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La Caisse de dépôt et placement du Québec and Desjardins Group have created a financial technology investment fund, which will operate independently and is expected to have a maximum size of $75 million. The two sponsors will invest equal amounts totalling $50 million.

Established in Montreal, this venture capital fund’s purpose is to support the growth and development of new fintech companies in Quebec and Canada. The fund has yet to be named.

Read: Canada to get its first cryptocurrency ETF

“This new fund is very timely,” says Guy Cormier, president and CEO of Desjardins Group, in a release. “Not even two weeks ago, the Brookfield Institute ranked Montreal in first place in Canada for its concentration of jobs in the high-tech sector. This support for fintech will enable our financial sector companies to be world-class pioneers.”

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Originally published on Advisor.ca
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