Montreal Gazette – June 11, 2018 – A new venture capital fund with offices in Toronto and Montreal has raised $75 million to invest in financial technology companies — with an eye to those using artificial intelligence.

Luge Capital is being backed by the Caisse de dépôt et placement du Québec, Desjardins Group, Sun Life Financial, Fonds de solidarité FTQ and La Capitale.

“You don’t walk into your bank anymore. You no longer have that same kind of relationship. You very rarely go to an ATM and pull out cash, and that’s transforming the way in which you interact with financial services and develop a loyalty to them,” said David Nault, one of the fund’s two general partners and the head of the Montreal office.

Consumers have more choice and are expecting more from financial institutions, he said.

“So the pressure’s on for financial institutions to up their innovation game.”

One way they’re doing that is by working with startups that have new ideas and new technology.
The financial institutions backing Luge Capital will have the opportunity to work with the companies it invests in.
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