The fund will focus on start-ups and companies that have already gained some market traction, with these firms likely to be fintech firms (but not exclusively) in countries where ING has a presence or intends to expand into.
ING Ventures will be part of the company’s chief innovation office and will be funded internally.
Over the past three years, ING has secured 115 fintech strategic partnerships and investments globally.
- City of London Corporation outlines recommendations for UK fintech
- Innovate Finance founding non-exec director to step down
- 65% of UK businesses embrace fintech
Benoît Legrand, global head of fintech and now CEO of ING Ventures, 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.”
ING is a global financial institution that offers retail and wholesale banking services in over 40 countries.
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