Northwestern Mutual Life Insurance Co [NMLIC.UL] has set up a $50 million corporate venture fund to invest in fintech startups, in a bid to expand its digital offering and capabilities.

The initiative makes Northwestern Mutual the latest established financial institution to set up a venture arm dedicated to backing fintech companies, as large firms seek to keep up with a wave of digital transformation impacting their sector.

The company said on Thursday that Northwestern Mutual Future Ventures will invest between $500,000 and $3 million in technology-led companies that provide services which help consumers achieve financial security. Read the full story here.