Financial technology provider FIS has set up a corporate venture investment division, known as FIS Ventures, to invest $150m in fintech startups over the next three years.

The company said that move is part of its strategy to accelerate and ‘deepen its commitment’ to drive technological innovation.

The fund will invest in early to growth-stage startups that focus on artificial intelligence (AI), machine learning, digital enablement, automation, data, analytics, security, privacy, distributed ledger technology and financial inclusion.

FIS chief growth officer Asif Ramji said: “FIS Ventures is a significant new component of our investment strategy to identify and bring to market innovative new technologies that advance the way the world pays banks and invests.”

In addition to capital investments, FIS Ventures will actively work in partnership with the startups and provide them with proprietary access to FIS channel partners and banking clients.

FIS Ventures is expected to complement FIS’ broad ecosystem of innovators and key initiatives like the annual FIS FinTech Accelerator program, FIS Innovatein48 research and development competition, and FIS innovation labs.

The venture capital arm has already made its first investment in January 2020 by participating in a Series B funding round of San Francisco-based payments technology company Flutterwave.

Founded in 2016, Flutterwave allows customers to build customisable payment applications through its APIs.

It has an active presence in 10 African countries, including Nigeria, Ghana, Kenya, and South Africa.