Portage Ventures, the venture capital firm owned by Power Corporation of Canada, closed a $655 million funding round with the intent of seeking global investments in financial technology assets, taking advantage of the recent decline in sector valuations. Portage believes there is more room for fintechs to expand as big businesses step up their tech investments, increase digital banking, and try to enhance consumer experiences. Portage sees tremendous upside in investing in startups with less capital-intensive business models, as opposed to larger, consumer-focused companies that must spend a lot on client acquisition.
Power’s Portage Closes $655 Million VC Fund as Tech Values Fall
