FIS Setup $ 150m Fintech Fund

A FIRM, Financial Technology Company (FIS), has formed a subsidiary with the aim of investing up to $150 million over the next three years in promising fintech startups.

FIS reported that the new unit will invest in early growth-stage fintech start-ups focused on emerging technologies such as artificial intelligence and machine learning, digital enabling and automation, data and analytics, security and privacy, distributed ledger technology, and financial inclusion.

Accompanying the capital investments would be organizational support and connections to FIS channel partners and banking customers.

“At a time when many other fintech companies are scaling back their investments, FIS is stepping up its commitment to stay at the forefront of innovative innovations that can help our customers drive digital transformation and emerge even stronger from the pandemic,” said Asif Ramji, FIS Chief Growth Officer, adding: “FIS Ventures is an important new component of our investment strategy for identification.

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

“FIS Ventures is an vital new component of our investment strategy to find and introduce revolutionary new innovations to market that change the way the world pays banks and invests.”

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