ING Bank Creates ING Ventures, Focuses €300M Fund on Fintech
Dutch bank ING has created its own fintech venture fund, ING Ventures, which the bank will use solely to invest in fintech companies.
The €300 million ($347.5 million) fund will be part of the bank’s innovation office, heralded by ING’s head of fintech, Benoit Legrand.
The fund will expand ING’s focus on partnerships, according to Legrand, who stated that ING has “115 partnerships currently running and have equity stakes in about 20 of those…So [the fund] is about having more means and more effective governance to be able to react quickly.”
The fund will be hunting for startups that already have some market traction over a period of four years, according to the bank, in those regions where the bank already has a presence (or plans to have a presence).
Read more at ING Bank and BankingTech.
