Germany-based financial institution Deutsche Bank has opened an incubator in Silicon Valley with the support of computing company IBM, which is offering resources, expertise and access to its network.
The incubator is the bank’s third, following the opening of Deutsche Bank labs in Berlin and London last year. They have been established as part of the firm’s Strategy 2020, which will involve Deutsche Bank investing €1bn ($1.1bn) over the next five years.
The incubator will build on the work of Deutsche Bank’s Silicon Valley team, which has been active since 2014, operating out of a third-party accelerator. To date, the team has spoken to more than 500 startups.
Deutsche Bank hopes its latest lab will help it strengthen its relationship with the ecosystem in Palo Alto.
A total of 15 startups have pitched to join the incubator, developing products ranging from blockchain-related technologies to online identity verification. The bank has not revealed further details about the first cohort.
Kim Hammonds, group COO of Deutsche Bank, said: “The Silicon Valley lab will help Deutsche Bank offer clients new and improved products and services, strengthen efficiency and deepen its relationships with the Valley’s innovation and investor communities.”