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FIS sets up $150 million fintech venture fund

FIS sets up $150 million fintech venture fund

Financial technology company FIS has set up a venture arm with a goal of investing up to $150 million in promising fintech startups over the next three years.

FIS says the new unit will invest globally in early to growth-stage fintech startups with a focus on emerging technologies such as artificial intelligence and machine learning, digital enablement and automation, data and analytics, security and privacy, distributed ledger technology, and financial inclusion.

The capital injections will be accompanied by a package of operational support and access to FIS channel partners and banking clients.

“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 that can help our clients accelerate digital transformation and emerge even stronger from the current pandemic ,” says Asif Ramji, chief growth officer of FIS. “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.”

He says the recently announced funding in the Nigeria-based fintech startup Flutterwave marks the first investment made by FIS Ventures.

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