Scotiabank and QED ally for fintech startup search in Latin America
09 December 2016 | 12747 views | 0
Scotiabank and QED Investors are collaborating on an initiative to inject capital and industry expertise into select Latin American fintech companies.
Under the agreement, Scotiabank will assist QED Investors in its evaluation of potential strategic investments in the Pacific Alliance countries (Mexico, Chile, Colombia and Peru) and bring strategic funding, resources, customers and experience in these markets.
Ignacio Deschamps, group head, international banking and digital transformation at Scotiabank, says: “With QED’s hands-on fintech experience, we will be uniquely positioned to partner with the emerging ecosystem of fintechs in Latin America. The business models of fintechs are attractive to consumers and an opportunity for us to learn, invest and partner."
Scotiabank has been ramping up its digital strategy over the past 18 months, appointing a Silicon Valley tech leader Shawn Rose as EVP, Digital Banking, and building a network of fintech factories focused on customer experience issues in Toronto, Mexico, Chile, Colombia and Peru. The Canadian bank has also invested in a number of hot startups, including Kabbage and SecureKey.
QED portfolio companies include Credit Karma, Green Sky, Remitly and Zopa among others. The boutique investment house also holds a healthy Latin American book including Nubank, Guiabolso, Pitzi, Bankfacil in Brazil, and has recently expanded this model to Mexico through an investment in Konfio.