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FIS ventures will invest $150m in fintech startups
FIS Ventures is a venture capital arm of financial technology firm FIS and it has set a target to invest $150 million in promising fintech startups.
They are set to invest globally and in early to growth-stage fintech startups with the main focus on emerging technologies.
Read also: Digital banks downloads drop in lockdown
The “emerging technologies” consider artificial intelligence and machine learning, digital enablement and automation, data and analytics, security and privacy, distributed ledger technology, and financial inclusion.
“At a time when many other fintech firms are scaling back their investments, FIS is deepening its commitment to stay at the forefront of innovative technologies that can help our clients accelerate digital transformation and emerge even stronger from the current pandemic,” said Asif Ramji, chief growth officer of FIS.
“FIS Ventures is a significant new component of our investment strategy to identify and bring to market innovative new technologies that advance the way the world pays, banks, and invests.”
Read also: What are the long-term effects of Covid 19 pandemic for UK Fintech firms?
For example, they recently announced funding in the Nigeria-based fintech startup Flutterwave. This marks the first investment made by FIS Ventures.
This venture fund and the whole cooperation with the invested startups will complement FIS’s existing incubation programs. This includes the annual FIS FinTech Accelerator program, the annual FIS Innovatein48 research, development competition, and FIS innovation labs.
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