Citi sets up FinTech investment unit
Written by Hannah McGrath
Citigroup has reportedly set up a unit to invest in FinTech startups and get a foothold in innovations in debt markets.
The new venture - operating in the US banking giant’s credit markets, municipal securities and securitised-markets groups - will invest in firms developing new trading infrastructure technology, data analysis, machine learning and artificial intelligence.
An internal memo seen by Bloomberg says the operation Spread Products Investment Technologies (Sprint) is led by Matt Zhang, the a global head of structured credit and securitised trading.
The move will see Citigroup follow a number of established lenders, including Banco Santander to BNP Paribas, in using investment to harness technology startups that are seeking to change financial market operations and systems.