Six Argentina-based financial services have provided a total of $3m to form a fintech-focused venture capital fund called ArFintech, Clarin has reported.
The banks – Macro, Industrial, Banco de Servicios y Transacciones, Supervielle, San Juan and Piano – are working with Argentina-based VC fund NXTP Labs, which will manage ArFintech on behalf of the limited partners.
ArFintech has so far invested a total of $800,000 in five startups, according to Clarin, two of which are developing products centred on blockchain technology.