Top-20 banks should be investing in disruptors, says Reinventure co-founder Simon Cant
As Reinventure announces its third $50 million fintech investment fund, co-founder and managing director Simon Cant says its important for big banks to invest in the very startups that are disrupting their industry.
The latest fund brings the Westpac-backed VC firm’s total funds under management to $150 million, and follows two previous funds, which have invested in 20 startups.
Cant tells StartupSmart that, under its independent venture capital structure, Reinventure is focused on ensuring “our interests are financially aligned with those of the entrepreneur”.
Specifically, this third fund will be looking for startups that could be relevant to top-20 banks and their global operations.
While Cant says Reinventure will still be looking for Australian opportunities, with a particular interest in blockchain and artificial intelligence technologies, this fund is also steered towards Asia.
“We’re seeing a lot of disruptive and potentially disruptive businesses coming out of Asia,” Cant says.
“There’s a strong chance that we need to understand the market better, and understand whether there are opportunities that could be good investments.”
“There are a number of interesting technologies coming out of that market that sit inside the banking stack,” he adds.
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