ABN Amro is turbo-charging its fintech investment strategy, injecting a further €50 million into its €100 million corporate venture fund.
Since the fund was first launched, ABN Amro Ventures has invested in a total of fifteen companies – including the likes of Tink, Privitar and Trifacta – with one successful exit already completed.
Six new companies were added to the portfolio in 2020, with four follow-up investments to support further growth.
The new increase, from $100 million to $150 million, is the third addition to the fund’s capital since it was set up in October 2015. In November last years, the bank doubled the size of the fund from €50 million to €100 million
ABN Amro’s chief digital officer Frank Verkerk, says: “It’s wonderful to see that the fund can make a real contribution to the bank’s digital strategy, and to the development of the innovative companies in which we invest, many of which are just starting. We do this by matching the innovative capabilities of those techs and fintechs directly to ABN AMRO’s concrete client or banking processes.
“The investments in and partnerships with the companies in our portfolio also give us unique access to technology and talent. With this latest addition to the fund’s capital, we will be able to further pick up the bank’s pace of innovation.”
Source: Finextra
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