British financial services company Legal & General is beefing up its financial technology investments, with a new division solely for fintech.
A Banking Technology report said L&G has a new business that will build and buy into fintech firms. It will be headed by newly named managing director Nick Frankland beginning August 01.
According to the report, L&G fintech subsidiary Investments Discounts Online – where Frankland is non-executive director – will be a significant part of the new business.
“There are a number of exciting ventures already in the pipeline that will allow us to launch new offerings to customers. We have the capability and the opportunity using technology to make a radical difference and further grow our business,” said Frankland, as quoted by the report.
Investments Discounts Online was established in 1999 to offer comparisons of financial products on the internet.
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