests they primarily lead or co-lead deals rather than follow. Recent Activity BTV closed Fund III in October 2025, raising $140M (nearly matching their $150M Fund II from 2022). The fund closed during a strong fintech recovery period — global fintech funding jumped 27% in 2025. Recent Investments: November 2025: Kaaj (AI automation for lenders) - Seed 2025: Multiple pre-seed and seed investments across the portfolio Actively deploying Fund III in early 2026 They show no signs of slowdown — Fund III closure indicates continued bullish stance on fintech despite recent market volatility. Portfolio Highlights Major Exits & IPOs: Albert - Personal financial management, Series B at time of investment, now acquired ChipperCash - Cross-border payments in Africa, Series C ClearCover - Digital insurance, Series E Clearco - Equity-free financing, Series B Ramp - Corporate spend management, Series D (unicorn) Mercury - Banking for startups, Series B Ironclad - Contract management, Series E Hippo - Home insurance, Series C Flexport - Logistics/trade infrastructure, Series B Lattice - HR/people management, Series B Active Portfolio (100+ companies): See full roster at btv.vc/companies. Notable active companies include Unit (banking-as-a-service, last valued at $1.2B), Coast (fleet payments, Series B), Relay (business banking, Series B), and dozens of pre-seed and seed companies across all fintech verticals. Team Partnership Structure: Jake Gibson, Founding Partner - Co-founder of NerdWallet (consumer fintech pioneer), deep fintech operations expertise Sheel Mohnot, Co-Founder & General Partner - Two successful fintech exits (FeeFighters, Innovative Auctions), fintech specialist Nihar Bobba, Partner - Fintech operator and investor JC Bahr-de Stefano, Principal - Investment professional Yoni Lateiner, Head of Talent - Network and relationship building The team emphasizes that all partners are operators first, having founded and built companies. They explicitly state: "We've been operators, and we're building the firm we wish we had." Decision Process BTV operates as a partnership-led fund. The core team (Jake, Sheel, and Nihar as partners) likely drives investment decisions, with principal-level input. Given their hands-on, operator-focused culture, decisions appear to be made collaboratively rather than through formal committees. The firm shows strong founder-friendliness in their decision process — they emphasize accessibility and responsiveness. Multiple founder testimonials highlight BTV's quick decision-making and active involvement post-investment. Geographic Focus Primary: North America (especially San Francisco, New York) Strong secondary: Global fintech hubs (Europe, Latin America, Asia) Their portfolio spans globally — they've invested in companies in Brazil, Colombia, Mexico, India, Indonesia, Pakistan, and Africa. They explicitly support global founders and emerging market fintech. Founder Preferences BTV seeks: Experienced fintech operators with prior fintech success or deep domain expertise Technical co-founders who understand financial systems and compliance Founders solving real fintech problems with unique insights into pain points Teams with determination and resilience — they reference "F*ck Around and Find Out" as their philosophy Global founders — actively invest across continents They position themselves as "your biggest cheerleaders" and promise to "push you in the right directions." The Mint Program BTV created "The Mint," a bespoke 10-week in-person pre-seed accelerator program. This program provides: Structured mentoring from BTV partners and industry experts Goal-setting and planning frameworks Access to the BTV founder community Acceleration support specifically designed for fintech This is a unique value proposition that sets BTV apart from traditional VCs — they're willing to invest time in structuring early-stage fintech teams. Portfolio Community BTV hosts "Camp BTV" annually, where portfolio founders gather for networking, learning, and relationship building. Multiple founder testimonials emphasize the quality of the founder community and the lasting friendships/partnerships formed. Fund Status BTV is actively deploying Fund III ($140M, closed Oct 2025). They show no signs of slowing down and are bullish on fintech despite broader market concerns. The fund closure during Q4 2025 (strong venture market) indicates strong LP confidence. Notable Recent Themes Heavy focus on infrastructure and APIs (Unit, Plumery, Salsa) for "banking-as-a-feature" Strong interest in emerging market fintech (Latin America, Africa, Asia) Increasing focus on AI-powered fintech solutions (Kaaj, CodeReview.ai for payments) SMB financial operations automation (Coast, Collective, Layer, Hardfin) Trade and commerce finance (Flexport, Drip Capital, Red Sky) Cultural Strengths Based on founder testimonials and firm positioning: Exceptional responsiveness — "easily our most responsive investors" Hands-on support — offer concrete help with hiring, customer intros, partnerships Deep fintech expertise — partners understand regulatory, operational, and GTM challenges specific to fintech Founder-centric culture — Camp BTV, The Mint program, and testimonials emphasize genuine founder partnership Network strength — can introduce founders to tier-1 VCs, strategic partners, and other portfolio companies Investment Approach BTV combines traditional VC investing with an accelerator model. They don't just write checks — they: Lead pre-seed and seed rounds with $500K-$4M checks Provide structured acceleration through The Mint program Build founder community through Camp BTV and ongoing networking Offer operational support in hiring, fundraising, partnerships, GTM Introduce strategic partners — banks, payment processors, other financial institutions This "1/2 VC, 1/2 operator" approach mirrors the model perfected by Hinge Capital and similar firms.