FIS Ventures, the venture capital arm of financial technology firm FIS, has set a target to invest $150 million on fintech startups over the next three years.
Announced on Tuesday, the newly created fund will focus on projects involving emerging technologies including artificial intelligence and machine learning, digital ennoblement and automation, data and analytics, security and privacy, distributed ledger technology, and financial inclusion.
Commenting on the development, Asif Ramji, chief growth officer at FIS, said: “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.”
Apart from backing the firms financially, the venture firm will also partner with the companies to provide proprietary access as appropriate to FIS’ global reach and scale, operating expertise, diverse customers and channel partners
“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, ” Ramji added.
The debut has been made
The fund has already made its first investment earlier this year, participating in the $35 million Series B funding round of Flutterwave, a Nigeria-based payments technology company with operations across the continent.
FIS’s contribution in the round, however, is unknown.
Headquartered in Florida, FIS is a leading financial technology provider and is also outsourcing its services.
The venture fund and the cooperation with the invested startups will complement FIS’s existing incubation programs including the annual FIS FinTech Accelerator program, the annual FIS Innovatein48 research and development competition, and FIS innovation labs.