News

Info Touch receives investment from CFSI

December 26, 2005

BURNABY, British Columbia - Info Touch Technologies Corp. closed a $150,000 equity investment from the Center for Financial Services Innovation, a for-profit Chicago-based organization that works to provide underbanked citizens with greater access to financial services.

According to a news release, CFSI will assist Info Touch with designing and implementing innovative methods that deliver effective bill-payment and financial services to underbanked and unbanked consumers. The services are designed to be affordable, convenient and help consumers establish credit and acquire appreciable assets.

"The investment demonstrates Info Touch and CFSI's commitment to helping underbanked consumers gain access to the financial services that help build wealth and transform people's lives," said Hamed Shahbazi, Info Touch's chairman and chief executive. "Additionally, the fund provides Info Touch with a new opportunity to drive and generate new sources of revenue and profit in a responsible and effective manner."

Arjan Schütte, CFSI's associate director, has been appointed to Info Touch's advisory board. Schütte manages the CFSI's investment and grant programs and works with portfolio companies and nonprofits to further their projects' goals.

[Editor's note: Info Touch Technologies became Tio Networks in April 2006.]