US bank BB&T is looking to deploy $50m to either invest in or acquire FinTech companies.
Investments made by BB&T will be into companies that can benefit its customers and clients, while lowering operating costs.
The bank is looking to make these investments to support its digital business transformation, which it started in 2015. Through the new initiative, BB&T has developed tools and platforms for retail and commercial clients such as payment technology and digital banking.
Based in North Carolina, the bank operates across 2,100 financial centres and in 15 states. The bank offers a range of retail and digital financial services including banking, investing, insurance, wealth management, asset management, mortgages, and lending, among others.
BB&T chief digital officer Bennett Bradley said, “A significant investment in fintech puts BB&T on an aggressive pace to more quickly navigate our digital road map and further foster a culture of innovation throughout the company.
“Things are changing rapidly and we, like many financial institutions, have to move faster to meet and exceed our clients’ expectations. While an investment in fintech is just one component of our digital transformation, it’s a powerful way for us to gain greater access to new technologies and talent.”
Last year, the North American FinTech sector saw a QoQ rise to funding across the first three quarters. While the amount of capital deployed saw a rise, the number of transactions declined each quarter.
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