Quebec-based credit union association Desjardins Group and local pension fund la Caisse have created a fintech investment fund of up to $75 million.
Desjardins and la Caisse will each put $25 into the Montreal-based fund, with other institutional investors being tapped to join before the first closing, expected by the end of the year.
The fund will target local firms that develop technology affecting investments, payments, client acquisition and retention, data analysis, deposits and loans, security and insurance, with a particular eye on AI.
Pierre Miron, chief operations and IT officer, la Caisse, says: "With its high concentration of talent in information technology and the robustness of its financial industry, all the pieces are in place for Québec to see the emergence of a first-rate fintech industry."
Guy Cormier, CEO, Desjardins, adds: "This support for fintech will enable our financial sector companies to be world-class pioneers, particularly with regard to customer experience and competitiveness with the giants that are moving into our industry."