Sumitomo Mitsui Financial Group (SMFG) and Sumitomo Mitsui Banking Corporation (SMBC) have collaborated with New York`s largest technology accelerator
Sumitomo Mitsui Financial Group (SMFG) and Sumitomo Mitsui Banking Corporation (SMBC) have collaborated with New York`s largest technology accelerator.
As part of this relationship SMBC has invested in the Entrepeneurs Roundtable Accelerator (ERA)`s newest investment funds.
SMBC is reportedly saying it will give up to $3 million, and thus become the top shareholder. The company is sending staff to ERA to collect data on new-age technology that could be used to develop products and services. The bank will also provide funding and other support to companies looking to expand in Japan, as Nikkei Asian Review (asia.nikkei.com) made clear.
“The relationship marks SMBC`s first investment in a New York City-focused venture capital fund and its first investment in a U.S.-based technology accelerator.”, as SMBC`s press release explained.
The Japanese banking company have been expanding global networks with leading financial technology businesses. They have taken part in initiatives like the recent launch of “Silicon Valley Digital Innovation Lab” in Menlo Park, California in April 2017.
ERA is the oldest accelerator in New York City, with portfolio companies innovating in different market sectors. ERA`s 140 portfolio companies have a combined market capitalization of US$ 1.3 billion, as the press release added.
New York fintech companies are reportedly scoring well, overtaking Silicon Valley counterparts in the first quarter last year. They raised $690 million as opposed to $511 million, as Nikkei Asian Review wrote.