ABN AMRO is set to invest 10 million euros in startups that focus on digitising financial products and services. Director of Digital Banking Frank Verkerk explains, ‘Investing in these companies gives ABN AMRO the opportunity to utilise their knowhow, technology and innovative capability in the service of its clients. At the same time the startups benefit from our experience and expertise and our network of investors. More importantly, by reaching our clients they can expand their markets and grow their businesses.’
The bank will invest in companies that have already launched a product and have entered the growth phase – preferably European FinTechs. An important criterion for these investments is that the startup must develop products and technologies that are useful to ABN AMRO’s clients or to the bank’s own operations. The fund has 10 million euros to spend; individual investments will range between 250,000 and 1,500,000 euros.
The new investment fund represents the logical next step in the bank’s innovation and digitisation strategy. ABN AMRO already invests in partnerships with startups by matching them with investors in the bank’s network. ABN AMRO also makes facilities and expertise available at TSO Munt Square – formerly a branch of ABN AMRO, now converted into a co-working space for startups.