SMBC to set up $300m fund for US fintech, AI startups
MASAYUKI SHIKATA
TOKYO -- Sumitomo Mitsui Banking Corp. (SMBC) will establish a $300 million venture capital fund in partnership with a U.S. asset manager to invest in artificial intelligence and fintech startups, the Japanese lender announced Monday.
The new SMBC Fin Atlas Beyond Fund will be set up in partnership with asset manager Fin Capital. SMBC will provide most of the funding, with plans to run the fund for 10 years.
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