Truist forms venture capital division for fintech investment
Truist Financial Corp. recently unveiled a corporate venture capital division created by integrating investments in technology companies from the heritage SunTrust brand with BB&T Ventures.
The bank highlighted this firm — Truist Ventures — is focusing on strategic partnerships and investments to bring novel solutions to Truist clients and deliver on the company’s purpose to inspire and build better lives and communities.
“Truist Ventures positions us at the forefront in shaping the future of finance,” Truist chief digital and client experience officer Dontá Wilson said in a news release.
“There are many innovative entrepreneurs creating amazing technologies with the potential to transform how people interact with their finances,” Wilson continued. “Strategic partnerships and investments in innovative founders and companies help Truist deliver on our differentiating strategy of combining the right mix of human touch and technology to create experiences that help our clients, teammates and communities thrive.”
Truist also has appointed Vanessa Indriolo Vreeland, a seasoned executive with more than 20 years of private equity, venture capital and banking experience, to lead Truist Ventures.
“We are a different kind of venture firm. As the venture capital division of the sixth largest bank in the U.S., we have the scale to provide the capital early-stage companies need to grow. Yet, we’re nimble enough to deliver meaningful access to the deep domain expertise from our extensive network of teams across technology, investment banking, capital markets and innovation,” Vreeland said.
“We work closely with the companies in which we invest, leveraging our executive-level talent and industry experts to help them grow.”
The company explained Truist Ventures’ investment focus stretches beyond traditional financial technology into disruptive technologies that can enable Truist to deliver a human touch in new ways.
The division also seeks companies that have the potential to help redefine financial services and improve financial outcomes for Truist clients.
The firm’s newest undertaking as Truist Ventures’ is leading the latest funding round for global payments network Veem.
Truist explained that Veem looks to solves a critical pain point for small- and medium-sized businesses with a multi-rail technology system that can allow for seamless global payments.
Executives said this funding will go toward the development of a robust channel partner program that will widen their global footprint and help strengthen and expand their product suite and capabilities.
“Truist Ventures’ ability to lead our latest funding round in such an efficient and succinct manner is impressive. Through this round we were able to, very quickly, establish relationships with senior executives responsible for enterprise payments at the sixth-largest bank, providing Veem with unprecedented access to best-in-class expertise.” Veem chief executive officer Marwan Forzley said.
“We are excited to work with Truist to provide businesses around the world with access to our technology to modernize and simplify global payments,” Forzley went on to say.
To learn more about Truist Ventures, visit Truistventures.com.