BNP Paribas has launched a new investment fund to take direct minority stakes in innovative startups that are reinventing financial services and insurance.
The new fund, managed by BNP Paribas Capital Partners, will also make indirect investments through Venture Capital funds whose priorities in technologies – such as AI, data, blockchain, cyber-security – geographies and topics match those of its vrious business units and divisions.
BNP Paribas last year outlined plans to invest EUR3 billion in a three-year business plan to build the ‘bank of the future’. It has since made a rash of strategic investments in firms at the forefront of the fintech innovation boom, such as Serena Data Venture, Viola Fintech, Ventech China, Symphony, Gambit, Caple as well as acquiring a 95% stake in French neo-bank Compte-Nickel.
The establishment of the new fund sees the bank formalise the outreach programme and step up its open innovation strategy.
“At BNP Paribas, we’re firmly convinced that Open Innovation is a powerful driver for the transformation that will help to build the bank of tomorrow and enable us to continue to provide our clients with high value-added products and services,” underlines Jacques d’Estais, BNP Paribas group deputy COO and head of international financial services. “This will require us to put in place innovative, complementary mechanisms. The new fund, which will give added fire-power to our investment strategy, complements the other initiatives we’ve already set in motion, including our partnership with Plug and Play, our Station F space and our Startup Engagement Kit, which was recently highlighted on the FrenchTech label.”