Desjardins Introduces Strategic $45M Fintech Investment Pool
Today, Desjardins announced a new fintech investment pool to support businesses that use innovative operational, technological or economic models to address existing or emerging issues. The strategic investment pool was developed exclusively for Desjardins Group to fund initiatives that stand to benefit its members and clients. The investment pool will be managed by Desjardins Capital, the private investment arm of Desjardins Group.
Through these investments, Desjardins aims to:
- Significantly improve the member/client experience by accelerating its digital transformation
- Identify opportunities for investing in technology and new business models to help the organization simplify processes, boost productivity, sustain its growth and continue to offer distinctive products and services
- Ensure access to the best financial technologies in the world
“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.” – President and CEO of Desjardins Group, Guy Cormier.
Also, Desjardins has announced that its first investment will be in X-TELIA, Quebec’s leading public LoRaWAN operator in the Internet of Things and home automation sector. LoRaWAN technology is a wireless network that supports new applications used to increase smart city capabilities, industrial efficiency and public safety. Founded in 2016, the company aims to quickly expand its network across Quebec and throughout Canada.
One example of X-TELIA 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, a major partner of Desjardins. The aim of this initiative is to measure grain levels and make it easier to manage inventory.