Hedge fund billionaire Steve Cohen's venture capital investing arm is going all in on fintech.
On Tuesday, Point72 Ventures will announce it led a $3 million investment in a startup called Extend, which has built mobile technology business owners can use to share their corporate credit cards with employees and freelancers without handing over the actual cards.
This comes just days after Point72 closed an investment in a company run by one of Cohen's former traders, Imperative Execution, which is developing a dark pool trading platform. And Point72 recently was in an $8 million investment in a New York startup called Say, which is building technology to help shareholders participate in proxy voting.
Earlier this month, the venture capital arm was a co-lead in a $29.4 million round for a New Jersey startup, DriveWealth, that has developed a mobile site for investing in exchange traded funds and stocks, and it led an $18.5 million investment in Silicon Valley-based DeepScale, which is developing autonomous driving technology.
Point72 Ventures started two years ago to look for opportunities in the world of financial startups, managing director Matthew Granade told CNBC. It invests mostly Cohen's money plus that of a few Point 72 executives. The average deal size is about $7 million, and it has about 25 investments already with another three to four in the works, he said.
Those opportunities, Granade said, are in startups that are "fixing problems that others haven't been able to solve." That includes fintech as well as artificial intelligence and machine learning. One of its earliest investments was in a startup called Quantopian, which encourages people to write their own trading algorithms and licence them.