Nov 29 Citigroup Inc has promoted fintech
investor Vanessa Colella to lead Citi Ventures, a division that
backs young financial technology companies.
Colella, who has been global head of venture investing and
strategic growth initiatives at Citi Ventures since 2013, will
take on the role in January, the bank said on Tuesday. She has
also been named chief innovation officer for the group, the bank
Colella takes over from the divisiom's founder and CEO Debby
Hopkins, who announced in June her intention to retire at the
end of the year.
Founded in 2010, Silicon Valley-based Citi Ventures takes
equity stakes in young technology companies that can help the
bank improve its technology and digital offering. To deliver on
its objectives it also helps investee companies connect with the
bank's businesses and global customer network.
It is one of several venture arms launched by banks over the
past few years to stay on top of changes to their industry
driven by new digital technologies.
Citi Ventures has backed several well known fintech
companies including Square, the mobile payments company
launched by Twitter co-founder Jack Dorsey, robo-adviser
Betterment and blockchain startup Chain.
(Reporting by Anna Irrera; editing by Grant McCool)