FinTech

Firm sets up $150m for Fintech Development in Africa

CardX

A fintech firm, Financial Technology Company (FIS), has set up a subsidiary with the objective of investing up to $150 million in promising fintech start-ups over the next three years.

FIS said the new unit will invest in early to growth-stage fintech startups with a focus on emerging technologies, such as artificial intelligence and machine learning, digital enablement and automation, data and analytics, security and privacy, distributed ledger technology, and financial inclusion.

The capital injections will be accompanied by operational support and access to FIS channel partners and banking clients.

“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 pandemic ,” said  FIS Chief Growth Officer, Asif Ramji.

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“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.”

He said the recently-announced funding in the Nigeria-based fintech startup Flutter wave marks the first investment made by FIS Ventures.