Oval Money, an Italian and English fintech startup advancing digital payment and saving tools, received a £4m direct non-controlling investment from Eurizon, the asset management firm of Intesa Sanpaolo Group.
Set up in London in 2016 by Benedetta Arese Lucini, Claudio Bedino, Edoardo Benedetto and Simone Marzola, Oval Money provides financial services bridging the distance between people and finance.
Oval, the platform developed by the company, brings together customers and investments regardless of the capital available, always in line with the habits and possibilities of investors, offering security standards that are consistent with those of a banking institution.
Through the new partnership, Eurizon will have a distribution channel intended for a customer base that is complementary to that of the traditional networks, which is expected to represent a meaningful growth factor and through which further digital initiatives can be developed to manage Italian and foreign customers.
The partnership between Intesa Sanpaolo Group and Oval Money began in June 2018 with the acquisition of a minority stake in the startup by Neva Finventures, the corporate venture capital arm of Intesa Sanpaolo Innovation Center. A business relationship was thus established between Oval Money and Banca 5.