Growth investors in financial & business technology

Capital is the beginning.
Partnership unlocks the rest.

NICARSA is a private equity firm focused on high-growth financial and business technology companies. We partner with founder-led and entrepreneur-driven teams, bringing sector expertise, operating support, and long-term capital to help build enduring category leaders.

Growth equity & control investments
Founder-owned businesses
Financial & business technology focus

Typical partners: founder-owned platforms, next-generation vertical software, information services, and technology-enabled financial services businesses.

About NICARSA

A focused partner for financial & business technology.

We invest where we have conviction: technology-enabled businesses that sit at the center of financial workflows, data, and decision-making. Our approach is collaborative, thesis-driven, and long-term.

Our approach

We aim to be the first call for management teams as they consider growth opportunities, key hires, strategic initiatives, and capital decisions. Our partnerships are built on transparency, alignment, and an appreciation for what it takes to scale a business while protecting its core.

  • Thesis-driven sourcing across financial and business technology markets.
  • Concentrated portfolio to ensure time and attention for each team.
  • Hands-on support in go-to-market, product, M&A, and talent.
  • Flexible structures for founder liquidity and growth capital.
Sector Focus

Where we invest.

NICARSA focuses on financial and business technology businesses where sector specialization, long-term relationships, and operating support matter most.

Financial Technology

Trading, capital markets tools, wealth & asset management infrastructure, and verticalized platforms for market participants.

Banking & Lending Software

Core and ancillary banking platforms, credit decisioning, loan origination, and servicing technology.

Insurance & Risk

Distribution, underwriting, claims, risk & compliance solutions for carriers, MGAs, brokers, and corporates.

Governance, Risk & Compliance

Regulatory technology, KYC/AML, fraud, information security, and workflow platforms supporting risk functions.

Data & Analytics

Proprietary data assets, intelligence platforms, and decision-support tools embedded in customer workflows.

Business Technology

Vertical software, workflow automation, and information services in end-markets adjacent to financial services.

By the Numbers

Representative outcomes across our experience.

The NICARSA team brings a track record of partnering with growth-stage and mature platforms to scale revenue, expand margins, and build value over time.

20+
Platform Investments
Backed across financial and business technology over our careers.
40%+
Revenue CAGR
Average revenue growth for select investments during our ownership period.
1K+
Jobs Created
New roles added across portfolio companies as they scaled.
15+
Add-on Deals
Strategic acquisitions completed to expand product, geography, and capability.
Partners

What management teams value.

We aim to feel like an extension of the leadership team: aligned, accessible, and committed to the long-term health of the business.

CEO, Wealth Technology Platform

“We weren’t just looking for capital—we were looking for a sparring partner. NICARSA helped us sharpen our strategy, build out the team, and grow into new markets while staying true to the culture that got us here.”

Founder & CEO Partner company (name confidential)
Case Snapshot

Scaling distribution

Helped build a modern go-to-market engine, refine pricing, and expand into adjacent customer segments.

Case Snapshot

Strategic M&A

Supported management in sourcing and integrating targeted acquisitions to accelerate product roadmap and market reach.

Across our partnerships, NICARSA typically supports teams in three core areas:

  • Defining and prioritizing growth opportunities in core and adjacent markets.
  • Building scalable, repeatable go-to-market and customer success capabilities.
  • Aligning capital, governance, and talent around a long-term value creation plan.

Every situation is different. Our role is to bring pattern recognition, resources, and perspective while empowering teams to lead the business they’ve built.

Team

Investors and operators dedicated to one ecosystem.

NICARSA brings together investing, operating, and advisory experience across financial and business technology— from early growth through scaled, global platforms.

Carlos Salazar
Founder & Managing Director

Leads firm strategy and investing activities. Brings multi-decade experience partnering with high-growth, technology-enabled businesses and building long-term relationships with founders and management teams.

Nicolas Salazar
Partner

Focuses on sourcing and executing growth equity and buyout opportunities, working closely with leadership teams on strategy, capital allocation, and M&A.

Carly Salazar
Operating Partner

Works side-by-side with portfolio companies on go-to-market, customer experience, and organizational initiatives to support sustainable, scalable growth.

Aubriene Merfalen
Principal / VP

Drives sourcing, diligence, and portfolio support with a focus on data-driven insights, market analysis, and building the foundations for long-term value creation.

Contact

Let’s explore what we can build together.

If you are building a financial or business technology platform and considering a partner, we’d welcome a conversation.

Share an opportunity with NICARSA

Tell us about your business, your market, and where you’d like to go next. We’ll respond with a thoughtful, candid perspective on fit.

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