Canadian lender Scotiabank has partnered with boutique venture capital firm QED Investors to promote fintech start-ups in Latin America that are focused on financial technology disruptors.
The two entities will create a venture capital platform that will invest and promote start-ups across the fintech spectrum that aim to improve customer products.
Under the partnership, Scotiabank will help QED Investors in assessing potential strategic investments in the Pacific Alliance countries, including in Mexico, Chile, Colombia and Peru.
Scotiabank group head of international banking and digital transformation Ignacio Deschamps said: "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."
"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," said Bill Cilluffo, a partner in QED Investors responsible for Latin America.
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Cilluffo added: "Scotiabank is a natural partner for this fund due to its strong presence in the region and its ambitious digital transformation agenda."