Financial Services Holding Company BB&T Seeks to Invest Up to $50 Million in Fintech Startups

On Tuesday, North Carolina-based financial services holding company BB&T announced it is set to invest up to $50 million in and/or acquire emerging fintech companies. According to the company, the investments will also secure a competitive advantage for it in the marketplace. While sharing details about the investments, BB&T Chairman and CEO Kelly S. King, stated:

“This sizable investment in financial technology companies represents an important strategic milestone in our digital business transformation. “We’re excited about the possibility of new partnerships and innovative approaches to provide the best possible experience for our clients.”

The company also revealed its digital business “transformation” began in 2015 when the company appointed W. Bennett Bradley as its Chief Digital Officer. Now the company’s digital focus has delivered new tools and platforms for retail commercial clients featuring enhanced payment technologies and the U by BB&T digital banking platform. Bradley then added:

“A significant investment in fintech puts BB&T on an aggressive pace to more quickly navigate our digital road map and further foster a culture of innovation throughout the company. Things are changing rapidly and we, like many financial institutions, have to move faster to meet and exceed our clients’ expectations. While an investment in fintech is just one component of our digital transformation, it’s a powerful way for us to gain greater access to new technologies and talent.”

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