Hearst teams up with Fitch for new fintech fund

Hearst’s business media division is teaming up with ratings agency Fitch to launch a new fintech venture fund in New York. Headed up by former Bank of America Merrill Lynch MD, Shea Wallon, the fund will focus on investing in early-stage financial information, service and technology companies.

Wallon will take the position of senior vice president and managing director at the fund. He’ll report directly to Hearst business media president Richard Malloch and Fitch group president and chief executive officer (CEO) Paul Taylor. Wallon previously offered consulting services for blockchain consortium R3 and before that he was managing director for Bank of America’s global principal investments unit where he led investments in emerging financial services and technology companies for the bank’s global banking and markets businesses. This is Hearst’s third corporate venture capital fund alongside Buzzfeed and HootSuite-backer Hearst Ventures, launched 21 years ago and Hearst Health Ventures, established five years ago.