Truist forms venture capital division with focus on financial technology sector

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Truist Financial Corp. has taken its next step toward supporting the budding financial technology sector by creating a venture capital division, Truist Ventures.Truist said Wednesday its goal is “focusing on strategic partnerships and investments in innovative companies within and beyond traditional fintech” for the benefit of Truist customers.Dontá Wilson, Truist’s chief digital and chief experience officer, said creating the venture capital division “positions us at the forefront in shaping the future of finance.“There are many innovative entrepreneurs creating amazing technologies with the potential to transform how people interact with their finances.”The first disclosed initiative involves leading a $31 million capital-raise effort for global payments network Veem of San Francisco, which serves small- and medium-sized businesses.Also participating in the capital raise were financial-service industry participants from Australia, Canada, China, Indonesia, Japan and the Middle East. Previous investors in Veem include GV, formerly known as Google Ventures, and Goldman Sachs.With more than 225,000 customers sending and receiving money in more than 100 countries, Veem said its proprietary technology “combines the best of traditional systems with the flexibility and speed that blockchain technology and digital wallets can provide.”Veem said the funding will assist with developing “a …

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