Desjardins launches $45M fintech fund as competition heightens

Desjardins Group has launched a new $45-million fintech investment fund in a bid to tap into cutting-edge technology as competition heightens. Desjardins president Guy Cormier speaks at a news conference at the company headquarters in Levis, Que., Saturday, March 19, 2016. THE CANADIAN PRESS/Jacques Boissinot

LEVIS, Que. - Desjardins Group has launched a new $45-million fintech investment fund in a bid to tap into cutting-edge technology as competition heightens.

The co-operative financial group says these investments are aimed at "significantly" improving the client experience by accelerating its "digital transformation."

It added that the investment pool will support businesses that use "innovative operational, technological or economic models" to address existing or emerging issues.

The fund will be managed by Desjardins Capital, the private investment arm of Desjardins Group.

Desjardins says the fund's first investment will be in X-Telia Group Inc., a Quebec-based wireless network operator in the internet-of-things and home automation sectors.

It says an example of X-Telia's technology involves installing smart sensors on farm silos as part of a pilot project led by the agri-business division of La Coop federee, a major partner of Desjardins.

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