Finance
SoftBank-Backed Venture Fund Says It’s Avoiding Credit Fintechs
- Upload Ventures seeks AI firms with potential to became global
- Agritechs are also considered too risky by managing partner
Carlos Simonsen
Source: Upload VenturesThis article is for subscribers only.
Upload Ventures, a Sao Paulo-based venture capital firm backed by SoftBank Group Corp., is boosting its investments in companies that use artificial intelligence while avoiding capital injections in credit fintechs and others it considers too risky.
“There are a lot of opportunities in AI as a productivity facilitator in several processes in sectors such as banking and health care, but agritechs and credit fintechs have a lot of risk,” Carlos Simonsen, co-founder and managing partner at Upload Ventures, said in an interview. “There will be no more Nubanks,” he said, referring to Nu Holdings Ltd., which has gone from an obscure credit-card startup in 2013 to the most valuable financial company in Latin America.