Venture giant Andreessen Horowitz doubles down on fintech with newest hire from Credit Karma
CNBC - Thu 11 Jul 16:54 GMT

Andreessen Horowitz is hiring Credit Karma's Anish Acharya as its newest general partner to hunt down investments in financial technology.

  The Menlo Park, California-based firm said it's hiring Credit Karma's Anish Acharya as its newest general partner in an effort to beef up its investing team with experienced players in the fledgling space.

  "Fintech is becoming a key part of the monetization strategy for more and more companies," Alex Rampell, a partner at Andreessen Horowitz, told CNBC in a phone interview.

  Rampell said the hire was proactive, and based on the firm's view that major parts of S&P 500 are going to be "remade" by fintech — a sector that he said is "on fire" at the moment.

  "Because of mobile phones, there are a lot of opportunities for money to change as well," said Rampell, who sold a start-up he co-founded to Visa before moving into venture capital.

  Rampell pointed to Acharya's time at Credit Karma, which he described as the "Kayak" of fintech because it allows users to browse applications — much like flights — for the best fit.

  Acharya, Rampell and general partner Angela Strange now lead the broader fintech team and will be investing out of existing funds.

  For now, Rampell said, the firm is not raising a dedicated fund for financial technology.