ING FinTech fund invests £6.7m in Cobase
Written by Hannah McGrath
ING Ventures, a £300 million fund set up by the Dutch banking group, has invested £6.7 million in Cobase, an Open Banking platform which will expand its client network and develop functions such as a robo-assistant to monitor transactions.
Cloud-based solution Cobase, which is an arms-length venture of ING Bank, allows users to view balances and transactions from several bank accounts in one place, initiate payments and use cash management services on a single platform.
It was developed as part of a pilot with corporate clients from across various industries before completing ING Wholesale Banking’s accelerator programme.
Jorge Schafraad, chief executive and founder of Cobase, said the company’s purpose is to make it easier and more efficient to work with multiple banks.
Benoît Legrand, chief innovation officer at ING, said: “A significant portion of ING’s investment strategy consists of starting partnerships with fintechs and investing in them. When making investments like these, we look at companies that offer a distinctive customer experience, Cobase is a perfect choice.”