Veem said the funding will assist with developing “a robust channel partner program … to help strengthen and expand their product suite and capabilities.”
Truist has named Vanessa Vreeland as head of Truist Ventures. Vreeland has more than 20 years of private equity, venture capital and banking experience.
“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,” Vreeland said.
“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.”
Truist said the new division will focus on companies “that have the potential to help redefine financial services and improve financial outcomes for Truist clients.”
The bank’s interest in fintech developments predates the creation of Truist from BB&T Corp’s $33.5 billion purchase of SunTrust Banks Inc. that was completed Dec. 6.
In January 2018, BB&T said it planned to spend up to $50 million to expand its presence in digital fintech as part of a cost-cutting initiative.
Kelly King, BB&T’s chairman and chief executive and now in those roles with Truist, said in October 2017 the bank was interested in acquiring a financial technology company to help accelerate its digital operations. Its main effort to date has been the U by BB&T digital platform.