UBS to launch FinTech Venture Fund
UBS is reportedly planning on launching a FinTech venture fund, which will invest substantial capital into an array of both start-ups and later-stage firms capable of deepening client engagement, providing alternative financing platforms and improving the underlying operations of the bank.
According to an article by Finextra, UBS has begun screening prospects, and plans to make investments ranging from USD10 to USD20 million into a number of companies. These investments may be held for at least 5 years, according to an inside source.
Mike Dargan, Global Head, Group Technology, UBS, said: “UBS wants to further engage with and support FinTech firms. The new venture investment portfolio is a next step to accelerate our innovation and digitisation efforts.”
In April 2020, the swiss firm released a report predicting that the valuation of the global FinTech industry is set to increase from USD150 billion in 2018, to USD500 billion by the year 2030.