Canadian multi-national bank Scotiabank has partnered with QED Investors to help bring fortify the Latin American (LATAM) fintech playing field, embarking on an initiative that will see the injection of investment and human capital into the region.
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Presently, LATAM’s fintech scene is still developing, as it does not boast the levels of investments seen in other regions such as the UK or the US, or continental Europe. However, the new agreement between Scotiabank and QED Investors will help stimulate the industry’s development with new capital and industry talent in the region.
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QED already has a strong regional presence throughout LATAM, including Nubank, Guiabolso, Pitzi, Bankfacil in Brazil – the group has also recently expanded its model to Mexico through an investment in Konfio.
Per the agreement, Scotiabank will be assisting QED Investors in its evaluation of potential strategic investments across several Pacific Alliance countries, i.e. Mexico, Chile, Colombia, and Peru, helping bring strategic funding, resources, customers and experience to these markets.
According to Ignacio Deschamps, Group Head, International Banking and Digital Transformation at Scotiabank, in a statement on the collaboration: “With QED’s hands-on fintech experience, we will be uniquely positioned to partner with the emerging ecosystem of fintechs in Latin America. The business models of fintechs are attractive to consumers and an opportunity for us to learn, invest and partner.”