ING launches €300m FinTech fund
Written by Chris Lemmon
Dutch bank ING has announced the launch of ING Ventures – a €300 million fund which will focus on investing in FinTech companies.
ING considers partnering with and investing in FinTechs as a key element of its innovation strategy, and the new initiative will build on the success of the bank’s current approach, which has seen 115 FinTech strategic partnerships and investments signed in the past three years.
The fund will focus on start-ups and companies that already gained some market traction. The companies it will invest in are generally, but not exclusively, FinTechs that are active in countries where ING has a presence or where ING has the intention to expand into.
Benoit Legrand, global head of Fintech, has been appointed CEO of ING Ventures. He commented: “ING has been very active in developing strategic partnerships and investing in FinTechs that help to empower our customers to stay a step ahead in life and in business. This has worked very well: our current partnerships have resulted in products and services that are making the lives of our customers easier.
“As we see changes in the external environment happen faster and faster, we have to anticipate and step up our pace as well. Establishing this fund is yet another way for ING to use the digital revolution as a growth opportunity and help transform the bank to become the go-to platform for financial needs and become part of other platforms.”