TORONTO, ON and ALEXANDRIA, VA, Dec 9, 2016 - (JCN Newswire)
Scotiabank and QED Investors announced today a new and innovative partnership that will inject capital and industry expertise into select Latin American FinTech companies. The joint investment will create a venture capital platform that will identify, invest and promote the growth of innovative start-ups across the FinTech spectrum that look to improve customer products and experiences in Latin America.
As the manager of the fund, QED Investors will bring their deep expertise in the financial services sector and a track record of building groundbreaking FinTech businesses. 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. This fund will seek out companies in Latin American countries focused on financial technology disruptors.
"We are excited to partner with QED Investors as their experience and deep understanding of customer trends, FinTech business models and digital disruption will help us bring leading edge best practices in innovation to our customers," said Ignacio (Nacho) Deschamps, Group Head, International Banking and Digital Transformation at Scotiabank. "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."
"We see significant opportunities for FinTechs in Latin America, and look forward to leveraging our entrepreneurial and operational expertise to the companies we will invest in," said Bill Cilluffo, a Partner in QED Investors responsible for Latin America. "Scotiabank is a natural partner for this fund due to its strong presence in the region and its ambitious digital transformation agenda."
Scotiabank's digital strategy has increased technology and customer experience investments over the past 18 months in pursuit of aggressive digital goals. Execution of this strategy has yielded the appointment of Silicon Valley tech leader Shawn Rose as Executive Vice President, Digital Banking; creation of the Digital Factories in Toronto, Mexico, Chile, Colombia and Peru, to build world-class digital customer experiences; investment in emerging areas such as analytics and machine learning; establishment of groundbreaking partnership models with leading business schools; and direct investment in innovative FinTechs like Kabbage and SecureKey.
Illustration Photo: Startup Weekend Mega Centro in Mexico (Credit: escribemarcosfotos / Flickr CC BY 2.0)