The Business Development Bank of Canada and insurance firm iA Financial Group contributed a combined $10 million so the Montreal- and Toronto-based Luge Capital can make early-stage investments. The venture capital firm had previously raised $75 million from investors including Desjardins and the Caisse de dépôt et placement du Québec. (The Logic)

Talking point: This is a relatively cheap way for iA Financial to get access to Luge startups, which have the potential to make its business—and the $187 billion it currently has in assets under management—more efficient. Rival insurance firm Power Financial, for example, has invested hundreds of millions in fintech startups, including robo-adviser Wealthsimple. IA’s bet is lower risk, but also lower reward. It’ll own a fraction of potential new investments. For Luge Capital, the injection of new money comes as it’s competing in the increasingly crowded space of early-stage fintech financing. In September, Information Venture Partners raised a $96-million fund focused partially on early-stage fintech.