Founded in Nigeria, Africa, Flutterwave is a fintech startup focused on payments.

FIS, the financial technology company, has established a venture arm. Known as FIS Ventures, the new unit has the mandate to invest across the world in fintech startups. The investing focus will be on early to growth-stage firms with a target to deploy $150 million within three years. (IBS Intelligence)

FIS to lead in technology innovation

“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,” said Asif Ramji, chief growth officer of FIS in a statement. “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.”

FIS Ventures will, therefore, invest in startups active in artificial intelligence and machine learning, digital enablement and automation, data and analytics, security and privacy, distributed ledger technology, and financial inclusion.

Other initiatives by FIS to nurture innovation include the annual FIS FinTech Accelerator program, the annual FIS Innovatein48 research and development competition, and FIS innovation labs around the world.

FIS Ventures’ maiden investment

FIS Ventures is already off the mark. It’s backed San Francisco and Lagos-based fintech startup Flutterwave’s $35 million Series B round.

Flutterwave also announced a partnership with Worldpay FIS for payments in Africa. Flutterwave connects the African continent to the world at large by providing payment solutions for businesses around the globe. The fintech has already processed 100 million transactions valued at over $5.4 billion for global leaders including Uber and Booking.com.

FIS Ventures to nurture fintech startups

FIS said in its announcement that the venture arm will “actively partner” with investee companies, and provide access to FIS’ expertise, customers, and channel partners to help in their maturation.

The fintech major has 20,000+ clients, moved $9 trillion around the globe, and processed 75 billion transactions worldwide.

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