The FinTech arena in Canada has been fast expanding as Venture Capitalists pump more funds into the space. Portag3 Ventures is the latest VC firm to raise a significant funding directed towards FinTech projects; the Canadian based company recently managed to secure $320 million.
According to reports by TechCrunch, Portag3 Ventures received the funds from both strategic investors and institutions. The $320 million will be used to support FinTech startups with promising products as the fourth industrial revolution (4IR) takes shape. Portag3 Ventures plans to capitalize its acquired funds on FinTech potential markets like Asia-Pacific, Europe, United States and Canada.
Despite the young nature of FinTech, a number of big global players in the financial sector participated in Portag3’s Ventures 2nd funding round. Notably were Credit Union Aviva France and Alterna Saving; others include Green Shield Canada, Eldridge Industries and CNP Assurances.
Adam Felesky, the CEO of Portag3 Ventures, noted that the firm also plans to use its platform to build global champions from Canada. He emphasized that the U.S market would accommodate Canada’s skill supply once they make more success stories. The CEO further added that existing FinTech stakeholders in Canada would be better off learning from Europe’s already successful startups.
Bitcoin Launches on Canada’s 3iQ Stock Exchange
Last month, 3iQ which is a stock exchange based in Canada announced that its Bitcoin Fund will roll out in December or at the beginning of 2020. The firm had earlier on filed with the Ontario Securities Commission for its prospectus approval; once cleared the BTC fund will trade in the Toronto Stock Exchange. Fred Pye, 3IQ’s CEO, confirmed that they intend to onboard large Canadian banks that are willing to be part of the FinTech revolution.