ING announces €300m fintech fund

ING Ventures will be financed entirely from ING's balance sheet and will make investments over the next four years.

The bank said it will adopt the investment methods of a VC fund but will not have solely financial goals. It will focus on financial technology companies with traction in the same markets as ING, and invest mainly in the same countries that the bank operates in or in which it plans to expand.

Prior to this announcement, ING had been investing strategically on a deal-by-deal basis, closing 115 strategic partnerships and investments in the past three years.

The vehicle will be managed by Benoit Legrand, global head of fintech and newly appointed CEO of ING Ventures.

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