| by admin | No comments

IBM to take a stake in NY-based financial services company Empire Financial

IBM has confirmed that it will invest in Empire Financial, a financial services startup that focuses on helping the poor.

The move comes as the tech giant is looking to scale its business from small to large and expand into more areas of finance, according to a statement from IBM.

The statement said Empire Financial will become a wholly owned subsidiary of IBM, but will retain its corporate focus and focus on developing innovative solutions for the unbanked, in the U.S. and around the world.IBM will also provide support to Empire Financial’s business development and expansion efforts and will invest a portion of its corporate treasury into the firm, the statement said.IBD/FWD, an online lending platform, and the NY-listed Empire Financial Inc. have been in a partnership since May 2017.