BNP Paribas launches fund to support fintech start-ups
BNP Paribas has launched an investment fund to support innovative fintech start-ups.
The fund will take direct minority stakes in start-ups that are “reinventing financial services and insurance”, the banking group said.
It will also make indirect investments through venture capital funds whose priorities in technologies, geographies and topics match those of BNP Paribas’ businesses.
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Investments made by the bank over the last year include Serena Data Venture, Viola Fintech and Ventech China.
The fund aims to step up the group’s “open innovation” strategy and drive forward its policy of working closely with promising start-ups.
It also aims to give entrepreneurs a deeper understanding of the investment process.
Read more: Fintech firms growing twice as fast as other start-ups
Jacques d’Estais, BNP Paribas’ group deputy chief operating officer and head of international financial services, said open innovation will help to “build the bank of tomorrow” and enable it to continue to provide clients with high value-added products and services.
“The new fund, which will give added fire-power to our investment strategy, complements the other initiatives we’ve already set in motion, including our partnership with Plug and Play, our Station F space and our Startup Engagement Kit, which was recently highlighted on the FrenchTech label,” he added.
The fund is managed by BNP Paribas Capital Partners.
Read more: UK fintech investments soared to £3bn in 2017