Poland’s mBank has announced its intention to set up what it claims is the first fund in Central and Eastern Europe that specialises in developing and selling new technologies.

The bank will invest €50 million in new technologies and startups, with the aim of later becoming partners for global financial institutions. During the initial phase of the investment the innovators will work with mBank, which serves customers in Poland, the Czech Republic and Slovakia. Following completion of process, the companies hope to then offer their solutions to companies from around the world.

The project will be headed by vice-president and chief operating officer of mBank, Jarosław Mastalerz, and Wojciech Chmielewski, the director of the bank’s strategy department. Both will leave mBank and take the helm of the new project.

All investments of the fund will be approved by a group of experienced managers from mBank - its CEO Cezary Stypułkowski, chief financial officer Christoph Heins, head of retail banking Cezary Kocik and head of corporate and investment banking Przemysław Gdański.

Bank CEO Stypułkowski said: “The project is a great opportunity for mBank both in financial terms and from the point of view of our market position. It will help us strengthen our position as a company that is well-prepared for the challenges of the digital economy and is able to respond to the expectations of increasingly mobile customers, which is one of the key initiatives defined in our “mobile Bank” strategy for the period from 2016 to 2020.”

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