ING launches €300mn fintech investment fund
Dutch multinational banking firm ING has announced the launch of a new fintech investment fund in the aim of expanding its portfolio and propelling industry innovation.
“ING considers partnering with and investing in fintechs as a key element of its innovation strategy,” the company said. “ING has successfully launched various own innovations in the market, but scanning the outside world for solutions that help create a differentiating customer experience has always been part of the bank’s approach.”
The fund, ING Ventures, will invest as much as €300mn into fintech companies over the next four years, offering many startups the cash-flow necessary for them to succeed.
“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,” said Benoît Legrand, ING’s Global Head of Fintech and CEO of ING Ventures. “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,” he continued. “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.”
ING Ventures will be part of the firm’s Chief Innovation Office, serving to accelerate ING’s Think Forward Strategy.