Gilgamesh Ventures Research
Investment Thesis
Gilgamesh Ventures is a global, early-stage fintech venture capital fund built around a unique operating model: deep fintech expertise combined with an influential media platform. Co-founder Miguel Armaza's Fintech Leaders podcast reaches nearly 100,000 followers across 180 countries and has directly sourced approximately 40% of the fund's investments. The firm invests in visionary entrepreneurs reshaping financial services, with particular emphasis on AI-native fintech companies that can reach $5M+ ARR within 18 months using lean, agile teams. The fund believes that artificial intelligence is uniquely positioned to dramatically improve customer experiences and operational effectiveness across financial services.
Sector and Stage Focus
Gilgamesh invests across core fintech verticals:
- Payments and embedded finance - Next-generation payment infrastructure, cross-border payments, instant settlement
- Lending and credit - Alternative credit scoring, embedded lending, SMB lending solutions
- Insurance - Vertical-specific insurance, AI-powered underwriting and claims
- Capital markets infrastructure - Trading platforms, data services, compliance and anti-fraud tools
- Financial infrastructure - Treasury management, financial data APIs, compliance technology
The fund focuses on early-stage investments:
- Pre-seed: $150K-$250K in Fund I, increased to $200K-$400K in Fund II
- Seed: $250K-$500K in Fund I, increased to $400K-$600K in Fund II
- Selective Series A follow-ons for portfolio winners
Their typical check size has increased between funds, reflecting strong fund performance and momentum. The fund typically does NOT lead rounds but participates alongside lead investors, allowing them to write meaningful checks without holding large ownership stakes.
Geographic Focus
Gilgamesh has expanded its geographic footprint significantly:
- Primary: United States (particularly NYC - nearly a third of portfolio is NYC-headquartered)
- Secondary: Brazil and Mexico (Latin America focus with deep expertise)
- Emerging: Global-first businesses addressing payment, compliance, and treasury pain points across borders
The firm has developed particular expertise in Latin America, with Miguel Armaza frequently commenting on regional funding trends and investment opportunities. Their portfolio companies span across these geographies, reflecting a truly global fintech thesis.
Fund Status and Recent Activity
Fund History:
- Fund I: Launched 2021, deployed early
- Fund II: Closed May 2025 at $20M
- Total AUM: $35 Million (across both funds)
- Status: Actively deploying from Fund II
Recent Investments (2025-2026):
- Affiniti: $62M of equity and debt financing announced (February 2025) - expense management for SMBs
- EMTECH: Investment announced (August 2023, continuing relationship)
- Multiple portfolio companies have surpassed $5M ARR, demonstrating strong execution by the fund
Investment Approach and Value-Add
Beyond capital, Gilgamesh provides substantial operational support:
- Network leverage: Extensive relationships across fintech, banking, and payments ecosystems
- Media amplification: Portfolio companies benefit from podcast platform (100k+ audience) for customer acquisition and market visibility
- Strategic partnerships: Help portfolio companies secure early customers, strategic partners, and follow-on financing
- Board-level support: Approachable, hands-on partners who go beyond capital provision
- Operating experience: Both GPs bring direct fintech operating experience (Andrew Endicott founded Petal, acquired by Empower in 2024)
Team
Core Partners:
- Miguel Armaza, Co-Founding Partner: Former banker in structured finance, infrastructure, corporate banking, trade finance, and capital markets at Citi and MUFG. Now hosts the Fintech Leaders podcast reaching 100k followers. Fluent in Russian, Spanish, and English. MBA from Wharton, MA from Lauder Institute.
- Andrew Endicott, Co-Founding Partner: Fintech entrepreneur and investor. Co-founder of Petal (credit card fintech, acquired by Empower in 2024). Former investment banker at Lazard and corporate lawyer at Willkie Farr & Gallagher. Board member of Encore Bank (since 2019). JD from Harvard Law School, BSBA from University of Arkansas.
Senior Advisors:
- Burt Hicks: President and Chief Strategy & Growth Officer of Encore Bank (Little Rock, Arkansas)
- Alan Chusid: Serial entrepreneur, co-founder of Spin Pay (acquired by Nubank in 2021), now NuPay
- Tuvia Barak: Venture Partner at Lux Capital and Lytical Ventures, board member of Skyline Software, WeatherBell Analytics, Toonimo
Portfolio Highlights
Notable portfolio companies include (as of 2026):
- Brinta: AI-native company in the portfolio
- Affiniti: Expense management platform, recently raised $62M
- Niva: Business identity platform, AI-native, raised $5.5M Series A (March 2025)
- Baselayer: B2B fraud detection and AML compliance platform
- Nexu: Leading financing platform for car dealerships in Mexico, increasing transaction volumes
- Cayena: Marketplace simplifying procurement for restaurants in Brazil
- Modernlife: FinTech services
- Divibank: Digital banking platform
- Klarin: Lending platform
- Pomelo: Financial services
- Tarken: Fintech services
- Worky: Employment financial services
- Boom.Market: Commerce/marketplace
- Menta: Financial services platform
- Intrinio: Financial data and API infrastructure
The portfolio spans the fintech spectrum from payments to lending to infrastructure, with geographic diversity across North America and Latin America. Several portfolio companies have achieved impressive growth metrics, with AI-native companies demonstrating rapid scalability.
Fund Performance and Strategy Evolution
Between Fund I and Fund II, the firm has refined its investment strategy:
- Increased check sizes, reflecting conviction in winners and improved follow-on dynamics
- Greater emphasis on AI-native fintech companies demonstrating exceptional efficiency
- Maintained focus on companies solving critical pain points in payments, compliance, and financial infrastructure
- Leveraged podcast platform success (40% of deal sourcing from media, 25+ podcast guests became investors)
The fund closed Fund II during a challenging fundraising environment, which Andrew Endicott noted is a significant achievement for emerging managers. This demonstrates strong LP confidence in the firm's strategy and execution.
Decision Process and Timeline
Based on portfolio activity and firm structure:
- Decision Process: Partnership-based (Miguel and Andrew make investment decisions together with input from advisors)
- Decision Timeline: Relatively efficient given the seed-stage focus; likely 1-2 month process for diligence
- Lead Tendency: Typically does not lead rounds (per VCSheet data), but participates meaningfully in seed rounds
- Typical Involvement: Likely advisory/observer role with close partnership support
- Warm Introductions: Preferred, especially through podcast network or industry referrals
Key Differentiators
- Media-driven sourcing: 40% of investments sourced through Fintech Leaders podcast, creating competitive advantage
- Operating expertise: Both GPs bring direct fintech founding and banking experience
- Geographic expertise: Deep knowledge of Latin America fintech ecosystem
- Network effects: Podcast platform creates flywheel for deal sourcing, portfolio support, and follow-on financing
- AI focus: Early recognition of AI's transformative potential in fintech; several portfolio companies already exceeding growth expectations
Fund Positioning
Gilgamesh Ventures positions itself as:
- Partner, not just capital provider
- Global fintech specialists with deep U.S. and LatAm expertise
- AI-native company investors with proven execution track record
- Media-enabled fund leveraging podcast platform for founder relationships and portfolio support
- Emerging manager that has successfully closed Fund II, demonstrating LP confidence
The firm operates in the seed-stage category ($200K-$600K checks) and focuses on companies that can achieve meaningful traction (payments, lending, compliance, infrastructure) within 18-24 months of investment.