Desjardins launches $45 mln fintech fund, invests in X-Telia


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Desjardins Group has launched a $45 million strategic financial technology fund.

The fund, managed by Desjardins Capital, the Canadian financial co-operative’s private investment arm, will invest in businesses that use innovative models to address existing or emerging issues.

The fund has already made a first undisclosed investment, backing X-Telia, a Longueuil, Québec-based wireless network operator serving businesses and cities that require secure, long-range, low-power and low-cost connectivity.

The investment’s proceeds will allow X-Telia to grow its network across rural Québec and help La Coop fédérée modernize its practices.

PRESS RELEASE

Desjardins introduces a strategic $45 million fintech investment pool 

Desjardins’s new investment vehicle will specifically support financial technology

LÉVIS, QC, June 10, 2019 /CNW Telbec/ – Today, Desjardins announced a new fintech investment pool to support businesses that use innovative operational, technological or economic models to address existing or emerging issues. The strategic investment pool was developed exclusively for Desjardins Group to fund initiatives that stand to benefit its members and clients. The investment pool will be managed by Desjardins Capital, the private investment arm of Desjardins Group.

Through these investments, Desjardins aims to:

Significantly improve the member/client experience by accelerating its digital transformation
Identify opportunities for investing in technology and new business models to help the organization simplify processes, boost productivity, sustain its growth and continue to offer distinctive products and services
Ensure access to the best financial technologies in the world

“Digital transformation is fundamentally changing the relationship between consumers and businesses in many industries, including the financial services sector. With this investment pool, Desjardins will be able to broaden its role as a socioeconomic leader by connecting members, communities and businesses, while engaging with these stakeholders on digital platforms,” said Guy Cormier, President and CEO of Desjardins Group.

For more information, visit our web site.

First confirmed investment

Desjardins has announced that its first investment will be in X-TELIA, Quebec’s leading public LoRaWAN operator in the Internet of Things and home automation sector. LoRaWAN technology is a wireless network that supports new applications used to increase smart city capabilities, industrial efficiency and public safety. Founded in 2016, the company aims to quickly expand its network across Quebec and throughout Canada.

One example of X-TELIA technology involves installing smart sensors on farm silos as part of a pilot project led by Sollio Agriculture, the agri-business division of La Coop fédérée, a major partner of Desjardins. The aim of this initiative is to measure grain levels and make it easier to manage inventory.

Desjardins’s investment will enable X-TELIA to expand its network across rural Quebec and help La Coop fédérée modernize its practices.

About Desjardins Group
Desjardins Group is the leading cooperative financial group in Canada and the fifth largest in the world, with assets of $295.5 billion. It has been rated one of Canada’s Top 100 Employers by Mediacorp. To meet the diverse needs of its members and clients, Desjardins offers a full range of products and services to individuals and businesses through its extensive distribution network, online platforms and subsidiaries across Canada. Ranked among the world’s strongest banks according to The Banker magazine, Desjardins has some of the highest capital ratios and credit ratings in the industry.

For further information: (media inquiries only): Chantal Corbeil, Public Relations, Desjardins Group, 514-281-7000 or 1-866-866-7000, ext. 5557229, media@desjardins.com