This week Desjardins announced a new $45 million FinTech investment fund to support businesses that use an innovative approach to solving problems in the financial services industry. The fund was developed exclusively for Desjardins to invest in initiatives that stand to benefit its members and clients. It will be be managed by Desjardins Capital.
“Digital transformation is fundamentally changing the relationship between consumers and businesses in many industries, including the financial services sector. With this investment pool, Desjardins will be able to broaden its role as a socioeconomic leader by connecting members, communities and businesses, while engaging with these stakeholders on digital platforms,” said Guy Cormier, President and CEO.
Desjardins hopes to improve its client experience by accelerating its digital transformation. The fund’s first investment is in a Longueuil company called X-TELIA, which offers promising technology in the Internet of Things and home automation sectors. The company was founded in 2016.
An example of X-TELIA’s technology involves installing smart sensors on farm silos as part of a pilot project led by Sollio Agriculture, the agri-business division of La Coop fédérée. The aim of this initiative is to measure grain levels and make it easier to manage inventory.