According to The Logic, National Bank and Equitable Bank are among the institutional investors backing Portage Ventures’ third fintech fund, deepening their ties with the fintech sector as Canada’s smaller banks increasingly look to partner with startups.
“Sometimes we may be competing with some of these entities, but by and large, we see ourselves trying to solve similar problems, trying to bring innovation to the Canadian financial services ecosystem,” Andrew Moor, CEO of Equitable Bank told The Logic.
The fund received commitments from new and existing capital partners, including family offices, financial institutions, pension funds, and institutional investors worldwide.
The opportunity to invest in a Portage fund was also open to individual Canadian accredited investors for the first time, exclusively through Grayhawk Investment Strategies.
“We are thrilled to welcome returning and new investors to the Portage family. Through these partnerships, we are building a truly global platform,” said Paul Desmarais III, Co-Founder and Executive Chairman of Portage Ventures and Chairman and Chief Executive Officer of Sagard.
“We have created a unique fintech ecosystem with deep expertise and a powerful network. We have a focused, thesis-driven approach, and we are delivering strong results.”
Portage’s five largest portfolio investments in Fund I and Fund II are Wealthsimple, KOHO, Clark (Germany), Albert (US), and Alpaca (US).
“We are proud that in just over five years, Portage has grown to become a global leader in the early-stage fintech venture space, with 62 portfolio investments by three fund vintages in 13 countries. We look forward to continuing to empower entrepreneurs in reshaping financial services across our key investment verticals in wealth and asset management, insurance, and consumer and small business finance,” said Adam Felesky, Co-Founder and CEO of Portage Ventures.