BB&T to invest $50 million in financial technology

BB&T Corporation will set aside $50 million to invest in or acquire emerging digital technology companies, the company announced.

“This sizable investment in financial technology companies represents an important strategic milestone in our digital business transformation,” BB&T Chairman and CEO Kelly King said. “We’re excited about the possibility of new partnerships and innovative approaches to provide the best possible experience for our clients.”

BB&T began growing its digital business in 2015 with the appointment of W. Bennett Bradley as chief digital officer. Since then, the company has developed new digital tools and platforms and improved security framework to protect financial assets.

“A significant investment in fintech puts BB&T on an aggressive pace to more quickly navigate our digital road map and further foster a culture of innovation throughout the company,” Bradley said. “Things are changing rapidly and we, like many financial institutions, have to move faster to meet and exceed our clients’ expectations. While an investment in fintech is just one component of our digital transformation, it’s a powerful way for us to gain greater access to new technologies and talent.”

BB&T is one of the largest financial services companies in the United States with about $220.3 billion in assets.