Canadian international bank Scotiabank and U.S. venture capital firm QED Investors announced on Thursday their partnership and mission to bring capital and industry expertise to select Latin American fintech companies.
According to the companies, QED Investors will bring its deep expertise in the financial services sector and a track record of building fintech businesses. Scotiabank will then assist QED Investors in its evaluation of potential strategic investments in the Pacific Alliance countries, which includes Mexico, Chile, Colombia, and Peru, to bring strategic funding, resources, customers and experience in these markets. This fund will also seek out companies in Latin American countries focused on financial technology disruptors.
Ignacio (Nacho) Deschamps, Group Head of International Banking and Digital Transformation at Scotiabank, stated:
“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. 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.”
Bill Cilluffo, Partner at QED Investors responsible for Latin America, then added:
“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. Scotiabank is a natural partner for this fund due to its strong presence in the region and its ambitious digital transformation agenda.”