Valar Ventures is a New York-based venture capital firm founded around 2010 by Peter Thiel – co-founder of PayPal and Palantir – alongside managing partner Andrew McCormack. The firm operates as a distinct entity from Thiel's Founders Fund, focusing specifically on fintech and technology companies outside the traditional Silicon Valley corridor. Valar has built a reputation for backing international financial technology businesses at the Series A and B stages, often serving as lead investor.
The firm does not publicly disclose assets under management. Based on fund announcements and portfolio size, estimates place cumulative capital raised across multiple funds in the range of several hundred million dollars, though no official figure has been confirmed. Valar's geographic thesis is notably global: the firm has backed companies headquartered in Germany, the United Kingdom, Australia, and New Zealand alongside US-based founders. This international orientation distinguishes it from most US-based fintech funds of comparable vintage.
Notable investments
- Wise (formerly TransferWise) – Valar's most prominent win. The firm backed Wise at an early stage; Wise went public on the London Stock Exchange in 2021 at a valuation exceeding $11 billion.
- N26 – German mobile bank that reached unicorn status. Valar participated in early funding rounds before N26 scaled across Europe.
- Xero – New Zealand-based cloud accounting platform. Valar backed Xero in its early growth phase; the company is now publicly listed on the ASX.
- Lendio – US small business lending marketplace. Valar led early rounds in the company's growth phase.
- Picsart – Photo and video editing platform; Valar participated in growth rounds.
- Coda – Document collaboration tool; Valar backed the company alongside other institutional investors.
- Stash – US consumer investing and banking app targeting retail investors.
- BitGo – Institutional digital asset custody and security platform; one of Valar's notable crypto-adjacent bets.
Public information about the full list of Valar's crypto-specific portfolio companies is limited. The firm has invested in fintech infrastructure with blockchain applications but has not publicly positioned itself as a crypto-native fund in the way firms like Paradigm or a16z crypto have.
Team
Andrew McCormack serves as managing partner and runs daily operations. He previously worked in finance before joining Thiel's network of investment vehicles. Peter Thiel is the firm's primary general partner and brand anchor, though his direct day-to-day involvement across Valar's portfolio is limited given his simultaneous commitments to Founders Fund and Palantir's board. Public information about additional named partners or principals at Valar beyond McCormack is limited; the firm maintains a deliberately small team profile.
Recent activity
Valar has continued backing fintech infrastructure companies through 2024 and into 2025, though specific deal announcements have been infrequent. The firm has historically avoided loud press releases, preferring to let portfolio company milestones drive attention. No major new fund close has been publicly announced as of early 2026. Thiel's broader political activities in the United States drew some attention during this period, though these are separate from Valar's investment operations.
Valar's long-term track record rests heavily on the Wise outcome, which delivered substantial returns. For investors watching the firm's crypto and digital asset activity, the BitGo relationship is the clearest signal of directional interest in the space. The firm's focus on international fintech infrastructure – payments rails, neobanks, business accounting – positions it as a specialist rather than a generalist crypto fund. Founders in regulated fintech markets, particularly those building outside the US, have historically been Valar's most natural fit. More detail on current fund status and recent deals can be found via Crunchbase.