Italian investment bank Mediobanca has teamed up with the UK’s Founders Factory to invest in FinTech startups.
The companies plan to invest in up to 35 startups over the next five years.
The new venture, which is underpinned by €12 million in investment by Mediobanca, will facilitate innovation in financial services by supporting international early-stage FinTech startups as well as providing further support for Italy’s startup ecosystem.
Under its plans, the companies said that select entrepreneurs will benefit from access to vital startup capital, Founders Factory’s global network, “world-class operational support” and FinTech expertise, combined with Mediobanca’s commercial access and knowledge to multiple routes to financial practices.
“The systematic collaboration with some of the most interesting startups in the international market will allow us, on the one hand, to contribute to the growth of an extremely high-potential market such as fintech, and, on the other, to transform existing systems by developing distinctive and highly innovative solutions," said Mediobanca chief operating officer Marco Pozzi.
Founders Factory chief executive Henry Lane Fox said Mediobanca is an ideal partner for the initiative due to its reach throughout Europe and understanding of technology’s role in the future of financial services.
“Combining our venture building capabilities and FinTech experience with Mediobanca’s heritage, financial prowess and global ambition creates a powerful platform to back FinTech founders,” he said.
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