Italian banking giant Intesa San Paolo has launched its corporate venture capital arm.
Led by Chief Innovation Officer Maurizio Montagnese, Neva Finventures will invest €30m in fintech startups developing technologies complementing the group activities and presenting disruptive business models (e-payments, personal finance, Big Data, capital markets and insurance) across the USA, Europe and Israel.
The firm will make minority investments along with other institutional investors providing startups with growth support from its business units.
The new arm will also act as a fund of funds investing in venture capital funds specializing in Fintech in order to facilitate the deal flow on an international basis.
According to a note, the endowment of Neva Finventures can be extended up to €100m.