The technology-focused venture capital vehicle started by Paul Allen, the US entrepreneur whose fortune came from founding Microsoft with Bill Gates, is heading into the banking sector through a joint venture.

Vulcan Capital, the investment vehicle of Paul Allen, is creating a joint venture with Bankers' Capital Group. Bankers' Capital was launched last year by a group of executives that cleaned up troubled bank Flag Financial and sold it to RBC Centura. The new venture will be called Vulcan Bankers.