Toronto-based Bank of Nova Scotia and Alexandra, Va.-based QED Investors have announced they have partnered to create a venture capital (VC) platform that will inject capital and industry expertise into certain Latin American financial technology (fintech) companies.
QED, as the manager of the VC fund, will bring its expertise in the financial services sector and a track record of building fintech businesses. Scotiabank will assist QED in its evaluation of potential strategic investments in Mexico, Chile, Colombia and Peru and bring strategic funding, resources, customers and experience in these markets. The VC fund will seek out companies in Latin America focused on fintech disruptors.
“We are excited to partner with QED as its 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,” says Ignacio (Nacho) Deschamps, group head, international banking and digital transformation with Scotiabank, in a statement. “With QED’s hands-on fintech experience, we will be uniquely positioned to partner with the emerging ecosystem of fintechs in Latin America.”
“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,” adds Bill Cilluffo, partner with QED responsible for Latin America, in a statement. “Scotiabank is a natural partner for this fund due to its strong presence in the region and its ambitious digital transformation agenda.”