500 Startups launches two new funds

500 Startups has announced the launch of two new funds, including a $25 million fintech fund and a $25 million vehicle focused on India.

500 FinTech is led by Sheel Mohnot, an investor and entrepreneur who joined 500 Startups after Labor Day and will run the group’s fintech accelerator. Late last year, Sheel told PE Hub Network that the fintech fund would look at lending, insurance, alternative investing platform and bitcoin. “We’re hoping to add quality companies and to bring in banks to work with our startups.”

At the time, Mohnot hoped at least eight fintech startups would join the accelerator’s first class. In announcing the launch of 500 FinTech, Sheel wrote that in fact 10 companies kick off the initial batch. He also noted in the post that 500 Startups previously has backed investments in the fintech space, including CreditKarma, Flywire, FeeFighters (acquired by Groupon), Simple (acquired by BBVA), iMoney and RealtyShares.

Separately, 500 announced the launch of its Indian fund, led by Partner Pankaj Jain, who wrote that 500 Startups previously has backed 50 companies in India since 2011.

500 Startups recently filed to raise a $30 million Japanese fund and has also set out to raise a $15 million Nordics fund. It raised $30 million for a fund that targets startups based in the Middle East and North Africa.