Caisse investing in U.S.-based fintech company

The Caisse de dépôt et placement du Québec is increasing its exposure to fintech opportunities.

The investment organization was among investors in a $71 million funding round from venture capital firm Luge Capital that was dedicated to fintech startups. The new fund, which will focus on Canadian and U.S. companies, will also include vertical fintech startups with a mix of other industries and companies with an environmental, social and governance focus.

In a press release, Kim Thomassin, executive vice-president and head of Quebec at the Caisse, said the Caisse initially established an investment relationship with Luge Capital in 2018. “We thus support the Quebec ecosystem in the financial technology sector, in addition to encouraging a fund whose head office is located in Montreal at Espace CDPQ.”

Read: Caisse investing in U.S.-based fintech company

In other news, the federal government is reviewing an acquisition involving a grain-handling company co-owned in part by the Canada Pension Plan Investment Board, the British Columbia Investment Management Corp. and natural resources company Glencore.

The review, confirmed by Minister of Transport Pablo Rodriguez, will examine a proposed $8.2 billion acquisition plan from Bunge Ltd. for Saskatchewan-based Viterra Ltd. In a press release, Rodriguez said the transaction is of “significant national interest” to the transportation industry and the domestic supply chain and will be reviewed since Bunge already owns interests in port terminals throughout the country.

The government has until June 2024 to complete its public interest assessment.

Read: Caisse financing Japanese solar project; BCI- and CPPIB-backed grain distributor acquiring U.S. competitor