Oleg Boyko, Finstar
London - Finstar Financial Group will invest USD150 million into new financial technology startups over the next five years. The money will also be used for research and development (R&D) within the Group's portfolio companies.
Commenting on the news, Oleg Boyko, Chairman of Finstar, said: "We will finance direct investment in startups, contributions to SMEs, and research and development of cutting-edge fintech within our own companies. As far as the startup component is concerned, we are targeting three to six deals per year, in the seed to Series A rounds, typically ranging from USD500,000 to USD30 million.
Our R&D investment is about pushing financial technology further and leveraging that innovation across our already strong fintech portfolio. This means that - beyond our financial commitment to the sector - the businesses we work with benefit from the strength of our technical resources and the depth of our expertise."
Over the past two years, Finstar Financial Group has started strategic cooperation with European fintech companies Spotcap, Euroloan, Viventor and Rocket10. It has also expanded its collaboration with fintech entrepreneurs through FinstarLabs.