La Caisse de dépôt et placement du Québec and Desjardins Group have created a financial technology investment fund, which will operate independently and is expected to have a maximum size of $75 million. The two sponsors will invest equal amounts totalling $50 million.
Established in Montreal, this venture capital fund’s purpose is to support the growth and development of new fintech companies in Quebec and Canada. The fund has yet to be named.
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“This new fund is very timely,” says Guy Cormier, president and CEO of Desjardins Group, in a release. “Not even two weeks ago, the Brookfield Institute ranked Montreal in first place in Canada for its concentration of jobs in the high-tech sector. This support for fintech will enable our financial sector companies to be world-class pioneers.”
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