The investment arm will focus on early-to-growth stage startups across the fintech sector and will centralize around emerging technologies such as AI and machine learning, digital enablement and automation, data and analytics, security and privacy, distributed ledger technology, and financial inclusion.
FIS launched the new venture arm to “nurture a growing ecosystem of innovators within and outside the company” as well as to complement its other initiatives including the FIS FinTech Accelerator program, the FIS Innovatein48 research and development competition, and its innovation labs.
“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 FIS Chief Growth Officer Asif Ramji. “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.”
And FIS Ventures has made it clear that the funding relationship is not just about the money. The company will form strategic partnerships with each funding recipient. In turn, the companies will not only benefit financially but will also gain from FIS’ reach, scale, operating expertise, customer-base, and channel partners.
FIS Ventures’ first investment went to Flutterwave, a Nigeria-based payment acceptance platform.
Founded in 1968, FIS is a Fortune 500 company and is a member of Standard & Poor’s 500 Index. The company demoed at Finovate in 2016. In the third quarter of last year FIS made one of the biggest acquisitions of the year, purchasing Worldpay for $34 billion.