FIS sets up $150m fintech start-up fund
FIS, the US-based financial services technology provider, has pledged $150 million through its newly created venture capital arm FIS Ventures to “promising” fintech start-ups over the next three years.
The venture division says its participation in the $35 milllion Series B for Flutterwave, the San Francisco and Lagos-based fintech providing gateway payments for the likes of Uber, Booking.com and Jumia, marked the first investment from the fund.
Early to growth-stage fintech start-ups will be considered for the fund, particularly those which focus on emerging technologies such as artificial intelligence (AI), automation and distributed ledgers, as well as those which address issues around data, security and financial inclusion.
FIS Ventures promises to “actively partner” with the fintechs it invests in and give them access to its global reach, which covers more than 20,000 clients in across roughly 130 countries.
“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,” says FIS’ chief growth officer Asif Ramji.
“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.”
The new fund is also designed to complement FIS’ annual ‘FIS FinTech Accelerator’ programme, as well as its innovation labs.