International banking and asset management group Investec has acquired a stake in Australian fintech startup accelerator H2 for an undisclosed sum.
While the size of the investment is not disclosed it has been described as "significant", by Ben Heap, co-founder of H2.
"This additional funding will allow us to scale up the H2 accelerator programme, to fund more startups, and to build new businesses in a crucial sector of the economy," he says.
Launched in May, H2 ventures has set out plans to raise a A$10 million war chest to fund the launch of 100 early-stage fintech startups over the next three years. The venture recently launched the third round of its accelerator programme at Sydney fintech hub Stone & Chalk.
Investec's involvement follows a multi-million deal struck by H2 with Australian superannuation fund First State Super in December.
it's understood that Investec has no plans to import the technology emerging from H2 into its own operations, but rather to act as a source of capital and advice for entrepreneurs graduating from the startup support programme.