US-based fintech-focused venture capital firm TTV Capital has closed a $93m fund backed by Invest Georgia, a long-term investment program backed by the US state of Georgia, FinSMEs reported yesterday.

An undisclosed sovereign wealth fund has also put cash into TTV Fund IV, alongside unnamed endowments, foundations, family offices and strategic investors.

TTV Capital, founded in 2000, backs companies in the fintech sector, targeting both financial services and consumer products. Particular areas of interest include banking, payments, capital markets, data analytics and security.

Invest Georgia was launched in 2013. It received an initial round of $10m in funding in 2015, before the state injected another $10m in May 2016.