Deals
Desmarais Family Extends Fintech Push With Fresh Cash Pool
- Power fund taps subsidiaries, outsiders to raise $150 Mln
- Portag3 chairman Desmarais backs Wealthsimple’s eventual IPO
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Power Corp. of Canada is ready to pour fresh cash into fintech start-ups to stay close to an industry that could put its own financial services business model at risk.
Power’s in-house venture fund Portag3 has raised C$198 million ($150 million) in its second round of funding, with about half coming from units of the Montreal-based holding company and half from outside investors including National Bank of Canada and Intact Financial Corp. Power entities led by Power Financial previously spent C$240 million on fintech companies.