In a fresh development, Canada based Fintech firm Luge Capital has announced that it has attracted investments from iA Financial Group and BDC Capital. The fresh investment from these two groups has brought the entire size of Luge Capital to $85, and it goes without saying that it is a significant development. Luge Capital is involved in working with Fintech companies, which are at their earlier stages of development and are focused on creating an ecosystem for a new generation of financial services companies.
BDC Capital has $3 billion under management, while iA Financial manages $187 billion, and their investment in the Luge suggests that large institutions are now positive about the company’s progress. The existing investors in the company are heavy hitters like Sun Life Financial, Fonds de solidarité FTQ, Desjardins, CDPQ and La Capitale. Pierre Mirron, one of the top executives at iA Financial spoke about the rationale of investing in Luge. He said,
Investing in Luge Capital is a great way for iA Financial Group to identify promising startups with whom we can collaborate and further our own mission for innovation.
On the other hand, BDC Capital’s investment in the company is also significant considering the fact that it is the only bank in Canada that is involved solely with entrepreneurs. Jerome Nycz, the Executive Vice President at the bank, stated,
BDC Capital’s commitment to Luge aligns with our goals to support promising fund managers in Canada and to attract strategic and corporate partners to participate in the venture capital asset class, as well as the FinTech sector.
The Fintech sector is one of the fastest-growing sectors in the world, and it is no surprise that some of the biggest investors in Canada are now placing their bets on it.