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BB&T makes $5M investment in NYC tech company

Winston-Salem-based BB&T Corp. (NYSE:BBT) has made a $5 million investment in data company Enigma, marking the first use of $50 million set-aside for investments in or acquisitions of financial technology companies. Headquartered in New York City, Enigma is described as a "data-as-a-service" company, BB&T said. The bank already has been using Enigma's services to enhance its anti-money laundering controls.

The investment will assist further development of Enigma's services and increase cost-savings. Enigma leverages data collection and management technologies to help identify potential money laundering. The company has also developed advanced metrics and reporting techniques to reduce overall compliance costs.

In January, BB&T said it was allotting $50 million for the purposes of acquiring or investing in fintech, or financial tech, companies with the goal of lowering operating costs, securing a competitive advantage and further servicing its clients.

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