Quote of the Week: Fintech Ventures Lure Wall Street Elite


March 19, 2015

Earlier, you had to raise money and then start investing. But today, the world is awash with capital. So now you need the ideas first. If you have a viable project, then you will get financing very easily…”

Who said it: Vikram S. Pandit, former CEO Citi

In Context: It is not just junior investment bankers and freshly minted MBAs tend to enter private equity, but high-risk high-reward venture capital is more alluring for former CEOs. Two to take that route are John Mack (formerly of Morgan Stanley), and Vikram Pandit (formerly of Citi). Pandit is in the news at the moment for several transactions. In the US, he’s been investing in fintech startups, such as Orchard Platform (P2P loans) Coinbase (ewallet), Dataminr (market intelligence), and CommonBond (P2P loans). In India his investment activity is slightly different. There he sees a need for financial services of the most basic kind, not necessarily a huge need for new models. Real estate investment in India is also a theme of his through a joint venture with Mumbai-based JM Financial. (Image source: Bloomberg video)

Where we found it: Economic Times

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