BB&T opens $50 million FinTech fund
Written by Chris Lemmon
US financial services group BB&T has committed $50 million to invest in emerging digital technology companies, with a view of securing the corporation a competitive advantage in the marketplace.
Kelly King, chairman and CEO of BB&T, said: “This sizable investment in financial technology companies represents an important strategic milestone in our digital business transformation. We’re excited about the possibility of new partnerships and innovative approaches to provide the best possible experience for our clients.”
The company has placed an emphasis on digital transformation since 2015, appointing Bennett Bradley as chief digital officer. Since then, BB&T’s digital focus has resulted in new tools and platforms for retail and commercial clients. This includes the U digital banking platform, with an improved security framework.
Bradley commented: “A significant investment in FinTech puts BB&T on an aggressive pace to more quickly navigate our digital road map and further foster a culture of innovation throughout the company.
“Things are changing rapidly and we, like many financial institutions, have to move faster to meet and exceed our clients' expectations. While an investment in FinTech is just one component of our digital transformation, it's a powerful way for us to gain greater access to new technologies and talent.”