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Toronto-based investment firm Portage has completed the final close of its latest fintech fund at US$600 million, attracting backing from new strategic limited partners including Broadridge and Fifth Third Bank.
The fund will invest in founders developing businesses across key areas of financial services, including wealth and asset management, banking, insurance and payments.
Portage reaches US$7bn in assets under management
The close of Portage Ventures IV coincides with the firm’s tenth anniversary of investing in financial technology and brings its total assets under management to approximately US$7 billion.
Portage is the investment arm of Sagard, an alternative asset management platform, and currently has more than 140 portfolio companies across North America, Europe and other markets.
The firm has continued to expand its fintech investment footprint. Earlier this year, Portage agreed to take over management of the fintech assets of US venture capital firm Point72 Ventures.
AI drives financial services modernisation
Adam Felesky, CEO of Portage, said artificial intelligence is increasingly being integrated into the core operations of financial institutions, creating new opportunities for fintech founders.
“AI is being embedded into the core workflows of financial institutions at a pace we haven’t seen before,” Felesky said.
“The institutions that once moved cautiously are now investing rapidly in modernisation, and the founders we back are building the infrastructure that makes that possible.”
The latest fund reflects Portage’s continued focus on backing technology companies supporting the transformation of financial services, particularly as banks, insurers, payment providers and investment firms accelerate investments in modern infrastructure and AI-enabled workflows.
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