FIS sets up venture arm with $150 million investment

FIS Ventures, Headquartered in Florida, FIS is a leading financial technology provider and is also outsourcing its services. The venture capital arm of financial technology firm FIS, has set to invest $150 million on fintech startups over the next three years and objective of this 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.

The newly created fund will focus on projects involving emerging technologies including artificial intelligence and machine learning, digital enablement and automation, data and analytics, security and privacy, distributed ledger technology, and financial inclusion.

Asif Ramji, chief growth officer, 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.”

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 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 Innovate in 48 research and development competition, and FIS innovation labs.

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