ING has unveiled a €300m fund – ING Ventures – to invest in budding fintech firms.
ING Ventures is completely funded by ING and will become a part of ING’s chief innovation office. It will focus on fintech start-ups and firms which already have some market traction.
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Benoit Legrand, global head of Fintech, will assume the role of CEO of ING Ventures.
“To accelerate the pace of innovation, one of ING’s strategic priorities, ING Ventures will expand the existing portfolio of investments in the coming four years,” the Dutch banking giant stated in a press release.
In the last three years, ING has established partnerships with 115 fintech companies and made investments across the globe.
ING said that to take part in the fund the companies need not be an exclusive fintech, but should be active in the areas in which ING wants to expand.
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By GlobalDataLegrand said: “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.”
