The Japanese banking group's SMBC Fin Atlas Beyond Fund will invest in US-based AI and fintech startups.
Japan’s Sumitomo Mitsui Banking Corporation (SMBC) has launched a $300m strategic venture fund that will target US-based financial technology and artificial intelligence startups.
The financial services group formed the SMBC Fin Atlas Beyond Fund together with Fin Capital, a Silicon Valley investment firm that specialises in fintech, investing out of offices in three US cities as well as one in Tokyo.
The fund, which will invest from seed stage onwards, is headed by Eiko Ooka, also general manager of SMBC’s digital strategy department. The bank said while announcing the fund that it was conceived as a bridge between US startups and Asia, Japan in particular.
Although SMBC runs several venture funds, most of its startup activity consists of non-strategic debt and equity financing for Japanese companies. It also operates a pan-Asian unit, SMBC Asia Rising Fund.
Fin Atlas Beyond Fund will target banking, payments, asset and wealth management, capital markets and chief financial officer technology, as well as insurtech, cybersecurity, vertical fintech and AI infrastructure. Areas of interest also include tools for industries such as healthcare, climate tech or logistics where banking expertise is important.
