Truist Financial launched Truist Ventures, a corporate venture capital division created by integrating investments in technology companies from the heritage SunTrust brand with BB&T Ventures. The firm, which also completed its latest deal with global payments network Veem, is focusing on strategic partnerships and investments to bring solutions to Truist clients.
“Truist Ventures positions us at the forefront in shaping the future of finance,” Dontá Wilson, chief digital and client experience officer for Truist, said. “There are many innovative entrepreneurs creating amazing technologies with the potential to transform how people interact with their finances. Strategic partnerships and investments in innovative founders and companies help Truist deliver on our differentiating strategy of combining the right mix of human touch and technology to create experiences that help our clients, teammates and communities thrive.”
Truist appointed Vanessa Indriolo Vreeland, an executive with more than 20 years of private equity, venture capital and banking experience, to lead Truist Ventures.
“We are a different kind of venture firm. As the venture capital division of the sixth largest bank in the U.S., we have the scale to provide the capital early-stage companies need to grow, yet we’re nimble enough to deliver meaningful access to the deep domain expertise from our extensive network of teams across technology, investment banking, capital markets and innovation,” Vreeland said. “We work closely with the companies in which we invest, leveraging our executive-level talent and industry experts to help them grow.”
Truist Ventures’ investment focus stretches beyond traditional financial technology into disruptive technologies and companies that have the potential to help redefine financial services and improve financial outcomes.
The firm’s newest undertaking as Truist Ventures is leading the latest funding round for global payments network Veem. This funding will go toward the development of a channel partner program that will widen Veem’s global footprint and help strengthen and expand its product suite and capabilities.
“Truist Ventures’ ability to lead our latest funding round in such an efficient and succinct manner is impressive. Through this round we were able to, very quickly, establish relationships with senior executives responsible for enterprise payments at the sixth-largest bank, providing Veem with unprecedented access to best-in-class expertise,” Marwan Forzley, CEO of Veem, said. “We are excited to work with Truist to provide businesses around the world with access to our technology to modernize and simplify global payments.”