Guy Cormier, President and CEO, Desjardins Group

Canada-based Desjardins Group, a federation of credit unions in North America announced the unveiling of the largest fintech investment pool to support businesses that use innovative operational, technological or economic models to address existing or emerging issues. The investment pool will be managed by Desjardins Capital, the private investment arm of Desjardins Group.

The fund is aimed at significantly improving 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 and 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.

The Desjardins Group is a Canadian cooperative that forms a federation of credit unions in North America and is counted among the World’s Strongest Banks according to the Banker magazine. It was founded in 1900 in Levis, Quebec by Alphonse Desjardins. Its legal headquarters remains in Lévis but most of the executive management, including the CEO, is based in Montréal.

As of 2017, there are 293 local credit unions operating 1,032 points of service and serving more than 7 million members and clients, mostly in Quebec and Ontario.

by Megha Bhattacharya
Market Analyst at IBS Intelligence