Berkshire Hathaway, which counts Warren Buffet, the crypto-critic, as its CEO and chairman – has invested $600 million in 2 fintech payment firms as reported bby the Wall Street Journal on Oct. 29.
Both investments are being spearheaded by Todd Combs, one of Berkshire’s two portfolio managers. Berkshire reportedly bought a $300 million stake in the parent
company of Paytm in August. Paytm is one of the largest mobile-payment services in India.
This comes as a surprise since Berkshire is one of the largest asset-holding firms worldwide and considers funding blue-chip firms such as Coca-Cola and insurance firms.
Buffet has stated in the past that tech investments are beyond his area of expertise as noted by the Wall Street Journal. However Combs alongside with Ted Weschler is ‘widening the net’ for the conglomerate.
This backing for the Fintech Industry from Berkshire is a sign that this sector has reached its maturity taking into fact that the same sector reportedly raised almost $35 billion in VC fund during the first three quarters of 2018