BNP Paribas Capital Partners has launched a new investment fund to back financial services and insurance startups.
The vehicle will look to make direct minority stakes in companies that align with BNP open innovation strategy. BNP currently has a range of initiatives supporting and working with startups.
This fund will also inject indirect investments through venture capital funds that are focusing on backing AI, data, blockchain, and cybersecurity, startups.
The firm has made contributions to FinTech focused venture funds last year, including Serena Data Venture, Viola Fintech and Ventech China.
Last year, BNP Paribas launched a ?181m technology investment fund that is headed by Parvest SICAV. The vehicle, Parvest Disruptive Technology, will back between 30 and 50 startups with a minimum market capitalisation of $1bn.
Areas of interest for the fund include cloud computing, AI, data analytics, automation and robotics, augmented and virtual reality and IoT.
BNP Paribas Group Deputy COO Jacques d’Estais said, ?At BNP Paribas, were 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. This will require us to put in place innovative, complementary mechanisms.p>
Last year, BNP bought a 10 per cent of Caple which is a European provider of alternative credit for SME.
Viola FinTech is currently raising its debut fund, having held a $100m first close at the end of last year. In Interview with FinTech Global, Viola partner Tomer Michaeli said the firm decided to raise the vehicle due to the slow convergence between FinTechs and financial institutions.
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