An international private investment firm has announced it is going to invest US$150 million in young financial technology (fintech) companies.
Finstar Financial Group – with its primary markets in Europe, Asia and Latin America – will use the money to advance research and development (R&D) within its portfolio of companies. Its .
Oleg Boyko, the Chairman of Finstar, said: “We will finance direct investment in startups, contributions to SMEs, and research and development of cutting-edge fintech within our own companies. As far as the startup component is concerned, we are targeting three to six deals per year, in the seed to Series A rounds, typically ranging from USD500,000 to USD30 million. Our R&D investment is about pushing financial technology further and leveraging that innovation across our already strong fintech portfolio. This means that – beyond our financial commitment to the sector – the businesses we work with benefit from the strength of our technical resources and the depth of our expertise.”
Over the past 24 months Finstar has developed collaborative relationships with a number of European fintechs, including the Berlin-headquartered Spotcap, a company making an impact on the global stage by providing “alternative funding solutions” for SMEs.
