French banking giant BNP Paribas has rolled out a new investment fund to acquire a minority stakes in startups developing platforms for financial services and insurance industries.
To be managed by BNP Paribas Capital Partners, the new fund will acquire direct minority stakes on behalf of the BNP Paribas’ various businesses.
The bank said that the fund will also make indirect investments through venture capital funds that focus on technologies such as AI, data, blockchain and cybersecurity.
BNP Paribas group deputy COO and head of international financial services Jacques d’Estais said: “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.”
The launch of the new investment fund is part of BNP Paribas’ Open Innovation strategy.
“The fund complements a range of initiatives already launched with the intention of driving forward the Group’s policy of working closely with promising start-ups,” the French bank said in its press statement.