It was August 2021, during the waning months of the frothy startup bull market, and Fin Capital was on the ascent.
Logan Allin, a former management consultant turned investor, founded the firm a few years earlier, raising more than $100 million, a startling achievement for a first fundraise. The timing was ideal because the financial-technology sector he focused on boomed during the pandemic as buzzy companies such as Stripe and Chime soared in value to secure their places among the most valuable startups in the world.
Late that month, Fin Capital sent a routine capital call to some of its investors, asking them to transfer money so Allin and his team could, in turn, fund a New York startup that facilitates personal loans and a Los Angeles software platform for insurance agents, among other investments.
A few hours later, some of the same investors received a follow-up email, sharing bank details for a wire transfer. The word "currently" was misspelled and the tone was forceful.
"When should we expect the wire to process?" the...
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